2021/22 financial year tax rates

THE NEW TAX SCALES

Individual Rates from 1 July 2021 –30 June 2022.

Taxable income Per cent

$0 - $18,200 Nil

$18,200 - $45,000 19.0%

$45,001 - $120,000 32.5%

$120,001 - $180,000 37.0%

>$180,001 45.0%

Individual Rates from 1 July 2022 –30 June 2023.

Taxable income Per cent

$0 - $18,200 Nil

$18,201 - $45,000 19.0%

$45,001 - $120,000 32.5%

$120,001 - $180,000 37.0%

>$180,001 45.0%

Other Rates

Company Rates 25%*

Complying super 15%

Non-complying super 45%

FBT 47%

SGC 10%

*Base rate entity company tax rate-For company annual turnover less than $50 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.

2021/22

Lower income threshold $41,112

Higher income threshold $56,112

2022/23

Lower income threshold $42,016

Higher income threshold $57,016

HELP, TSL, SSL Repayment Rates & Thresholds

2021-22

Repayment income (RI)

Repayment rate

Below $47,014

Nil

$47,014 - $54,282

1.0%

$54,282 - $57,538

2.0%

$57,539 – $60,991

2.5%

$60,992 - $ 64,651

3.0%

$64,652 - $68,529

3.5%

$68,530 - $72,641

4.0%

$72,642 - $77,001

4.5%

$77,001 - $81,620

5.0%

$81,621 - $86,518

5.5%

$86,519 - $91,709

6.0%

$91,710 - $97,212

6.5%

$97,213 - $103,045

7.0%

$103,046 - $109,227

7.5%

$109,227 - $115,781

8.0%

$115,782 - $122,728

8.5%

$122,729 - $130,092

9.0%

$130,093 - $137,897

9.5%

$137,898 and above

10%

Superannuation contributions

Concessional contributions cap – All Ages

Income year Cap amount

2021/22 $27,500

2022/23 $27,500

Non-concessional contributions cap

2021/22 $110,000

2022/23 $110,000

Unused concessional cap carry forward

CGT cap amount

2021/22 $1,615,000

2022/23 $1,650,000

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%