Australia Income Tax Calculator 2014 15

How to Use This Calculator

This calculator helps you determine your Australian income tax liability for the 2014-15 financial year. Follow these steps:

1. Enter your total taxable income in the "Taxable Income" field.
2. Select your tax filing status (Single, Married, or Other).
3. Click "Calculate" to see your estimated tax payable.
4. Review the breakdown of your tax calculation.

The calculator uses the official tax rates and thresholds for the 2014-15 financial year. For more complex scenarios, consult a tax professional.

Tax Brackets for 2014-15

The Australian income tax rates for the 2014-15 financial year are as follows:

These rates apply to all taxpayers regardless of filing status. The calculator automatically applies these rates to your input.

Common Deductions

Several deductions can reduce your taxable income. Common deductions include:

• Tax-free threshold: $6,667 for single taxpayers, $13,335 for couples
• Work-related expenses
• Investment losses
• Donations to approved charities
• Superannuation contributions

The calculator does not automatically apply deductions. You must manually adjust your taxable income to account for deductions before calculating your tax.

Worked Examples

Example 1: Single Taxpayer

For a single taxpayer with a taxable income of $50,000:

1. $18,200 tax-free
2. $18,800 taxed at 19% ($3,572)
3. $13,000 taxed at 32.5% ($4,225)

Total tax payable: $7,797

Example 2: Couple

For a couple with a combined taxable income of $100,000:

1. $36,400 tax-free
2. $30,600 taxed at 19% ($5,814)
3. $33,000 taxed at 32.5% ($10,785)

Total tax payable: $16,609