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2019-20 Financial Year 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 2020 –30 June 2021.

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 otherwise 30%.

 

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.

 

2019/20

Lower income threshold $38,564

Higher income threshold $53,564

 

HELP, TSL, SSL Repayment Rates & Thresholds

 

2019-20

Repayment income (RI)

Repayment rate

Below $45,881

Nil

$45,881 - $52,973

1.0%

$52,974 - $56,151

2.0%

$56,152 – $59,521

2.5%

$59,522 - $ 63,092

3.0%

$63,093 - $66,877

3.5%

$66,878 - $70,890

4.0%

$70,891 - $75,144

4.5%

$75,145 - $79,652

5.0%

$79,653 - $84,432

5.5%

$84,433 - $89,498

6.0%

$89,499 - $94,868

6.5%

$94,869 - $100,560

7.0%

$100,561 - $106,593

7.5%

$106,594 - $112,989

8.0%

$112,990 - $119,769

8.5%

$119,770 - $126,955

9.0%

$126,956 - $134,572

9.5%

$134,573 and above

10%

Superannuation contributions

 

Concessional contributions cap – All Ages

Income year     Cap amount

2019/20           $25,000

2020/21           $25,000

 

Non-concessional contributions cap

2018/19           $100,000

2019/20           $100,000

Unused concessional cap carry forward

CGT cap amount

2019/20           $1.515m

2020/21           $1.565m

 

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
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