Taxation

Old Tennant Creek Telegraph Station

The Commonwealth Government, through the Australian Taxation Office, collects tax from individuals and businesses in order to use the money to spend through its annual budget which is presented each May for the following Financial Year.

The GST has been introduced as of 1st July 2000 as a fairer method of taxing business transactions. payable by the end consumer and remitted by the vendor.

With the introduction of the Goods and Services Tax the rates of income tax applied to individuals has changed.

Tax Rates

Individuals

As of 1 July 2011                As of 1 July 2013

Income Range
%
 Income Range %
$0 - $ $6000
0
$ 0 - $ 18,200 
$6,001-$37,000
15.0
 $ 18,201 - $ 37,000 19.0

$37,001- $80,000
30.0
 $ 37,001 - $ 80,000 32.5

$80,001- $180,000
37.0
 $ 80,001 - $ 180,000 37.0
$180,001+
45.0
 $ 180,001 + 45.0

 

Companies

The income tax rate for companies is 30% as from 1 July 2001. The Federal Government proposes to reduce this rate to 28 % over the next two years from 1 July 2012. Also from 1 July 2012, the Federal Government proposes to allow small businesses to immediately write off assets below $ 5000.

 

Medicare Levy

The Medicare Levy will rise to 2.0 % from 1 July 2014 to help cover the National Disability Insurance Scheme.

 

Higher Education Loan Programme (HELP)

Repayment thresholds and rates for 2014-2015

HECS Repayment Income (HRI) Repayment Rate
$0 - $53,345 Nil
$53,345 - $59,421 4% of Taxable Income
$59,422 - $65,497 4.5% of Taxable Income
$65,498 - $68,939 5% of Taxable Income
$68,940 - $74,105 5.5% of Taxable Income
$74,106 - $80,257 6% of Taxable Income
$80,258 - $84,481 6.5% of Taxable Income
$84,482 - $92,970 7% of Taxable Income
$92,971 - $99,069 7.5% of Taxable Income
$99,070 or more 8% of Taxable Income

In the 2013 Federal Budget, the  discounts for early repayment have been discontinued as from 1 July 2013.

If you would like more information on GST or any other taxes contact Marlow Canete & Associates.