Australian Taxation Office

Tax Rates for 2014/2015

For individuals:

  • $0 – $18,200 Nil
  • $18,201 – $37,000 19%
  • $37,001 – $80,000 32.5%
  • $80,001 – $180,001 37%
  • 180,001 plus 45%
  • The medicare levy for 2015 is 2%.
  • The temporary budget repair levy is 2% for 2015 for those individuals with taxable incomes of over $180,000.

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Mineral Resource Tax

Repeal of the Mineral Resource Rent Tax

Recently the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 received Royal Assent. Amongst other things, this Bill repeals various measures brought in by the previous Labor government including:

  • Abolition of the mining tax from 1 October 2014;
  • Abolition of the company loss carry-back from 1 July 2013;
  • Reduction of the instant asset write-off from 1 January 2014; and
  • Abolition of accelerated depreciation for motor vehicles from 1 January 2014.

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Dividend washing

ATO cracking down on dividend washing

Following on from the release of Tax Determination 2014/10, the ATO has begun the process of mailing those taxpayers it believes undertook a dividend washing transaction. The ATO will not impose any penalties on taxpayers who have entered dividend washing transactions and come forward to self-amend their tax returns before the date specified in the letter they receive from the ATO. These taxpayers will of course have to pay back the extra franking credits in question.

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Tax agent lodgment dates 2015

Tax Agent Lodgement Program 2014/2015

A summary of the tax agent lodgement program for 2014/2015 is as follows:

For individuals:

  • By 31 October 2014 where one or more prior returns were outstanding as at 30 June 2014;
  • By 31 March 2015 who are considered tax level 6.
  • By 15 May 2015 for all other individuals. A concessional lodgement date exists for those individuals due on 15 May 2015 where payment and lodgement is made by 5 June 2015.

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ATO scam alert

ATO warns of tax scams

The ATO has updated its website about the latest ‘tax scams’ including refund/phishing scams, mobile phone and telephone scams. The website is included here:

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