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Personal income tax rates
The following income tax rates apply to taxable income.
From 1 July 2007
($) |
Tax rate
(%) |
|
From 1 July 2008
($) |
Tax rate
(%) |
| 0 - 6,000 |
0 |
|
0 - 6,000 |
0 |
| 6,001 - 30,000 |
15 |
|
6,001 - 30,000 |
15 |
| 30,001 - 75,000 |
30 |
|
30,001 - 80,000 |
30 |
| 75,001 - 150,000 |
40 |
|
80,001 - 180,000 |
40 |
| 150,001+ |
45 |
|
180,000+ |
45 |
Low income rebate : $750. Full entitlement where income is less than $30,000 and
then reducing by 4 cents in every dollar.
Senior Australian tax offset : $2,230 singles, $1,602 for each partner in a couple.
Tax free income is therefore $25,857 for singles and $43,360 for couples.
Medicare levy : 1.5%. Additional 1% surcharge may apply to those without
adequate hospital insurance.
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 Saward Dawson home
Personal income tax
Superannuation
Medical expenses
Motor vehicle rates
Income tax lodgement dates
FBT
Depreciation cost limit
Late lodgement penalties
ASIC lodgement
Consumer Affairs
Victorian stamp duty on transfer of real estate
Victorian stamp duty on principal residence
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Superannuation
| Description |
Amount ($) |
| Lump sum tax free threshold |
140,000 |
| Maximum Government co-contribution (sliding scale applies according to income) |
1,500 |
| Maximum income level to receive maximum co-contribution |
28,000 |
| Threshold income level to receive any co-contribution |
58,000 |
| 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 |
50,000 |
| Concessional contributions annual limit age 50+ (2008 - 2012) |
100,000 |
Superannuation Guarantee to be paid by employers - Minimum 9%
Superannuation Guarantee payment due dates - 28 Oct 2007, 28 Jan 2008,
28 April 2008, 28 July 2008
Medical expenses tax offset : A 20% tax offset for net medical expenses over $1500.
Payments of medical expenses by employer do not reduce the offset but they may be subject to FBT.
Motor vehicle rates from 1 July 2007
| Ordinary cars (cc) |
Rotary engine (cc) |
|
Rate per km (cents) |
| 0 - 1600 |
0 - 800 |
|
58 |
| 1601 - 2600 |
801 - 1300 |
|
69 |
| 2601 + |
1301+ |
|
70 |
2007 Income tax return lodgement dates
| Description |
|
Deadline date |
| Individuals not with a tax agent |
|
31 October 2007 |
| Individual with more than two returns outstanding on 30 June 2007 |
|
31 October 2007 |
| Large/medium companies (tax payable due 1 December 2007) |
|
15 January 2008 |
| Companies and superannuation funds where this is the first return lodged |
|
28 February 2008 |
Individuals who had more than $20,000 tax payable
on their 2006 tax return |
|
31 March 2008 |
| Individuals and entities not due earlier |
|
15 May 2008 |
FBT rate : 46.5%. Benchmark interest rate : 8.05% Lodgement date : 28 May 2008
Type 1 Gross-up factor : 2.0647 Type 2 Gross-up factor : 1.8692
| $57,009 |
Maximum amount a car can be depreciated. Where the purchaser, or a party to a leasing
contract is registered, this is the GST exclusive amount.
Used to determine (1) Maximum amount of GST claimable on a new car purchase
and (2) Maximum leasing charges that can be claimed as a tax deduction on a car. |
The ATO imposes late penalties when a document is not received by the lodgement due date.
| Taxpayer category |
Penalty amount |
| Taxpayers not specified below |
$110 for every 28 days to a maximum of $550 |
| A medium PAYG withholder or assessable income or annual turnover between $1M and $20M |
$220 for every 28 days to a maximum of $1100 |
| A PAYG withholder or assessable income or annual turnover of $20M or more |
$550 for every 28 days to a maximum of $2750 |
ASIC lodgement - Financial reports
Public companies (including companies limited by guarantee), disclosing entities, large proprietary
companies, managed investment schemes and small foreign controlled proprietary companies are
all required to lodge accounts.
Disclosing entities - Within 3 months of the end of the financial year.
All other companies - Within 4 months of the end of the financial year.
AGMs required to be held within 5 months of the end of the financial year.
ASIC lodgement - Change to director and company details
All companies - Within 28 days of the date of change.
Consumer Affairs - Annual statement lodgement
For all Incorporated Associations - 6 months after end of the financial year.
| Property value |
Rate |
| Up to $224,999 |
Nil |
| $225,000 to $539,999 |
$250 plus 0.2% for amount over $225,000 |
| $540,000 to $899,999 |
$880 plus 0.5% for amount over $540,000 |
| $900,000 to $1,619,999 |
$2,680 plus 0.8% for amount over $900,000 |
| $1,620,000 to 2,699,999 |
$8,440 plus 1.3% for amount over $1,620,000 |
| $2,700,000+ |
$22,480 plus 2.5% for amount over $2,700,000 |
Victorian stamp duty on transfer of real estate
| Property value |
Rate |
| $0 - $20,000 |
1.4% of the value |
| $20,001 - $115,000 |
$280 plus 2.4% of the value over $20,000 |
| $115,001 - $870,000 |
$2,560 plus 6% value over $115,000 |
| $870,001+ |
5.5% of the value |
Victorian stamp duty on transfer of principal residence
| Property value |
Rate |
| $0 - $20,000 |
1.4% of the value |
| $20,001 - $115,000 |
$280 plus 2.4% of the value over $20,000 |
| $115,001 - $400,000 |
$2,560 plus 5% of the value over $115,000 |
| $400,001 - $500,000 |
$16,810 plus 6% of the value over $400,000 |
| $500,001 - $870,000 |
$25,660 plus 6% of the value over $500,000 |
| $870,001+ |
5.5% of the value |
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