{"id":13916,"date":"2016-01-22T07:25:45","date_gmt":"2016-01-21T19:55:45","guid":{"rendered":"http:\/\/quantiphy.com.au\/oldbackup\/tax-saving-strategies-prior-to-1-july-2015\/"},"modified":"2020-11-29T00:50:07","modified_gmt":"2020-11-28T13:20:07","slug":"tax-saving-strategies-prior-to-1-july-2015","status":"publish","type":"post","link":"https:\/\/quantiphy.com.au\/oldbackup\/tax-saving-strategies-prior-to-1-july-2015\/","title":{"rendered":"Tax saving strategies prior to 1 July 2015"},"content":{"rendered":"

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.
\n<\/em><\/p>\n

The tax rates for resident (adult) individual taxpayers for the 2014\/15 <\/strong>income year are as follows:<\/p>\n

Taxable Income threshold<\/strong>\t\t Tax payable*
\n0 \u2013 $18,200<\/strong>\t\t Nil
\n$18,201 \u2013 $37,000<\/strong>\t\t 19% of excess over $18,200
\n$37,001 \u2013 $80,000<\/strong>\t\t $3,572 + 32.5% of excess over $37,000
\n$80,001 \u2013 $180,000<\/strong>\t\t $17,547 + 37% of excess over $80,000
\n$180,001 and over<\/strong>\t\t $54,547 + 47%** of excess over $180,000<\/p>\n

1* The Medicare levy of 2% generally applies in addition to these rates.
\n** This rate includes the 2% ‘Temporary Budget Repair Levy’ which applies from 1 July 2014 to 30 June 2017 on that part of a person’s taxable income that exceeds $180,000.<\/p>\n","protected":false},"excerpt":{"rendered":"

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. The tax rates for resident (adult) individual taxpayers for the 2014\/15 income year are as follows: Taxable Income threshold Tax payable* 0 \u2013 $18,200 Nil…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-13916","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nTax saving strategies prior to 1 July 2015 - Quantiphy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/quantiphy.com.au\/oldbackup\/tax-saving-strategies-prior-to-1-july-2015\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax saving strategies prior to 1 July 2015 - Quantiphy\" \/>\n<meta property=\"og:description\" content=\"A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. 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