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Personal income tax rates
The following income tax rates apply to taxable income.
| $0 - 6,000 |
0 |
Nil |
| $6,001 - 37,000 |
15 |
15 cents for each $1 over $6,000 |
| $37,001 - 80,000 |
30 |
$4,650 plus 30 cents for each $1 over $37,000 |
| $80,001 - 180,000 |
37 |
$17,550 plus 37 cents for each $1 over $80,000 |
| $180,001+ |
45 |
$54,550 plus 45 cents for each $1 over $180,000 |
Low income rebate : $1,500. Full entitlement where income is less
than $30,000 and then reducing by
4 cents in every dollar, ceasing where income reaches $67,500. Effective
tax-free threshold for low income
earners is $16,000.
Senior Australian tax offset : $2,230 singles, $1,602 for each
partner in a couple. Tax free income is
therefore $30,685 for singles and $26,680 for couples.
New income tests apply to this offset to include reportable superannuation
contributions, net investment losses and fringe benefits.
Medicare levy : 1.5%.
Low income threshold: $18,488 for individuals and $31,196 for families
Medicare levy surcharge thresholds : Additional 1% surcharge may
apply to those without adequate hospital insurance. $73,000 for individuals and $146,000
for families.
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 Saward Dawson home
Personal income tax
Non-resident income tax
Superannuation
Income tax lodgement dates
Medical expenses
Motor vehicle rates
FBT
Depreciation cost limit
ASIC lodgement
Victorian payroll tax
Victorian stamp duty
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Non-resident income tax rates
The following income tax rates apply to taxable income.
| $0 - 37,000 |
29 |
29 cents for
each $1 of income up to $37,000 |
| $37,001 - 80,000 |
30 |
$10,730 plus 30 cents for each $1 over
$37,000 |
| $80,001 - 180,000 |
37 |
$23,630 plus
37 cents for each $1 over $80,000 |
| $180,001+ |
45 |
$60,630 plus 45 cents for each $1 over
$180,000 |
Superannuation
| Maximum Government co-contribution
(sliding scale applies according to income) |
1,000 |
| Maximum income level to receive maximum
co-contribution |
31,920 |
| Threshold income level to receive
any co-contribution |
61,920 |
| Personal after-tax superannuation contributions
annual limit |
150,000 |
| Maximum personal after-tax superannuation
contributions over three years |
450,000 |
| Concessional contributions (eg. employer
contributions) annual limit |
25,000 |
| Concessional contributions annual limit age 50+
(2008 - 2012) |
50,000 |
Superannuation Guarantee to be paid by employers - Minimum 9%.
Proposed gradual increase
from 9% to 12% commencing 1 July 2013, subject to
legislation.
SGC exclusions : Employees aged 70 or over - Part-time employees under 18
years of age -
Employees receiving salary or wages of less than $450 per month.
2010 Income tax return lodgement dates
| Individuals not with a tax agent |
|
31 October 2010 |
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Individuals who had more than $20,000 tax payable
on their 2009
tax return, who were on a tax agent's
lodgement program prior to
31 October 2010 |
|
31 March 2011 |
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Individuals who were on a tax agent's
lodgement program prior to
31 October 2010 |
|
15 May 2011 |
Individuals not registered with a tax agent by 31 October 2010
will still be required to lodge their income
tax returns by 31 October 2010, even if the
agent prepares the return.
Motor vehicle rates for period 1 July 2009 to 30
June 2010
| 0 - 1600 |
63 cents |
| 1601 - 2600 |
74 cents |
| 2601 + |
75 cents |
Medical expenses
A 20% tax offset for
net medical expenses over $2,000 (was $1,500 for the 2009/10 year).
Therapeutic costs,
such as physiotherapy, unless prescribed by a doctor are not eligible for
this offset. For more details, refer to our
FocusOn Medical Expenses online.
New Income Test
A new income test
applies from 1 July 2009 for a range of
Centrelink benefits, tax concessions and obligations.
This test includes
adding back salary sacrificed superannuation contributions, net investment
losses and tax-free
government pensions.
The new test is known as Adjusted Taxable Income.
Baby Bonus & Parental Leave
The bonus is a
payment of $5,185 per eligible child paid over 13 fortnights. It is payable to
families with adjusted
taxable income of
less than $75,000 six months following the birth of the child. From January 2011
paid parental
leave is also
available. Contact us for assistance in determining which scheme is best for
you.
The rebate is available to
parents who place their child in care while working, looking for work or
studying for
more than 15 hours per
week. The rebate is 50% of out-of-pocket expenses paid for approved care up
to a
limit of $7,500 per child
for the year.
Family Tax Benefit & Education Tax Refund
Family Tax Benefit Part A
is available to families subject to income limits and the Education Tax
Refund is
available for those
families eligible for FTB Part A. Please note that FTB Part B is subject to
an income test
of $150,000 of Adjusted
Taxable Income.
2010-2011 HELP Repayments
| Below $44,912 |
Nil |
| $44,912
to $50,028 |
4% of HRI* |
| $50,029 to $55,143 |
4.5% of HRI |
| $55,144
to $58,041 |
5% of HRI |
| $58,042 to $62,390 |
5.5% of HRI |
|
$62,390 to $67,570 |
6% of HRI |
| $67,571 to $71,126 |
6.5% of HRI |
|
$71,127 to $78,273 |
7% of HRI |
|
$78,274 to $83,407 |
7.5% of HRI |
|
$83,408 and above |
8% of HRI |
*HELP Repayment Income (HRI) =
Taxable income plus net investment
losses, reportable fringe benefits,
reportable
super contributions and exempt foreign employment income.
Depreciation limits for work-related and rental
capital purchases
| $1,000 |
Assets costing between $300
and $1,000 can be depreciated using accelerated rates |
|
$1,000+ |
Assets costing more than $1,000 are depreciated using standard
rates provided by the ATO |
Capital Gains Tax
Commencement :
Charged on gains made on assets acquired after
19 September 1985.
Discount :
For individuals, 50% reduction in capital gain
for assets held for more than
12 months excluding the date of purchase and date of sale.
Rate of Tax : The
gain is added to taxable income and taxed
at marginal rates.
Purchase / sale date :
Date contract for sale/purchase signed, not date of settlement.
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