Basic Tax Related Information for 2015 – 16
For the financial year 2015 -16, tax rates come into effect from 1st July. The tax rates largely vary based on the taxableincome and residency status.
The tax rates Australian residents for tax purposes are as follows,this excludes 2% medicare levy as well as the temporary budget repair levy. The latter is applicable at a rate of 2% when the taxable income exceeds $180,000.
| 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 |
In case of foreign residents, there is no medical levy payment. The temporary budget repair levy applies at 2% when the taxable income is more than $180,000.
| 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 |
The Australian Taxation Office (ATO)offers numerous online tools and calculators to assist individual tax payers, including these:
- Residency Status : this enables knowingone’s liability to pay Australian personal tax on income
- Simple Tax Calculator : calculates the tax owed simply based on the taxable income without considering other factors (like the medicare levy,high education loan program, medicare levy surcharge, temporary budget repair levy, trade support loan or the student financial supplement scheme liabilities).
For those considering these factors the Comprehensive Tax Calculatorcan be utilised. It estimates tax payable along with the tax refund or debt.
3. Income Tests Calculator: Gives an estimate on adjusted taxable income, rebate income and income for surcharge purposes