2012/13 Tax Rates

THE NEW TAX SCALES

Individual Rates from 1 July 2011 –30 June 2012*.

Taxable income              Per cent

  • $0 - $6,000                       Nil          
  • $6,001 - $37,000               15.0%        
  • $37,001 - $50,000             30.0%
  • $50,001 - $80,000             30.5%        
  • $80,001 - $100,000            37.5%
  • $100,001 - $180,000          38.0%       
  • >$180,001                         46.0%

*Tax table changed as a result of the inclusion of flood levy tax.

Individual Rates from 1 July 2012 –30 June 2013.

  • Taxable income                    Per cent
  • $0 - $18,200                         Nil          
  • $18,200 - $37,000                 19.0%        
  • $37,001 - $80,000                 32.5%
  • $80,001 - $180,000                37.0%
  • >$180,001                            45.0%

Personal Tax offsets and Rebates for 2011/12

Dependents rebates  

  • Spouse                                            $2,355
  • Child-housekeeper                            $1,919
  • Invalid relative                                   $864
  • Parent, parent-in-law                         $1,726
  • Low income earner                           $1,500
  • Mature age worker                            $500

Entrepreneurs            - 25% of taxpayer’s income tax liability

Medical expenses – 20% of excess of net medical expenses over $2,000

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
  • 2011/12          $25,000

Transitional arrangement – contributions by individuals aged 50 or more

Year    Concessional cont cap amount

  • 2010/11          $50,000
  • 2011/12          $50,000
  • 2012/13          $25,000

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

Non-concessional contributions cap

  • 2009/10          $150,000
  • 2010/11          $150,000
  • 2011/12          $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

2011/12

$8,435

$4,218

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


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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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