Use the E-Lodge tax calculator to instantly see your 2014 tax refund or tax due total.
Wondering how much is withheld from your paycheck each week? It will depend on your income and whether or not you’re claiming the tax-free threshold. To instantly view an estimate of how much your tax refund or tax due will be this year, use the E-Lodge tax calculator.
Is the 2014 Tax Table Identical to the 2013 Tax Table?
For most, tax rates haven’t changed from 2013, meaning this year’s weekly tax table is the same table used last year.
Your tax table may have changed since last year if you fall into one of the following categories;
- You have debt from Financial Supplement or a Higher Education Loan Program
- You were paid back payments, commissions, bonuses and similar payments
- You received an employment termination or return to work payment
- You’re a senior or pensioner
To better understand the tax rates and how much tax is withheld from your weekly pay, the ATO has released a weekly tax table. The weekly tax table is based on;
- Your weekly income
- If you are claiming the tax-free threshold.
How is the tax-free threshold related to the weekly tax table?
If you are taking advantage of the Australian tax free threshold, that means the first $18,200 of your income is not taxed. In other words, your weekly tax withheld amount is reduced and is shown in column two of the weekly tax table.
If you aren’t claiming the tax free threshold, a larger amount in tax will be withheld from your pay, and you will not refer to column two, but instead to column three.
Basically, when it comes to the Tax-Free Threshold;
- Those who can claim the tax-free threshold will have less tax withheld from their pay
- Those who can not claim the tax-free threshold will have more tax withheld from their pay.