Tax Rates - individual (residents)
For more information on the personal income tax rates click here >>
For taxable incomes exceeding $180,000, the 2% budget repair levy applied to that part if the taxable income exceeding $180,000. The levy apples to both resident and non-resident individuals from 1 July 2014 and applies to the 2014-15, 2015-16 and 2016-17 income years
For more information on the Budget Repair Levy click here >>
From 1 July 2014 the Medicare levy is 2% of a resident’s taxable income.
Where a resident is not covered by private patient hospital insurance and their income for surcharge purposed is more than $90,000, an additional Medicare levy surcharge of 1% to 1.5% is payable depending on age and level of income.
Tax Rates - individual (NON-residents)
(Foreign residents are not required to pay the Medicare levy)
Company tax rate – 30%
Complying super funds (in accumulation phase) – 15%
The car limit is used to work out the decline in value of certain cars under income tax law.
The car limit for the year ended 30 June 2015 - $57,466
Rates per business kilometre
A taxpayer can use this method to claim up to a maximum 5,000 business kilometres