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Personal income tax rates
The following income tax rates apply to taxable income.
| $0 - 18,200 |
0 |
Nil |
| $18,201 - 37,000 |
19 |
19 cents for each $1 over $18,200 |
| $37,001 - 80,000 |
32.5 |
$3,572 plus 32.5 cents for each $1 over $37,000 |
| $80,001 - 180,000 |
37 |
$17,547 plus 37 cents for each $1 over $80,000 |
| $180,001+ |
45 |
$54,547 plus 45 cents for each $1 over $180,000 |
Flood Levy: No longer applies from 1 July
2012.
Low income rebate: $445. Full entitlement where
income is less than $37,000 and then reducing by
1.5 cents in every dollar, ceasing where income reaches
$66,667. Effective tax-free threshold for low income
earners is $20,542.
Medicare levy: 1.5%. Low income threshold:
$20,542 for individuals and $31,789 for families.
Medicare levy surcharge: Additional surcharge may
apply to those without adequate hospital insurance.
Thresholds and applicable Medicare Levy Surcharge (MLS)
rates set out below.
| Singles income |
$84,001 - $97,000 |
$97,001 - $130,000 |
Above $130,000 |
|
Families income |
$168,000 - $194,000 |
$194,001 - $260,000 |
Above $260,000 |
| MLS rate |
1% |
1.25% |
1.5% |
|
PHI Rebate (under 65s) |
20% |
10% |
0% |
|
 Saward Dawson home
Personal income tax
Non-resident income tax
Superannuation
Income tax lodgement dates
Medical expenses
Motor vehicle rates
Medical expenses
Baby bonus
Child care rebate
Family tax benefit
First home owners grant
HELP repayments
Depreciation cost limit
CGT
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Non-resident income tax rates
The following income tax rates apply to taxable income.
| $0 -
80,000 |
32.5 |
32.5 cents for each $1 of income up to $80,000 |
| $80,001 - 180,000 |
37 |
$26,000 plus 37
cents for each $1 over $80,000 |
| $
180,001+ |
45 |
$30,000 plus 45 cents for each $1 over $180,000 |
Superannuation
| Maximum Government co-contribution (sliding scale applies according to income) |
500 |
| Maximum income level to receive maximum co-contribution |
31,920 |
| Threshold income level to receive any co-contribution |
46,920 |
| 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+ |
25,000 |
Superannuation Guarantee: To be paid by employers - Minimum 9%. Proposed gradual
increase from 9% to 12% commencing 1 July 2013.
SGC exclusions: Part-time employees under 18 years of age -
Employees receiving salary
or wages of less than $450 per month.
2012 Income tax return lodgement dates
| Individuals not with a tax agent |
|
31 October 2012 |
|
Individuals who had more
than $20,000 tax payable on their 2011
tax return, who were on a tax agent's lodgement program prior to
31 October 2012
|
|
1
April 2013 |
|
Individuals who were on a tax agent's lodgement program prior to
31 October 2012
|
|
15 May 2013 |
Individuals not registered with a tax agent by 31 October 2012 will still be required to lodge their income
tax returns by 31 October 2012, even if the agent prepares the return.
Motor vehicle rates - 2012 rates
| 0 - 1600 |
63 cents |
| 1601 - 2600 |
74 cents |
| 2601 + |
75 cents |
Medical expenses
A 20% tax offset for net medical expenses over $2,060 (subject to
indexation). Therapeutic costs, such as physiotherapy, unless
prescribed by a doctor are not eligible for this offset. For singles
with income over $84,000 or families over $168,000, the threshold is
$5,000 and the tax offset is reduced from 20% to 10%.
Baby Bonus & Parental Leave
The bonus is a payment of $5,185 (subject to indexation) 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. The Government's paid parental
leave is also available. Contact us for assistance in determining
which scheme is best for you.
Child Care Rebate
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 Schoolkids bonus of $820pa for secondary
students and $410pa per primary student 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 of
the primary earner.
First Home Owners Grant
A $7,000 grant is available on established homes less than
$750,000. Stamp duty concessions are available for first home
buyers, subject to eligibility.
2011-2012 HELP Repayments
| Below $49,096 |
Nil |
|
$49,096-$54,688 |
4% of HRI* |
| $54,689-$60,279 |
4.5% of HRI |
|
$60,280-$63,448 |
5% of HRI |
| $63,449-$68,202 |
5.5% of HRI |
|
$68,203-$73,864 |
6% of HRI |
| $73,865-$77,751 |
6.5% of HRI |
|
$77,752-$85,564 |
7% of HRI |
|
$85,565-$91,177 |
7.5% of HRI |
|
$91,178 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.
The bonus on voluntary payments to the Taxation Office of $500 or
more will be reduced
from 10% to 5%.
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. Special
rules apply for non-residents.
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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