Ato Tax Calculator 2014 15

Calculate your Australian tax liability for the 2014-15 financial year using this official tax calculator. The calculator follows the tax rates and thresholds from the Australian Taxation Office (ATO) for that specific year.

How to Use This Calculator

To calculate your tax liability for the 2014-15 financial year:

Enter your total taxable income in the "Taxable Income" field.
Select your tax file number status (Single, Married, or Other).
Click the "Calculate" button to see your estimated tax liability.

The calculator will display your estimated tax payable, including Medicare levy and any applicable offsets.

Formula Used

The tax calculation follows the progressive tax rates from the Australian Taxation Office for the 2014-15 financial year:

Tax Calculation Formula:

Tax Payable = (Taxable Income × Tax Rate) - (Offsets + Medicare Levy)

Where Tax Rate is determined by the progressive tax brackets.

The Medicare levy is calculated as 2% of taxable income, with a low-income threshold.

Worked Example

For a single taxpayer with a taxable income of $60,000 in the 2014-15 financial year:

Taxable Income: $60,000
Tax Rate: 37% (for income over $37,000)
Tax on first $37,000: $37,000 × 19% = $7,030
Tax on remaining $23,000: $23,000 × 32.5% = $7,432.50
Total Tax Before Offsets: $7,030 + $7,432.50 = $14,462.50
Medicare Levy: $60,000 × 2% = $1,200
Total Tax Payable: $14,462.50 + $1,200 = $15,662.50

The calculator will display this result and show a breakdown of the calculation.

Tax Rates and Thresholds for 2014-15

Taxable Income	Tax Rate
$0 - $18,200	0%
$18,201 - $37,000	19%
$37,001 - $80,000	32.5%
$80,001 - $180,000	37%
$180,001 and above	45%

Note: These rates are for the 2014-15 financial year and may differ from current rates.

Frequently Asked Questions

What is the Medicare levy?: The Medicare levy is a 2% levy on taxable income, with a low-income threshold. It funds the Medicare system in Australia.
Are there any tax offsets available?: Yes, there are various tax offsets available depending on your circumstances, such as the low-income tax offset and the seniors tax offset.
How accurate is this calculator?: This calculator provides an estimate based on the tax rates and thresholds from the Australian Taxation Office for the 2014-15 financial year. For exact figures, consult the ATO or a tax professional.
Can I use this calculator for other financial years?: No, this calculator is specifically designed for the 2014-15 financial year. Tax rates and thresholds change each year.