See the tax rates and the weekly tax tables for the new 2013-2014 financial year
The tax season has begun, which also means itâ€™s also the beginning of the new 2013-2014 financial year. Thankfully thereâ€™s not a lot of new information to wrap your head around.
Australian Income Tax Rates 2013-2014
Unlike this past financial year, tax rates are staying exactly the same for 2013-2014. Just as a refresher, here are the rates that will determine how much you are taxed for both the current and previous financial year:
|Taxable Income||Tax on This Income|
|$18,201-$37,000||19% on all income over $18,200|
|$37,001-$80,000||$3,572 plus 32.5% on all income over $37,000|
|$80,001-$180,000||$17,547 plus 37% on all income over $80,000|
|$180,000+||$54,547 plus 45% on all income over $180,000|
Weekly Tax Table 2013-2014
The above tax rates are great for figuring out how much tax you can expect to pay over the course of the entire year, but they arenâ€™t very much help if you want to know exactly how much will be taken out of each of your paychecks. Knowing this number can make planning out your budget much easier.
Thankfully the ATO releases a Weekly tax table that can tell you with a good degree of accuracy how much tax will be withheld from your pay on a weekly basis. You may find this weekly tax table useful if you make or receive
- salary, wages, allowances, and leave loading
- paid parental leave
- directorâ€™s fees, etc.
Also note that in the tax tables there are two different columns next to each level of weekly earnings, one for the amount that should be withheld if you claim the tax-free threshold and one if you donâ€™t. As you can see, the tax-free threshold makes a big difference.
Australian residents for tax purposes can claim the tax-free threshold, but only for one job. If you havenâ€™t claimed it for your primary job, you should be sure to do so. Remember, this requires providing your employer with your tax file number. If you donâ€™t, taxes are automatically withheld at the maximum rate of 45-46.5%.
E-Lodgeâ€™s Tax Calculator Makes It Easy
If you are looking to estimate your tax liability for the coming financial year – and how much of a refund you can expect – consider using the E-Lodge tax calculator. And of course, donâ€™t forget to lodge your 2013 return while youâ€™re busy planning for the next financial year.
Photo viaÂ www.SeniorLiving.Org.