Individual Rates from 1 July 2010 –30 June 2011

• Taxable income                        Per cent
• $0 - $6,000                              Nil          
• $6,001 - $37,000                      15         
• $37,001 - $80,000                    30         
• $80,001 - $180,000                  37       
• >$180,001                               45

Personal Tax offsets and Rebates for 2010/11

Dependents rebates    

• Spouse                                  $2,286
• Child-housekeeper                  $1,863
• Invalid relative                         $839
• Parent, parent-in-law               $1,676
• Low income earner                 $1,500
• Mature age worker                  $500

Education tax refund – 50% of maximum eligible expenses

• Primary school                      $794 ($397)
• Secondary school                 $1,588 ($794)

Entrepreneurs  - 25% of taxpayer’s income tax liability

Medical expenses – 20% of excess of net medical expenses over $1,500

Other Rates

• Company Rates                             30%
• Complying superannuation             15%
• FBT                                              46.5%
• SGC                                             9%

Medicare levy surcharge threshold

• Single                           $77,000
• Couples                        $154,000
• Each dependent child    +$1,500

Government co-contributions

Matched at $1.00 for each dollar contributed up to maximum co-contribution of $1,000 for at or below the lower income threshold.

• Lower income threshold    $31,920
• Higher income threshold   $61,920

Superannuation contributions

Concessional contributions cap

Income year     Cap amount

• 2010/11          $25,000

Transitional arrangement – contributions by individuals aged 50 or more

Year     Concessional cont cap amount

• 2010/11          $50,000
• 2011/12          $50,000

$50,000 transitional concessional contributions cap applies until 30^th June 2012.

Non-concessional contributions cap

• 2010/11          $150,000
• 2009/10          $150,000
• 2008/09          $150,000

Bring forward rule for people under 65 years non-concessional contributions of up to $450,000 over a three-year period.

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

Tax Free Redundancy payments

 

Income Year	Base Limit	Each complete year
2010/11	$8,126	$4,064
2009/10	$7,732	$3,867

                

Prescribed rates per kilometre for motor vehicle expense claims

 

Rates per business kilometre Engine capacity Cents per kilometre Ordinary engine Rotary engine   1.6 litre (1,600cc) or less 0.8 litre (800cc) or less 63 cents 1.601-2.6 litre (1,601-2,600cc) 0.801-1.3 litre (801-1,300cc) 74 cents 2.601 litre (2,601cc) and over 1.301 litre (1,301cc) and over 75 cents