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2018-19 Tax Rates


THE NEW TAX SCALES

Individual Rates from 1 July 2019 –30 June 2020.

Taxable income Per cent

$0 - $18,200                 Nil          

$18,200 - $37,000         19.0%        

$37,001 - $90,000         32.5%

$90,001 - $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%

*Base rate entity company tax rate-For company annual turnover less than $25 million.

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.

2018/19

Lower income threshold $37,697

Higher income threshold $52,697

HELP, TSL, SSL Repayment Rates & Thresholds

2018-19

Below $51,956              Nil

$51,956-$57,729           2.0%

$57,730-$64,306           4.0%

$64,307-$70,881           4.5%

$70,882-$74,607           5.0%

$74,608-$80,197           5.5%

$80,198-$86,855           6.0%

$86,856-$91,425           6.5%

$91,426-$100,613         7.0%

$100,614-$107,213        7.5%

$107,214 and above      8.0%

Superannuation contributions

Concessional contributions cap – All Ages

Income year     Cap amount

2018/19           $25,000

2019/20           $25,000

Non-concessional contributions cap

2018/19           $100,000

2019/20           $100,000

Unused concessional cap carry forward

From 1 July 2018 if you have a total superannuation balance of less than $500,000 on 30 June of the previous financial year, you may be entitled to contribute more than the general concessional contributions cap and make additional concessional contributions for any unused amounts.

The first year you will be entitled to carry forward unused amounts is the 2019–20 financial year. Unused amounts are available for a maximum of five years, and after this period will expire.

CGT cap amount

2018/19           $1.480m

2019/20           $1.515m

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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Accounting | Business Advisory | Tax Services
Specialist in small to medium business 
& personal tax services


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