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2015-16 Tax Rates


THE NEW TAX SCALES

 

Individual Rates from 1 July 2015 –30 June 2016.

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                         47.0%

 

Individual Rates from 1 July 2016 –30 June 2017.

Taxable income  Per cent

$0 - $18,200                       Nil          

$18,201 - $37,000              19.0%        

$37,001 - $80,000              32.5%

$80,001 - $180,000            37.0%

>$180,001                         47.0%

 

Other Rates

Company Rates                           28.5%*

Complying super                          15%

Non-complying super                   45%

FBT                                              47%

SGC                                             9.50%

*For company annual turnover less than $2 million. 30% for over $2 million turnover.

 

 

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.

 

2015/16

Lower income threshold $35,454

Higher income threshold $50,454

 

Superannuation contributions

 

Concessional contributions cap

Income year        Cap amount

2015/16 $30,000

2016/17 $30,000

 

For over-49s

2015/16 $35,000

2016/17 $35,000

 

Non-concessional contributions cap

2015/16 $180,000

2016/17 $180,000

 

CGT cap amount

2015/16 $1.395m

2016/17 $1.415m

 

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


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NSW 2153