Tax Rate Tables

Resident Tax Rate 2015-16

The following rates for 2015–16 apply from 1 July 2015.

Taxable Income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

The above rates do not include the:

  • Medicare levy of 2%
  • Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000.

See also:

Resident Tax Rate 2014-15

The following rates for 2014–15 apply from 1 July 2014.

Taxable Income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 $17,547 plus 37c for each $1 over $80,000
$180,001 and over $54,547 plus 45c for each $1 over $180,000

The above rates do not include the:

  • Medicare levy of 2%
  • Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000.

See also:

Foreign residents

If you are a foreign resident for the full year, the following rates apply.

Tax rates 2015–16

The following rates for 2015–16 apply from 1 July 2015.

Taxable Income Tax on this income
0 – $80,000 32.5c for each $1
$80,001 – $180,000 $26,000 plus 37c for each $1 over $80,000
$180,001 and over $63,000 plus 45c for each $1 over $180,000

 

Foreign residents are not required to pay the Medicare levy.

The above rates do not include the Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000.

See also:

Foreign residents tax rates 2014–15

Taxable Income Tax on this income
0 – $80,000 32.5c for each $1
$80,001 – $180,000 $26,000 plus 37c for each $1 over $80,000
$180,001 and over $63,000 plus 45c for each $1 over $180,000

 

Foreign residents are not required to pay the Medicare levy.

The above rates do not include the Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000.

See also:

Minor Tax Rates

The tax rates featured in the table below apply in the 2014–15 income year for minors who:

  • are Australian residents
  • are not excepted persons
  • have no excepted income.
Taxable Income Tax on this income
$0 – $416 Nil
$417 – $1,307 Nil + 68%* (66% + 2%) of the excess over $416
Over $1,307 47%* (45% + 2%) of the total amount of income that is not excepted income

* The tax rates reflect the 2% Temporary Budget Repair levy. This will be applied to the income year’s end 30 June 2015 to 30 June 2017 inclusive. For more information see Income Tax Rates Amendment (Temporary Budget Repair Levy) Act 2014

If the minor’s taxable income is less than $66,667, they will get the low income tax offset. The maximum tax offset of $445 applies if their taxable income is $37,000 or less. This amount is reduced by 1.5 cents for each dollar over $37,000. However, the low income tax offset will only reduce tax payable on excepted income.

Minors cannot use the low income tax offset to reduce tax payable on unearned income such as trust distributions, dividends, interest and rent.

Example

Kris is 15 years old. She has $19,200 of excepted income and $4,000 in other income. The tax payable on her income is:

Tax on excepted income

($19,200 – $18,200 (tax-free threshold)) x 19%

= $1,000 x19%

= $190

Tax on other income

$4,000 x 47%

= $1,880

As Kris's eligible income is over $1,307, the total amount of income of $4,000 is taxed at 47%.

As Kris’s taxable income is less than $37,000, she is entitled to the maximum low income tax offset of $445. However, the offset will only reduce her tax payable on excepted income which is $190. The net amount payable by Kris is $1,880.

HELP and TSL Repayment Thresholds & Rates

2015-16

Repayment income (RI*) Repayment rate
Below $54,126 Nil
$54,126 – $60,292 4.0%
$60,293 – $66,456 4.5%
$66,457 – $69,949 5.0%
$69,950 – $75,190 5.5%
$75,191 – $81,432 6.0%
$81,433 – $85,718 6.5%
$85,719 – $94,331 7.0%
$94,332 – $100,519 7.5%
$100,520 and above 8.0%

 

2014-15

Repayment income (RI*) Repayment rate
Below $51,309 Nil
$51,309 – $57,153 4.0%
$57,154 – $62,997 4.5%
$62,998 – $66,308 5.0%
$66,309 – $71,277 5.5%
$71,278 – $77,194 6.0%
$77,195 – $81,256 6.5%
$81,257 – $89,421 7.0%
$89,422 – $95,287 7.5%
$95,288 and above 8.0%

*RI = Taxable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income.