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What are the Income Tax Rates for 2018?

tax rates 2018
What are income tax rates?

With the 2018 tax season approaching on 1 July, many taxpayers are looking for their specific tax rate for the 2017-2018 financial year. Income tax rates 2018 determine how much of your income will be subject to tax.

Read on to find out your tax rate to prepare for the 2018 tax season!

Take a look at these income tax rates for 2018.

Read the rest of this entry »

Do you know the ATO Tax Rates 2014?

The ATO tax rates 2014 remain the same as the 2013 rates

It’s time to lodge your 2014 taxes.

What does that mean exactly? It means you need to report the income you received between 1 July 2013 and 30 June 2014. It also means you might end up receiving a tax refund or paying tax due.

To avoid any surprises, you can get a quick estimate of your 2014 tax refund or tax due with the E-Lodge tax calculator before actually doing your taxes.


Australian Tax Rates 2013-2014

Tax rates and the tax-free threshold are the same as last year. In other words, if the details to your tax return haven’t changed much since you completed your 2013 tax return, then your refund or tax due probably won’t either.

Read the rest of this entry »

How to Read The Weekly Tax Table 2014

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;

  1. Your weekly income
  2. 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.

Read the rest of this entry »

A Brief Guide to Australian Tax Tables 2013-2014

See the tax rates and the weekly tax tables for the 2013-2014 financial year

Before lodging a 2014 tax return, you’ll want to refresh your memory with the year’s income tax rates.

If you’d like to calculate how much your 2014 tax due or tax back will be, visit the E-Lodge tax calculator and we’ll do the work for you. After taking into account your basic tax information, the tax calculator will provide you with an estimate of your 2014 tax refund or tax due based on the 2013-2014 Australian tax rates.

The 2014 tax rates cover your income earned during the financial year (so the income you received between 1 July, 2013 and 30 June, 2014). The Australian tax dates can be confusing, this might help;

  • 2013-2014 Australian Financial Year: 1 July, 2013- 30 June, 2014
  • 2014 Australian Tax Season: 1 July, 2014- 31 October, 2014 

Australian Income Tax Rates 2013-2014

The ATO tax tables for 2014 are exactly the same as 2012-2013. Just as a refresher, here are the income tax rates;

Taxable Income Tax on This Income
$0-$18,200 $0
$18,201-$37,000 19% on all income over $18,200
$37,001-$80,000 $3,572 plus 32.5% on all income over $37,000
$80,001-$180,000 $17,547 plus 37% on all income over $80,000
$180,000+ $54,547 plus 45% on all income over $180,000

Weekly Tax Table 2013-2014

The above tax rates are great for figuring out how much tax you can expect to pay over the course of the entire year, but they aren’t very much help if you want to know exactly how much will be taken out of each of your paychecks. Knowing this number can make planning out your budget much easier. Read the rest of this entry »

Australia’s 2012 and 2013 Tax Tables

These tax tables will play a major role in determining how much tax you have to pay – and how much you’ll get back

For the 2012 financial year, which runs from 1 July 2011-30 June 2012, the tax rates are as follows:

Resident Tax Rates for 2011-2012

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

Over $180,000

 $54,550 plus 45c for each $1 over $180,000

 

Note: none of these rates include the Flood Levy or Medicare Levy of 1.5%, which will add to your overall tax rate.

When you lodge your tax return during the upcoming tax season (which runs from July to October), the above rates are the ones at which you will be taxed.

Looking ahead to next year, these rates will change dramatically for the 2013 financial year: Read the rest of this entry »