Tax Return Sydney, Melbourne and Brisbane and Rates of Tax 2014
|Date Added: April 10, 2015 08:13:39 AM|
|Individual Tax Return and Rates of Tax 2015|
Tax returns basically mean that and individual has to declare their taxable income after each year and it is taxed by the government according to some set percentage defined as the “Rate of Tax” for the year. This tax is then returned to the tax payer in the form of tax refund if the tax paid amount is greater than the tax liable.
How does one lodge their tax return Sydney? This question is easily answered by consulting the manual of instructions under subject of tax return for individual and/or supplement under subject of tax return for individual. They are specifically designed to help you in completing your tax return.
For Australian resident rates 2015:
The tax rate for 2015 applicable on Australian residents with income from $0 – $18,200 would be Nil. The incomes from $18,201 – $37,000 would be liable to pay 19c for each $1 over $18,200. The individuals with incomes from $37,001 – $80,000 would be liable to pay the tax of $3,572 plus 32.5c for each $1 over $37,000. And the individuals with taxable incomes from $80,001 – $180,000 would pay $17,547 plus 37c for each $1 over $80,000. Furthermore, the tax rates applicable on incomes from $180,001 and over would make the payment of $54,547 plus 45c for each $1 over $180,000.These rates are exclusive of the Medicare levy of 2% as well as they do not include the Temporary Budget Repair Levy which is payable at a rate of 2% for taxable incomes over the amount of $180,000.
Foreign Australian Residents
The tax rates 2015 for foreign Australian residents who reside in the country for a full year with incomes between 0 – $80,000 are liable to pay 32.5c for each $1. The individuals with income from $80,001 – $180,000 would pay $26,000 plus 37c for each $1 over $80,000. The foreign residents with income $180,001 and over are liable to pay the tax of $63,000 plus 45c for each $1 over $180,000. Furthermore, foreign Australian residents are not required to pay the Medicare levy in their tax payments.And these rates are exclusive of the Temporary Budget Repair Levy which is liable at a rate of 2% for taxable incomes over $180,000.
The foreign or native resident children under the age of 18 and be given unearned income such as; investment income are also required to lodge their tax return as distinct rates are applied to the unearned income they receive.
Tax withheld calculation by Company Employers
In case of being and employer or another withholding tax payer, the individual is again liable to pay tax. The question is how to calculate this tax percentage? The answer to this particular question is given by Australian Tax Office in form of withheld taxation calculator device. It assists one for calculating the most accurately estimate and ratio of withholding tax. But what does withholding tax comprise of? It is basically the tax the employer needs to withhold from payments made to employees and labor such as; salary wages and allowances etc.
In order to lodge the accurate and properly estimated tax return Brisbane, the individual confirm in which category of tax rates they belong. Then they must identify the range of incomes their income figure falls in, this would accurately help them recognize how much tax they are liable to pay on per dollar. Calculate the tax payable amount by provided options of calculators and lodge the return to ATO either by e-tax or on paper. We hope that you have got the correct idea about latest taxation rates for the year 2015.