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Tax rates and thresholds 2015 & 2016 financial years
Low Income Tax Offset (LITO) - 2015 & 2016 financial years

 Find Your Lost Super the Easy Way
Income tax withholding rates and thresholds change from 1 July 2015

 


 

Tax rates and thresholds 2015 & 2016 financial years

 

Please note the thesholds and tax rates set out below do not include the 2% medicare levy, medicare surcharge or other levies which may be payable.

 

Resident Individual Rates – Current (2015/16) income year

Taxable Income $

Tax Payable

0 - 18,200

Nil

18,201 - 37,000

19% of excess over $18,200

37,001 - 80,000

$3,572 + 32.5% of excess over $37,000

80,001 - 180,000

$17,547 + 37% of excess over $80,000

180,001 +

$54,547 + 45% of excess over $180,000

 

Resident Individual Rates – Last (2014/15) income year

Taxable Income $

Tax Payable

0 - 18,200

Nil

18,201 - 37,000

19% of excess over $18,200

37,001 - 80,000

$3,572 + 32.5% of excess over $37,000

80,001 - 180,000

$17,547 + 37% of excess over $80,000

180,001 +

$54,547 + 45% of excess over $180,000

 

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Low Income Tax Offset ('LITO') - 2015 & 2016 financial years


LITO is an “offset”, which means it is an amount subtracted from your tax payable. If the calculated LITO offset is greater than your tax payable, the excess is not refundable, and it also can’t be used to offset Medicare Levy.

For the years ended 30th June 2015 and 2016, the maximum LITO that adult taxpayers will be entitled to is $445. This will be reduced by 1.5 cents for every $1 over $37,000.

 

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Find Your Lost Super the Easy Way

The Tax Office maintains a database of lost or unclaimed super called ‘SuperSeeker’. If you believe that you may have lost superannuation you are urged to contact them.

If you have changed jobs, or done casual or part-time work, there is chance that you may have lost superannuation.

The Tax Office’s online SuperSeeker tool is simple to use, free and available to taxpayers 24 hours a day, 7 days a week.


The ‘SuperSeeker’ tool can be completed online here, by phone (ph 13 28 65) or by paper.

If the tool is used online, you will need to enter your Tax File Number, date of birth and full name. Results will immediately be displayed on screen along with options on claiming your entitlements.

Using the tool over the phone requires that you provide your Tax File Number and date of birth and you will be transferred to a service representative if a result is achieved.


Requesting information using the ‘SuperSeeker’ tool by paper requires you to prepare a Searching for lost super form. After you complete this form, send it to the Australian Taxation Office at PO Box 3578 ALBURY NSW 2640.

The Tax Office will use the information you provide to check for any possible matches on the lost members register and then write to you to let you know whether or not they have found a possible match or if more information is required.

Liability limited by a scheme approved under Professional Standands Legislation

 

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Income tax withholding rates and thresholds change from 1st July 2015

From 1st July 2015 employers will need to use the new tax tables to calculate the amount required to withhold from payments to employees and other workers, even if the payment relates to a period before this date.

The new tax tables are now available on the Tax Office website. Please click here to access the tables. If you are unable to use this website, paper copies of the new tax tables can be ordered by phoning the Tax Office on 1300 720 092.

In addition a tax withheld calculator is available on the Tax Office website. Please click here to access the calculator.

 

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