ey-global-tax-policy-outlook-for-2015

Australia
Tax policy
Alf Capito
alf.capito@au.ey.com
+61 2 8295 6473
Tony Stolarek
tony.stolarek@au.ey.com
+61 3 8650 7654
1
| Tax rates (2014–15)
1.1 Key tax rates
Top corporate income tax
(CIT) rate (national and local
average, if applicable)
2014 2015 Percentage
change
30% 1 30% 2 —
Tax controversy
Howard Adams
+61 2 9248 5601
howard.adams@au.ey.com
Top individual income tax
rate (national and local
average, if applicable)
Standard value-added tax
(VAT) rate
46.5% 3 49% 4 5.4%
10% 5 10% 6 —
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Content provision date
21 November 2014
EY key contacts
2
| 2015 tax policy outlook
2.1 Key drivers of tax policy change
to opposition to the expenditure cuts and has also encouraged the opposition and civil
society to discuss the potential for additional tax revenues, which are challenging in
the context of a government looking to a future tax reform agenda.
1 Worldwide Corporate Tax Guide, EY, 2014.
2
28.5%, effective from 1 July 2015. A new 1.5% Paid Parental Leave Scheme levy was also proposed on
companies with taxable incomes in excess of A$ 5 million (levied on the excess income amount), effective
from 1 July 2015.
3 Worldwide Personal Tax Guide, EY, 2014-15. The Medicare levy rate increased from 1.5% to 2% of
taxable income for the 2014-15 income year and later income years. A Temporary Budget Repair Levy
which increases the highest personal marginal income tax rate applicable for individuals by 2 percentage
points, is effective 1 July 2014 until 30 June 2017.
4 Ibid. The Medicare levy rate will increase from 1.5% to 2% of taxable income for the 2014-15 income
year and later income years.
5 Worldwide VAT, GST and Sales Tax Guide, EY, 2014.
6 Ibid.
36 | The outlook for global tax policy in 2015