• 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%

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  • 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

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  • 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%

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  • Payroll Tax

    Tax free threshold $555,000
    Rate 4.95%

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  • 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

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  • Superannuation Contributions Tax

    15% on contributions

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  • 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.

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  • Private Company Loans

    Benchmark interest rate on private company loans: 9.45%

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  • 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

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