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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.

Testimonials

  • "IATS consistently provides our company with a truly first class professional service. Any queries are dealt with promptly and efficiently. They prepare our accounts and tax returns much more quickly than the old accountants and he has saved us a lot of tax by finding something that the other accountants didn't spot. Also, Mr Shashi has shown us how to improve our bookkeeping and records management. I am extremely impressed with the level of service and professionalism I receive from Forbes Taxation."

    --- Kris Shah (Director)
  • " Thanks Forbes Taxation especially Shashi for helping me in my tax issues for last 5 years. Also i thank you for your excellent service and the on phone support 24*7. Its a good experience of services viz,. taxation,bookkeeping and the financial accounting. Highly recommended."

    --- Dr Satyadeep Neil Gauri
  • "I have been using Forbes Taxation for over 5 years now for personal tax advice and running of my dental practice; and found them very reliable in providing a tailored accounting service suited specifically to my needs. Mr Bhushan's knowledgeable and practical approach, and genuine interest has helped me concentrate on clinical side of work easing my worries from business aspect of it."

    --- Sandeep Arora

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