Date posted: Friday, June 20, 2014
Every year there’s confusion surrounding just how individual income is taxed. The below figures from the ATO website, allow you to see the current tax brackets and exactly how each bracket is taxed.
The following rates for 2013-14 apply from 1 July 2013 and are applicable to individuals who are Australian residents for tax purposes
| Taxable income | Tax on this income |
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 – $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare Levy of 1.5%
To find out how the tax brackets can affect your taxable income; give us a call, send us an email or book in for a visit.
We specialise in servicing individuals and businesses in the South Eastern Suburbs including Pakenham, Lakeside, Berwick, Nar Nar Goon, Garfield, Tynong and Koo Wee Rup.
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