Useful information about Tax & accounting by Forbes Taxation

Residents

These rates apply to individuals who are Australian residents for tax purposes. (see Residency - what you need to know for more information).

Tax rates 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% (see Guide to Medicare levy for more information).

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

Tax rates 2014–15

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

Taxable income	Tax on this income
0 - $6,000	Nil
$6,001 - $37,000	15c for each $1 over $6,000
$37,001 - $80,000	$4,650 plus 30c for each $1 over $37,000
$80,001 - $180,000	$17,550 plus 37c for each $1 over $80,000
$180,001 and over	$54,550 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2% (see Guide to Medicare levy for more information).

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

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 Temporary Budget Repair Levy for more information).

Tax rates 2014–15

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

Taxable income	Tax on this income
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.

Children

If you are under the age of 18, and receive 'unearned' income (for example, investment income), special rates apply. See Income of individuals under the age of 18 .

Calculators

A simple tax calculator is available to help you calculate the tax on your taxable income.

The Comprehensive tax calculator gives you an estimate of the amount of your tax refund or debt, and takes into account:

The Medicare levy
higher education loan scheme repayments
tax offsets
tax credits.

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