2017-18 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 2018 –30 June 2019.

Taxable income Per cent

$0 - $18,200                   Nil          

$18,201 - $37,000          19.0%        

$37,001 - $90,000          32.5%

$90,001 - $180,000        37.0%

>$180,001                      45.0%

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.

2017/18

Lower income threshold $36,813

Higher income threshold $51,813

Superannuation contributions

Concessional contributions cap

Income year     Cap amount

2017/18           $25,000

2018/19           $25,000

Non-concessional contributions cap

2017/18           $100,000

2018/19           $100,000

Effective 1 July 2017, your non-concessional cap is nil for a financial year if you have a total superannuation balance greater than or equal to the general transfer cap $1.6 million in 2017/18) at the end of 30 June of the previous financial year. In this case, if you make non-concessional contributions in that year, they will be excess non-concessional contributions.

CGT cap amount

2017/18           $1.445m

2018/19           $1.480m

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