Personal Tax Rates
25 May 14
Residents of Australia
The Government announced the introduction of a Budget Deficit levy (tax).
It Isabel Leon a Temporary Budget Repairs Levy (Tax), that if is passed by Parliearment, it will apply for 3 years communing on 1 July 2014 at a rate of 2% for income over $180,000.
Individuals with taxable income of $200,000 will pay $400.00 levy, being 2% of $20,000. Those with taxable income of $300,000 will pay $2,400 levy, being 2% of $120,000.
The Current 2013-2014 tax rates for Australian Residents are as follows:
| Taxable Income $ |
Tax Payable $ |
| 0 - 18,200 |
Nil |
| 18,201 - 37,000 |
Nil + 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 |
| 180,000+ |
54,547 + 45% of excess over 180,000 |
Non-Residents (foreign residents)
The temporary Budget deficit levy would flow across to non-residents as well from 1 July 2014 where their income exceeds the $180,000 threshold.
The Current 2013-2014 tax rates for non-residents are as follows:
| Taxable Income $ |
Tax Payable $ |
| 0 - 80,000 |
32.5% |
| 80,001 - 180,000 |
26,000 + 37% of excess over 80,000 |
| 180,000+ |
63,000 + 45% of excess over 180,000 |
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