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.

For companies the tax rate is 30%.

For complying superannuation funds the tax rate is 15%.

Superannuation contribution caps:

  • For those under age 48 on 30 June 2014 the concessional contribution cap is $30,000
  • For those aged 49 or older on 30 June 2014, the concessional contribution cap is $35,000
  • The non-concessional contribution cap is $180,000 per year. There is an option to bring forward a further two years making the maximum cap $540,000. If you are over 65 then you must satisfy a work test to make a non-concessional contribution.

Superannuation pension caps:

  • Age 0-64 Min 4% Max 10%
  • Age 65 to 75 Min 5% Max 100%
  • Age 75 to 79 Min 6% Max 100%
  • Age 80 to 84 Min 7% Max 100%