ATO Tax Calculator 2015
Calculate your Australian tax liability for the 2014-2015 financial year using official ATO rates
Comprehensive Guide to ATO Tax Calculator 2015 Tax Rates
The 2014-2015 financial year (1 July 2014 to 30 June 2015) introduced several important changes to Australia’s tax system. This guide provides a detailed breakdown of the tax rates, thresholds, and calculations you need to understand when using the ATO tax calculator for 2015.
2015 Tax Rates for Australian Residents
The Australian Taxation Office (ATO) applied the following marginal tax rates for residents during the 2014-2015 financial year:
| Taxable Income | Tax on this Income | Effective Tax Rate |
|---|---|---|
| $0 – $18,200 | Nil | 0% |
| $18,201 – $37,000 | 19c for each $1 over $18,200 | 0% – 19% |
| $37,001 – $80,000 | $3,572 plus 32.5c for each $1 over $37,000 | 19% – 24.75% |
| $80,001 – $180,000 | $17,547 plus 37c for each $1 over $80,000 | 24.75% – 34.5% |
| $180,001 and over | $54,547 plus 45c for each $1 over $180,000 | 34.5% – 45% |
2015 Tax Rates for Non-Residents
Non-residents faced different tax rates in 2015, with no tax-free threshold:
| Taxable Income | Tax on this Income |
|---|---|
| $0 – $80,000 | 32.5c for each $1 |
| $80,001 – $180,000 | $26,000 plus 37c for each $1 over $80,000 |
| $180,001 and over | $63,000 plus 45c for each $1 over $180,000 |
Medicare Levy 2015
The Medicare levy for most taxpayers in 2015 was 2% of taxable income, though there were exceptions:
- Low-income earners: The levy was reduced or eliminated for individuals earning below certain thresholds ($20,896 for singles, $35,261 for families)
- Exemptions: Certain categories of taxpayers (like blind pensioners or those in specific medical situations) could apply for exemptions
- Surcharge: High-income earners without private hospital cover paid an additional 1-1.5% Medicare levy surcharge
HECS/HELP Repayments 2015
The Higher Education Contribution Scheme (HECS) and Higher Education Loan Program (HELP) repayment thresholds for 2015 were:
| Repayment Income | Repayment Rate |
|---|---|
| Below $53,345 | 0% |
| $53,345 – $59,999 | 4% |
| $60,000 – $66,666 | 4.5% |
| $66,667 – $73,332 | 5% |
| $73,333 – $80,000 | 5.5% |
| $80,001 – $86,666 | 6% |
| $86,667 – $93,332 | 6.5% |
| $93,333 – $100,000 | 7% |
| $100,001 and above | 8% |
Key Changes from 2014 to 2015
The 2015 tax year saw several important adjustments:
- Temporary Budget Repair Levy: Introduced in 2014, this 2% levy on incomes over $180,000 continued in 2015
- Medicare Levy Increase: Rose from 1.5% to 2% to fund the National Disability Insurance Scheme
- HECS Indexation: The indexation rate for HECS debts was 2.1% in 2015, slightly lower than previous years
- Superannuation Changes: The superannuation guarantee remained at 9.5%, with the concessionally taxed contribution cap at $30,000 ($35,000 for those 49+)
How to Calculate Your 2015 Tax
To manually calculate your 2015 tax liability:
- Determine your taxable income (total income minus deductions)
- Apply the appropriate marginal tax rates based on your residency status
- Add the Medicare levy (2% for most taxpayers)
- Calculate any HECS/HELP repayments based on your repayment income
- Add the Temporary Budget Repair Levy if your income exceeded $180,000
- Sum all components to get your total tax liability
Common Tax Deductions for 2015
Taxpayers could claim various deductions in 2015, including:
- Work-related expenses: Uniforms, tools, home office costs (with proper documentation)
- Self-education expenses: Courses directly related to current employment
- Investment property expenses: Interest, repairs, depreciation
- Charitable donations: To registered deductible gift recipients
- Income protection insurance: Premiums for policies held outside super
Tax Offsets and Rebates in 2015
Several tax offsets were available to reduce tax payable:
- Low Income Tax Offset (LITO): Up to $445 for incomes below $66,667
- Senior Australians and Pensioners Tax Offset (SAPTO): For eligible seniors
- Private Health Insurance Rebate: Means-tested rebate on private health insurance premiums
- Zone Offset: For residents of remote areas
- Dependent Spouse Offset: Phased out for most taxpayers by 2015
Comparison: 2015 vs 2016 Tax Rates
The following table compares key tax rates between 2015 and 2016:
| Feature | 2014-2015 | 2015-2016 |
|---|---|---|
| Top marginal rate threshold | $180,000 | $180,000 |
| Top marginal rate | 45% + 2% levy | 45% + 2% levy |
| Medicare levy | 2% | 2% |
| Tax-free threshold | $18,200 | $18,200 |
| HECS repayment threshold | $53,345 | $54,126 |
| Super guarantee rate | 9.5% | 9.5% |
Frequently Asked Questions
Q: What was the tax-free threshold in 2015?
A: The tax-free threshold for Australian residents was $18,200 in 2015. Non-residents didn’t have a tax-free threshold.
Q: How was the Temporary Budget Repair Levy applied?
A: This 2% levy applied to the portion of taxable income exceeding $180,000. It was in addition to the standard 45% rate for that income bracket.
Q: Could I claim the Medicare levy reduction in 2015?
A: Yes, if your taxable income was below $20,896 (singles) or $35,261 (families), you may have qualified for a reduction or exemption.
Q: What was the small business tax rate in 2015?
A: Small business companies (with turnover < $2 million) paid a 28.5% tax rate in 2015, with a 5% tax discount for unincorporated small businesses.
Q: How were capital gains taxed in 2015?
A: Capital gains were added to your taxable income and taxed at your marginal rate, with a 50% discount for assets held longer than 12 months.