Individual Tax Returns
To download a copy of our Checklist for Individual Tax Returns, please click here: 2016 – Individual Tax Return Checklist
For our comprehensive calendar of Key Dates for 2016-2017, please click here: MW Partners Calendar
Hot Tax Tips / Changes 2015
Resident Income Tax Rates:
|Taxable Income||Tax on Column 1||% on excess ( Marginal Rate )|
*Budget Repair Levy: Incomes exceeding $180,000 a 2% budget repair levy applies for part of the taxable income that exceeds $180,000.
*Medicare Levy: For 2014/2015 the rate of Medicare Levy is 2%, If your income is below $20,896 no Medicare levy is payable.
*Medicare levy Surcharge: A resident Individual who is not covered by private patient hospital health insurance and “their income for surcharge purposes” is more than $90,000 for singles and $180,000 for couples, an additional surcharge may be payable ranging from 1%-1.5%, Please see Medicare levy income ranges.
Super Contributions Cap 2014/15:
*Concessional Contributions Cap $30,000
*Concessional Contributions Cap $35,000 (Aged 49 years or more on 30th June 2014)
*Non Concessional Contributions Cap $180,000 (Non – Concessional contributions are not tax deductable)
Concessional Contributions which exceed the general cap will be taxed at the taxpayers marginal rates less a 15% tax offset in their tax return.
Taxpayers with an adjustable taxable income in excess of $300,000 will be charged 15% on any concessional contributions above the $300,000 threshold.
Capital Gains Tax Discount: A 50% discount is available for CGT assets that have been held for more than 12months by an Australian resident . This applies to individuals and trusts. A 33.33% discount is applicable to complying superfunds. No 50% discount is available for companies.
5% Discount on tax payable for individual business Income: A individual taxpayer with an aggregated annual turnover of under $2 million will be eligible for a small business tax offset. A 5% tax offset on tax payable capped at $1,000 per individual is applicable for the 2015/2016 year (This equates to $1,000 off your tax payable).
1.5% Reduction in Company Tax Rate: A company with an aggregated annual turnover of under $2 million will be eligible for a reduced tax rate of 28.5% on profits in 2015/16.
Immediate tax write off of assets less than $20,000: An immediate write off is available for individual business assets costing less than $20,000 and are installed ready for use between 12th May 2015 and 30thJune 2017. Any small business pool of assets with a combined total in 2014/15 of less than $20,000 can be written off in full (even if the assets were purchased in a previous year).
Super Stream: A new ATO secure method of payment to employees superfunds. All employers must comply with this new payment method. Small businesses with fewer than 19 employees by 30th June 2016 and employers with more than 19 employees by 30th June 2015.
Disclaimer: The information provided in this guide is believed to be accurate as at June 2015. However the publisher and authors expressly disclaim all and any liability and responsibility to any person, of the consequences of anything done or omitted to be done by any such person in reliance of the contents of this publication. Please seek professional advice on all matters discussed in this publication before acting on such information.