Tag: financial year 2014-2015

Posts Tagged ‘financial year 2014-2015’

What are the Australian Financial Year Dates?

Mark your calendar. The Australian Financial Year Runs from 1 July to 30 June.

The Australian financial year dates can easily be confused with the Australian tax season dates. The financial year always ends on 30 June.

It’s good to keep in mind that during the Australian tax season, you’ll report the income you earned throughout the financial year.

Still confused? Unsure of the dates? We’re here to help.

Financial Year & Tax Season Dates

Here’s what you’ll need to know…

2013-2014 Financial Year: 1 July, 2013 – 30 June, 2014

2014-2015 Financial Year: 1 July, 2014 – 30 June, 2015

2015-2016 Financial Year: 1 July, 2015 – 30 June, 2016

2016-2017 Financial Year: 1 July, 2016 – 30 June, 2017

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Australian Tax Rates 2015-2016

Get a head start this year.

The 2016 financial year starts on 1 July 2015 and ends on 30 June 2016. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year. Why not get ahead of the game and see what to expect for this year? For most of us, our tax rates will remain the same as they were for 2014.

Want a refresher? Keep reading for the 2015-2016 tax rates for Aussie residents and non-residents.

 

Australian tax rates for residents

For residents of Australia, there are several things to keep in mind:

  • tax free threshold will remain at $18,200
  • an additional Temporary Budget Repair Levy of 2% is payable on incomes over $180,000 pa from 1 July 2014 to 30 June, 2017. This increases the highest marginal tax rate to 47%.

 

Below is a table to further show tax rates for 2015-2016 as applied to residents.

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7 Overlooked Real Estate Agent Tax Deductions

The number of Australian households who own their homes has gone up more than 10% since 1996.

 

With such steady demand, it’s no wonder that real estate is one of the fastest growing employment industries. While this profession allows for flexible hours and client lunches, many don’t pay close attention to the out-of-pocket expenses that add up.

Here are seven deductible expenses that you should report on your tax return this year:

 

Home Office Costs

This industry runs on deadlines. Deadlines can involve working round-the-clock at times, which is where a home office comes in handy. The ATO allows employees to deduct costs including heating and cooling, work-related phone costs, depreciation of office furniture, and equipment costs up to $300. For a more in-depth list, take a look at our article, “How to Claim Home Office Expense Deduction”.

 

Business Cards

An oldie but still a goodie! Business cards are a form of advertising that will never truly vanish from our culture. Sure, they may be tweaked a bit but the basic idea is bred in us. They work. Report these as an advertising expense on your taxes this year.

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2015 Financial Year Tax Updates

The 2014-2015  financial year closes on 30 June 2015

The Australian financial year, also called the fiscal year, runs from 1 July to 30 June.

Starting on 1 July, you are required to report the income you earned and the expenses you incurred during the preceding financial year on a tax return which is lodged with the Australian Taxation Office.

Changes from the previous financial year

The ATO hasn’t made any drastic changes to the tax situation of the majority of taxpayers in 2015.

The tax-free threshold, for instance, stays at $18,200. And if you made less than $180,000 a year you are much in the same boat in tax terms except for one notable change:

  • the basic Medicare Levy rate increases from 1.5% to 2% to continue the funding of Medicare

However, if your income falls above $180,000 you’re in for an unpleasant surprise. Here’s what you can expect effective 1 July 2014:

  • taxpayers in the top marginal rate of 45% will face an additional 2% Temporary Budget Repair Levy.

Read the rest of this entry »

Use a Tax Refund Calculator to Estimate Your Tax Return

Get an estimate of your 2014-2015 refund with the E-Lodge tax calculator

We know you work hard throughout the financial year.

Chances are, a midst all of your hard work, you may be curious to know what your 2014-2015 tax refund will be.

The good news is that E-Lodge offers an easy-to-use, accurate tax refund calculator.


The E-Lodge tax back calculator is designed with you in mind.  It’s (super) easy-to-use, and you won’t be forced to create an account in order to use it (sites like E-Tax force users to register before even using their tax calculator).

Is it free to use?

Free means free. While using the tax calculator, we won’t ask you for any banking information, we won’t beg you to prepare your tax return with us (although we would love it if you did), and we promise to give you the best estimate possible!

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3 Steps to Estimate Tax Back with a Tax Return Calculator

Yes, you can get an estimate of your tax back or tax due with online tax calculator. 

The E-Lodge income tax calculator will calculate how much your tax refund will be this year.

If you’re not expecting a tax refund, the tax return calculator will instead tell you how much tax you owe on your taxable income for 2014-2015 financial year.

After following three simple steps, you’ll instantly see the tax calculator results.

To see your tax refund or tax due total, you’ll only need a few minutes! In fact, you can even use the E-Lodge tax calculator right now!


How to get your tax return estimate with the E-Lodge tax calculator

To see your tax refund or tax due for the 2014-2015 financial year,  follow these three steps;

Step 1- Enter your personal info

Step 2- Enter your income information

Step 3- Enter other details of your income

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How Much Will I Get Back? Australian Tax Calculator 2015

Use the E-Lodge Tax Calculator 2015 to see your tax refund or tax due

As the Australian tax season carries on, the anticipation of your expected tax refund or tax due may be growing by the day.

The unknown number might be lurking around in your mind. You might even have a few sleepless nights trying to calculate it all out in your head.

Instead of letting anxiety get the best of you, let us help you stop guessing with the E-Lodge 2015 tax calculator*!
 

*If you need to check on your current year refund or tax due amount, we also have a 2016 calculator available to you!

 

How to Calculate Your 2015 Taxes

To learn how much your tax refund or tax due will be this year you have two options;

  1. Use 2014-2015 tax return calculator
  2. Prepare your tax return

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How to Use the E-Lodge Tax Return Calculator 2015

E-Lodge’s tax back calculator can estimate your tax situation before it’s time to lodge your 2015 tax return!

Wondering what your tax refund or tax due will look like this year?

No problem. Each year, E-Lodge releases an updated tax calculator allowing you to get a sneak peek at your tax refund or tax due total.

In fact, the E-Lodge tax return calculator is now available for the 2014-2015 financial year!  

Thanks to the E-Lodge tax calculator, you’ll have a heads up on how much you’ll end up forking over to the ATO this year or how much the ATO will be forking over to you (via a tax refund)!

Then, once the 2015 tax season begins,  you can create an E-Lodge account and lodge your 2015 tax return

Is the E-Lodge tax return calculator 2015 easy to use?

Easy-to-use is an understatement. The tax calculator takes only a few minutes to complete and contains three basic steps:

  1. Income and Personal Information – such as gross taxable income, deductions from income, total tax withheld, etc.

  2. Income Test Items – such as reportable fringe benefits, employer superannuation contributions, tax-free government pensions, etc. Read the rest of this entry »