For the 2013-14 income year there are no changes to the income tax rates or thresholds. You can continue to use most tax tables.
However, there have been changes to tax tables where any of your employees:
- have a Higher Education Loan Program debt or Financial supplement debt
- were paid back payments, commissions, bonuses and similar payments
- received an employment termination payment or return to work payment
- are seniors or pensioners.
- Super guarantee contributions increase to 9.25% from 1 July 2013
- Removal of super guarantee upper age limit from 1 July 2013
- Superannuation Contribution Caps lift to $35,000 for older Australians - the concessional contributions cap will be lifted to:-
- $35,000 unindexed for people aged 60 and over (up from the current level of $25,000) from 1 July 2013, and
- $35,000 unindexed for those aged 50 and over from 1 July 2014. This is a reversal of the previous commitment to restore the cap to $50,000 for the over 50s from 1 July 2014. The general cap will converge by indexation towards the same figure and is expected to reach $35,000 by the 2018 year.)
The ATO Personal Tax rates for the 2013-2014 financial year ending on 30 June are as follows:
Tax Rates 2013-14 (Residents)
|Taxable income||Tax on this income*|
|0 – $18,200||Nil|
|$18,201 – $37,000||19c for each $1 over $18,200|
|$37,001 – $80,000||$3,572 plus 32.5c for each $1 over $37,000|
|$80,001 – $180,000||$17,547 plus 37c for each $1 over $80,000|
|$180,001 and over||$54,547 plus 45c for each $1 over $180,000|
* The above table does not include Medicare Levy or the effect of any Low Income Tax Offset.