• Income Tax

    Individual Rates for 2011/2012

    For those not subject to the flood levy

    Taxable Income Tax % on Excess
    $6,000 Nil 15.0
    $37,000 $4,650 30.0
    $80,000 $17,550 37.0
    $180,000 $54,550 45.0

     

    Individual Rates for 2011/2012

    For those subject to the flood levy

    Taxable Income Tax % on Excess
    $6,000 Nil 15.0
    $37,000 $4,650 30.0
    $50,000 $8,550 30.5
    $80,000 $17,700 37.5
    $100,000 $25,200 38.0
    $180,000 $55,600 46.0

     

    Minor Rates 2011/2012

    Taxable Income Tax % of excess
    $416 Nil 66
    $1,307 $588.15 45
    The above rates apply to the unearned income of minors

     

    Medicare Levy 1.5%

    Low Income Thresholds

    Individuals $18,839 / Families $31,789

     

    Medicare Surcharge

    1% Surcharge on the Medicare Levy for Single Surcharge Thresholds exceeding $80,000

    1% Surcharge on the Medicare Levy for Family Surcharge Thresholds exceeding $160,000  


    Corporate Tax Rate 30%

    Complying Superannuation Fund Tax Rate 15%

    GST Rate 10%

    ABN Withholding Tax Rate 46.5% 

     

    HELP Repayment thresholds and rates 2011/2012

    HELP repayment income Repayment rate
    Below $47,196 Nil
    $47,196-$52,572 4% of HRI
    $52,573-$57,947 4.5% of HRI
    $57,948-$60,993 5% of HRI
    $60,994-$65,563 5.5% of HRI
    $65,564-$71,006 6% of HRI
    $71,007-$74,743 6.5% of HRI
    $74,744-$82,253 7% of HRI
    $82,254-$87,649 7.5% of HRI
    $87,650 and above 8% of HRI

    *HRI = Taxable income plus any total net investment loss (which includes net rental

    losses), total reportable fringe benefit amounts, reportable super contribution and

    exempt foreign employment income

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  • Motor Vehicle Expenses

    5,000 Business Kilometres or Less
    1,600 cc or less 63.0¢ Per Kilometre
    1,601 - 2,600 cc 74.0¢ Per Kilometre
    2,601 cc or over 75.0¢ 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 $57,466

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  • Payroll Tax

    Tax Free Threshold $555,000
    Rate 4.90%

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  • Lump Sum Leave Payments

    Payment type Reason Accrual dates Withholding rates (incl. Medicare Levy) Payment summary label
    Unused long service leave Normal Termination
    (e.g. voluntary resignation, employment terminated due to inefficiency, retirement)    		 Pre-16 August 1978 5% incl. in assessable income & taxed at marginal rate Lump sum B
    16 August 1978 to 17 August 1993 100% incl. in assessable income & taxed at a maximum rate of 31.5% Lump sum A
    Post - 17 August 1993 100% incl. in assessable income & taxed at marginal rate Include in salary/wages
    Termination because of genuine redundancy, invalidity or early retirement scheme Pre - 16 August 1978 5% included in assessable income and taxed at marginal rate Lump sum B
    Leave accrued after 15 August 1978 100% included in assessable income & taxed at a maximum rate of 31.5% Lump sum A
    Unused Annual leave Normal termination
    (e.g. voluntary resignation, employment terminated due to inefficiency, retirement)    		 Pre 18 August 1993 100% included in assessable income & taxed at a maximum rate of 31.5% Lump sum A
    Post 17 August 1993 100% included in assessable income & taxed at marginal rate Include in salary/wages
    Termination because of genuine redundancy, invalidity of early retirement scheme   100% included in assessable income & taxed at a maximum rate of 31.5% Lump sum A

     

    Genuine Redundancy/Approved Early Retirement

     

    Tax Free Amount $8,435 + ($4,218 x Completed years of service)

    Remainder Taxed as Employment Termination Payment

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  • Private Company Loans

    Income Year Benchmark Interest Rate
    2011/2012 7.18%
    2010/2011 7.40%
    2009/2010 5.75%

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  • Duty on transfer of real property (Vic)

     

    Standard rates for Contracts Entered into After 5 May 2008

    Value Duty Payable
    $0 - $25,000 1.4% of the dutiable value of the property
    $25,001 - $130,000 $350 + 2.4% of the dutiable value in excess of $25,000
    $130,001 - $960,000 $2,870 + 6% of the dutiable value in excess of $130,000
    More than $960,000 5.5% of the dutiable value

     

    Rates for a Principal Place of Residence for Contracts Entered into After 5 May 2008

    Value Duty Payable
    $0 - $25,000 1.4% of entire amount
    $25,001 - $130,000 $350 + 2.4% of excess of $25,000
    $130,001 - $440,000 $2,870 + 5% excess of $440,000
    $440,001 - $550,000 $18,370 + 6% of excess over $440,000
    $550,001 - $960,000 $24,970 + 6% of excess over $550,000
    More than $960,000 5.5% of the dutiable value

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  • Fringe Benefits Tax

    Rate

    		 46.50%

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  • Motor Vehicle Statutory Fraction

