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Tax Rate Schedules

Tax Rates for Residents 2015-2016

Taxable Income1
$

Tax Payable2

0 – 18,200

Nil

18,201 – 37,000

19% of excess over $18,200

37,001 – 80,000

$3,572 + 32.5% of excess over $37,000

80,001 – 180,000

$17,547 + 37% of excess over $80,000

180,001+

$54,547 + 45% of excess over $180,000

 

The tax-free threshold may effectively be higher for taxpayers eligible for the low-income tax offset, the Senior and Pensioner Tax Offset and/or certain other tax offsets.

 

The above rates do not include;

  1. The above rates do not include the Medicare Levy of 2.0%.
  2. Temporary budget repair levy; this is payable at a rate of 2% for taxable incomes over $180,000.
  3. Foreign residents are not required to pay the 2.0% medicare levy

 

 

Year 2015-2016 Minors Tax Rates

Eligible Taxable Income Tax Payable
0 - 416 NIL
417 - 1,307 68% of excess over $416
1,308+ 47% of the total amount
Minor's can no longer claim the low income tax offset

 

 

Non Resident Tax Rates for 2015-2016

Eligible Taxable Income Tax Payable
0 -80,00 32.5% of entire amount
80,001 - 180,000 $26,000 + 37% of excess over $80,000
>180,001 $63,000 + 47% of excess over $180,000

 

 

 

 

Low Income Taxpayer Tax Offset for 2015-2016

$20,542 is the maximum you can earn where the Low Income Tax Offset will reduce the tax payable to nil.

An offset of $445 is available for taxable income $37,000 and under or use the following mathematical formula to calculate your offset if your income is $37,001or greater;

  • $445 - ((Taxable Income - $37,00) x 1.5%)

THERE IS NO OFFSET IF YOUR INCOME IS $66, 667 OR HIGHER

 

 

 

Motor Vehicle - Cents Per Kilometre for 2015-2016

For the financial year of 2015-2016 the cents per kilometre rate for car deductions has been simplified and reduced from three seperate rates based on engine capacity to a single rate of 66c per kilometre (up to 5000km).

This single rate now covers all cars regardless of their engine capacity.

 

 

 

Medicare Levy Surcharge for 2015-2016

In 2015-16 you do not have to pay the medicare levy if your taxable income is equal to or less than $21,335 ($33,738 for seniors & pensioners).

 

You will only pay part of the Medicare Levy if your taxable income is less between $21,335 & $26,668 ($33,788 & $42,172 for seniors & pensioners)

 

Taxpayer

Rate
%

Individual (resident)

2.0% of taxable income

 

 

Concessional Superannuation Contributions

There is now a maximum contribution of $25,000 for individuals aged up to 60 and $35,000 for those aged 60 and over.

 

 

Superannuation Co Contributions

If you meet the income thresholds the ATO will contribute an extra 50c for every dollar contributed into superannuation form after tax money up to a limit of $500.

The rates in the table below are for a contribution of $1000.

Total Income

$

Calculation of Basic Co-contribution

$

0 – 35,454

$500


35,454 – 50,454


$500 – [3.333% x (Total Income – $35,454)]

 

50.454 +

 

Nil

 

 

 

Help Repayment Threshold & Rates for 2015-16
(including accumulated HECS debt)

Rate

of Repayment

%

2015/16

2014/15

HELP Repayment Income

$

HELP Repayment Income

$

Nil

0 – $54,125

0 – $53,344

4

$54,126 – $60,292

$53,345 – $59,421

4.5

$60,293 – $66,456

59,422 – $65,497

5

$66,457 – $69,949

$65,498 – $68,939

5.5

$69,950 – $75,190

$68,940 – $74,105

6

$75,191 – $81,432

$74,106 – $80,257

6.5

$81,433 – $85,718

$80,258 – $84,481

7

$85,719 – $94,331

$84,482 – $92,970

7.5

$94,332 – $100,519

$92,971 – $99,069

8

$100,520+

$99,070+

 

No REPAYMENTS REQUIRED if Medicare Levy is reduced because of low family income.

 

SFSS Repayment Thresholds and Rates for 2015-2016

Rate

of Repayment

%

2015/16

2014/15

SFSS Repayment Income

$

SFSS Repayment Income

$

Nil

0 – $54,125

0 – $53,344

2

$54,126 – $66,456

$53,345 – $65,497

3

$66,457 – $94,331

$65,498 – $92,970

4

$94,332+

$92,971+

 

 

Foreign Currency Rates for 2015-16

Foreign currency exchange rates for financial year 2016 foreign currency equivalent to $1 Aust.

 

AVERAGE RATE FOR YEAR ENDED

NEAREST ACTUAL EXCHANGE RATE

 

 

 

COUNTRY

31-Dec-15

30-Jun-16

31-Dec-15

30-Jun-16

CURRENCY

CANADA

0.9959

1.0009

1.0487

0.9994

CANADIAN DOLLAR

DENMARK

5.2272

5.0651

5.1516

5.1539

KRONER

EUROPE

0.7088

0.6873

0.6985

0.7008

EURO

FIJI

1.6183

1.6029

1.6236

1.6006

FIJIAN DOLLAR

HONGKONG

6.0542

5.8742

5.8691

6.0019

HONG KONG DOLLAR

INDIA

49.3597

49.4415

49.6450

51.6670

INDIAN RUPEE

ISRAEL

3.0384

2.9261

2.9578

2.9916

ISRAELI NEW SHEKEL

JAPAN

94.7293

88.7517

91.5700

80.3100

YEN

KUWAIT

0.2343

0.2279

0.2287

0.2320

KUWAIT DINAR

NEW CAL/TAHITI

82.9450

80.3600

81.6400

82.0900

SOUTH PACIFIC FRANC

NEW ZEALAND

1.1082

1.1220

1.0963

1.0780

NEW ZEALAND DOLLAR

NORWAY

6.2669

6.3284

6.6192

6.4695

KRONER

OMAN

0.3124

0.3032

0.3046

0.3059

OMAN RIAL

PNG

2.2936

 

 

 

KINA

PHILIPPINES

35.9475

35.7183

36.1520

36.7100

PHILIPPINES PESO

POLAND

2.9321

2.9165

2.9326

3.0676

POLISH ZLOTY

SAUDI

2.9220

2.8316

2.8333

2.8865

SAUDI RIYAL

SINGAPORE

1.0800

1.0588

1.0783

1.0530

SINGAPORE DOLLAR

SOLOMON ISLANDS

6.1821

6.1485

6.2144

5.9680

SI DOLLAR

SOUTH AFRICA

9.9244

10.8910

11.6823

11.4078

RAND

SRI LANKA

105.3809

106.6020

108.3400

111.9300

SRI LANKAN RUPEE

SWEDEN

6.5412

6.3262

6.3386

6.5051

KRONOR

SWITZERLAND

0.7532

0.7427

0.7492

0.7592

SWISS FRANC

THAILAND

26.4117

26.5155

26.9500

26.9100

BAHT

TURKEY

2.0939

2.1591

2.1788

2.2037

TURKISH LIRA

UK

0.5125

0.5117

0.5121

0.5763

POUND STERLING

USA

0.7855

0.7617

0.7623

0.7782

US DOLLAR

VANUATU

87.0842

86.4606

86.1700

87.6200

VATU

 

 

 

Latest Tax News

Looking for news instead of tips? Find out the latest Tax News from the Australian Taxation Office for this Financial year.
Tax News

 

 

 

 

 

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