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THE NEW TAX SCALES
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%
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