    Distance Travelled Existing contracts (%) New contracts from 10 May 2011 (%) New contracts from 1 April 2012 (%)
    0 - 15,000km 26 20 20
    15,000 - 24,999km 20 20 20
    25,000km - 40,000km 11 14 17
    More than 40,000km 7 10 13
    FBT Loan Account Interest Rate 7.80%
    FBT Gross Up Factors Type 1 (GST) - 2.0647
      Type 2 - (No GST) - 1.8692
    Workcover Gross Up Factor 1.34768
    Payroll Tax Gross Up Factor 1.8692

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  • Employment Termination Payments

    Component Age at the end of the income year in which the payment is received Amount subject to tax Maximum rate of tax (incl. Medicare levy)
    Life benefit ETP - taxable component Under preservation age Amount up to the ETP cap amount* 31.50%
    At or above preservation age Amount up to the ETP cap amount* 16.50%
    All ages Amount above the ETP cap amount* 46.50%
    Transitional ETP - taxable component Under preservation age Amount up to the upper cap amount# 31.50%
    At or above preservation age Amount up to the lower cap amount* 16.50%
    All ages Amount above the upper cap amount# 46.50%
    Death benefit ETP paid to non-dependants-taxable component All ages Amount up to the ETP cap amount* 31.50%
    Amount above the ETP cap amount* 46.50%
    Death benefit ETP paid to dependants - taxable component All ages Amount up to ETP cap amount* is non-assessable and non-exempt income Nil
    Amount above the ETP cap amount* 46.5%

    * Lower Cap Amount of $165,999 is a lifetime limit that is indexed

    # Upper cap amount for 2011/12 is $1,000,000

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  • Superannuation Contributions

     

    Concessional Contribution Cap for 2011/12

    Age Cap
    Under 50 $25,000
    50 year and Over $50,000

     

    Non concessional Contributions Cap for 2011/2012

    Age Cap
    Under Age 65* $150,000
    65 years and over $150,000

     

    *Individuals under the age of 65 at anytime in the financial year may bring forward contributions of up to three times the standard non-concessional contribution cap across a fixed three year period

     

    Contribution Standards

    Age of member at time of Contribution Acceptance Conditions
    Under Age of 65 No Conditions
    Age 65 but Less than 75 The member is gainfully employed for a min. of 40 hrs in any consecutive 30 days of the year of contribution
    Age 75 of Over Contributions can not be accepted unless mandated

     

    Superannuation Guarantee 2011/2012

    Rate 9%
    Maximum amount payable per employee $3,943 per quarter

     

    Government Co-contribution

    Total Income Maximum Co-contribution ($1,000 of personal contribution)
    $31,920 $1,000
    $31,921 - $61, 920 $1,000 reduced by 3.33c for each $1 of Total income > $31,920
    $61,921+ No contribution Available

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  • Superannuation Fund Payments

     

    Lump Sum Payments - Taxes Fund 2011/2012

    Component Age at the date Payment received Amount Subject to Tax Maximum rate of tax (inc. Medicare Levy)
    Member benefit Under preservation Age Whole Amount 21.50%
    At or above preservation age and under 60 Amount up to low rate cap amount* Nil
    Amount above the low rate cap amount* 16.50%
    Aged 60 or above Nil N/A
    Death Benefit- Paid to Non Dependants Any Whole Amount 16.50%
    Death Benefit- Paid to Dependants Any None Nil

     

    Lump Sum Payments - Untaxed Fund 2011/2012

    Component Age at the date Payment received Amount Subject to Tax Maximum rate of tax (inc. Medicare Levy)
    Member benefit Under preservation Age Amount up to untaxed plan cap amount# 31.50%
    Amount above untaxed plan cap amount# 46.5%
    At or above preservation age and under 60 Amount up to low rate cap amount* 16.50%
    Amount above the low rate cap amount* and up to the untaxed plan cap amount# 31.50%
    Amount above the untaxed plan cap amount# 46.50%
    Aged 60 or above Amount up to the untaxed plan cap amount# 16.50%
    Amount above the untaxed plan cap amount# 46.50%
    Death Benefit- Paid to Dependants Any Whole Amount
    		 31.50%

    *Lower Cap Amount of $165,000 is a lifetime limit that is indexed

    #Untaxed plan cap amount for 2011/12 is $1,205,000

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  • Superannuation Income Streams

     

    Pension Payment - Taxed Fund 2011/2012

    Component Age at the Date Payment Received Amount Subject to Tax Pension taxt offset
    Tax Free All ages Nil N/A
    Taxable Component Below Preservation Age Entire Amount at marginal rates Nil
    Preservation Age but below age 60 Entire amount at marginal rates 15%
    Aged 60 and Over Nil N/A

     

    Retirement Income Streams
    Minimum Pension Amounts

    Age Standard % factors Temporary relief 2011/2012
    Under 65** 4% 3%
    65-74 5% 3.75%
    75-79 6% 4.50%
    80-84 7% 5.25%
    85-89 9% 6.75%
    90-94 11% 8.25%
    95 and older 14% 10.50%

    *Minimum payment amounts for account based pensions have been reduced by 25% for 11/12 **If pension operating under transition to retirement rules, a max payment of 10% of the entire balance applies

     

    Preservation Age

    Date of Birth Preservation age
    Before 1 July 1960 55
    1 July 1960 - 30 June 1961 56
    1 July 1961 - 30 June 1962 57
    1 July 1962 - 30 June 1963 58
    1 July 1963 - 30 June 1964 59
    From 1 July 1964 60

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