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2016-17 Tax Rates


THE NEW TAX SCALES

Individual Rates from 1 July 2017 –30 June 2018.

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%

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 - $87,000             32.5%

$87,001 - $180,000           37.0%

>$180,001                         47.0%

Other Rates

Company Rates                27.5%*

Complying super               15%

Non-complying super        45%

FBT                                   47%

SGC                                  9.50%

*For company annual turnover less than $10 million. 30% for over $10 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.

2016/17

Lower income threshold $36,021

Higher income threshold $51,021

Superannuation contributions

Concessional contributions cap

Income year       Cap amount

2016/17               $30,000

2017/18               $25,000

For over-49s

2016/17               $35,000

2017/18               $25,000

Non-concessional contributions cap

2016/17               $180,000

Under 75

2017/18               $100,000

Under 65

Super less than $1.4m     $300,000 cap

Super $1.4m - $1.5m       $200,000 cap

Super $1.5m - $1.6m       $100,000 cap

Super over $1.6m            Nil

CGT cap amount

2016/17               $1.415m

2017/18               $1,445m

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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Bella Vista
NSW 2153