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2020-21 Tax Rates


THE NEW TAX SCALES

Individual Rates from 1 July 2021 –30 June 2022.

Taxable income Per cent

$0 - $18,200                       Nil          

$18,200 - $45,000             19.0%        

$45,001 - $120,000           32.5%

$120,001 - $180,000         37.0%

>$180,001                         45.0%

Individual Rates from 1 July 2020 –30 June 2021.

Taxable income Per cent

$0 - $18,200                       Nil          

$18,201 - $45,000             19.0%        

$45,001 - $120,000           32.5%

$120,001 - $180,000         37.0%

>$180,001                         45.0%

 

Other Rates

Company Rates                           26%*

Complying super                         15%

Non-complying super                  45%

FBT                                             47%

SGC                                            10%

*Base rate entity company tax rate-For company annual turnover less than $50 million otherwise 30%.

 

Government co-contributions – Maximum $500

The government will contribute $0.50 for each dollar contributed up to maximum co-contribution of $1,000 for at or below the lower income threshold.

 

2020/21

Lower income threshold $39,837

Higher income threshold $54,837

 

HELP, TSL, SSL Repayment Rates & Thresholds

 

2020-21

Repayment income (RI)

Repayment rate

Below $46,620

Nil

$46,620 - $53,826

1.0%

$53,827 - $57,055

2.0%

$57,056 – $60,479

2.5%

$60,480 - $ 64,108

3.0%

$64,109 - $67,954

3.5%

$67,955 - $72,031

4.0%

$72,032 - $76,354

4.5%

$76,355 - $80,935

5.0%

$80,936 - $85,792

5.5%

$85,793 - $90,939

6.0%

$90,940 - $96,396

6.5%

$96,397 - $102,179

7.0%

$102,180 - $108,309

7.5%

$108,310 - $114,707

8.0%

$114,708 - $121,698

8.5%

$121,699 - $128,999

9.0%

$129,000 - $136,739

9.5%

$136,740 and above

10%


 

Superannuation contributions

Concessional contributions cap – All Ages

Income year       Cap amount

2020/21               $25,000

2021/22               $27,500

 

Non-concessional contributions cap

2020/21               $100,000

2021/22               $110,000

Unused concessional cap carry forward

CGT cap amount

2020/21               $1.565m

2021/22               $1.615m

 

Super Preservation Age

 

Date of birth      Preservation age

Before 1/7/60                  55

1/7/60 - 30/6/61            56

1/7/61 - 30/6/62            57

1/7/62 - 30/6/63            58

1/7/63 - 30/6/64            59

From 1/7/64                    60

 

Minimum annual payments for super income stream

 

Under 65            4%

65-74                   5%

75-79                   6%

80-84                   7%

85-89                   9%

90-94                   11%

95 or more         14%

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JH Business Services & Taxation
Accounting | Business Advisory | Tax Services
Specialist in small to medium business 
& personal tax services


Norwest Office


 Suite 205
29-31 Lexington Drive
Bella Vista
NSW 2153
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