Tax Tables
Individual Income Tax Rates for Australian Residents
The following rates for 2014-15 apply from 1 July 2014
|
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 47c ** for each $1 over $180,000 |
Individual Income Tax Rates for Non-Australian Residents
The following rates for 2014-15 apply from 1 July 2014
|
Taxable income |
Tax on this income |
|
$0 – $80,000 |
32.5c for each $1 |
|
$80,001 – $180,000 |
$26,000 + 37c for each $1 over $80,000 |
|
$180,001 and over |
$63,000 + 47c ** for each $1 over $180,000 |
** Including the announced Temporary Budget Repair Levy of 2%
Non-residents or previous Australian tax residents who have moved overseas and who hold property assets within Australia are obliged to lodge a Tax Return.
It is important that you are registered with the Australian Taxation Office and obtain a tax file number. Australian laws require every person or corporation earning income to lodge an income tax return for the financial year, which runs from 1 July to 30 June. The tax return must state the gross income received from all sources within Australia and a claim may be made for any expenses relating to that income.
Common deductions you will be able to claim include:
· advertising for tenants
· agents commission for managing the property
· gardening and maintenance
· Insurance - property and contents
· interest on loans used to finance the property
· lease preparation costs, council rates and land tax
· travel and car expenses including reasonable costs incurred when visiting Australia to inspect the property
· telephone, facsimile and postage
· depreciation
The above rates do not include the Medicare levy of 1.5% (see Guide to Medicare levy for more information).
Source: www.ato.gov.au/Rates