Income Tax
Resident Adult Rates
Taxable Income Tax % on Excess $6,000 $nil 15.0 $34,000 $4,200 30.0 $80,000 $18,000 40.0 $180,000 $58,000 45.0 Medicare Levy: 1.5% of taxable income if over taxable income thresholds of $17,309 single or $29,207 married Corporate Tax Rate: 30% Complying Superannuation Fund Tax Rate: 15% HECS Repayment Threshold: $41,595 GST Rate: 10% ABS Withholding Tax Rate: 46.5% Motor Vehicle Expenses
5,000 Business Kilometres or Less 1,600 cc or less 58.0¢ per kilometre 1,601 - 2,600 cc 69.0¢ per kilometre 2,601 cc or over 70.0¢ per kilometre More than 5,000 Business Kilometres 3rd of total running costs, or 12% of cost of motor vehicle, or Log book % of total running costs Motor vehicle depreciation cost limit: $57,180
Fringe Benefits Tax
Rate:
46.5% Motor Vehicle Statutory Formula Method Distance Travelled % of vehicle cost Less than 15,000km 26 15,000 - 24,999km 20 25,000 - 40,000km 11 More than 40,000km 7 FBT loan account interest rate 9.00% Payroll Tax
Tax free threshold $555,000 Rate 4.95% Superannuation
Contribution Caps Up to 50 years A limit on concessional contributions of $50,000 per person per annum Aged 50 or over A limit on concessional contributions of $100,000 per person per annum
* (Concessional contributions include employer, salary sacrificed & self-employed contributions)Superannuation Guarantee Charge Rate payable on employee earnings: 9% Maximum amount payable per employee: $3,436 per quarter Superannuation Contributions Tax
15% on contributions
Medicare Surchage
1% surcharge on the Medicare Levy for single individuals with taxable incomes exceeding $100,000 and $150,000 for couples or families who do not have private health insurance.
Private Company Loans
Benchmark interest rate on private company loans: 9.45% Employment Termination Payments
Tax free part of genuine redundancy payments and early retirement scheme payments: $7,350 plus $3,676 for each year of completed service. Tax Payable on Taxable Component
Under age 55 Up to $145,000 Taxed at a maximum rate of 30% plus Medicare levy Amount over $145,000 Taxed at top marginal tax plus Medicare levy Age 55 and over Up to $145,000 Taxed at a maximum rate of 15% plus Medicare levy Amount over $145,000 Taxed at top marginal tax plus Medicare levy
