2011-12 Tax Rates

2011/12 Tax Rates

THE NEW TAX SCALES

Individual Rates from 1 July 2010 –30 June 2011

  • Taxable income Per cent

  • $0 - $6,000 Nil

  • $6,001 - $37,000 15

  • $37,001 - $80,000 30

  • $80,001 - $180,000 37

  • >$180,001 45

Personal Tax offsets and Rebates for 2010/11

Dependents rebates

  • Spouse $2,286

  • Child-housekeeper $1,863

  • Invalid relative $839

  • Parent, parent-in-law $1,676

  • Low income earner $1,500

  • Mature age worker $500

Education tax refund – 50% of maximum eligible expenses

  • Primary school $794 ($397)

  • Secondary school $1,588 ($794)

Entrepreneurs - 25% of taxpayer’s income tax liability

Medical expenses – 20% of excess of net medical expenses over $1,500

Other Rates

  • Company Rates 30%

  • Complying superannuation 15%

  • FBT 46.5%

  • SGC 9%

Medicare levy surcharge threshold

  • Single $77,000

  • Couples $154,000

  • Each dependent child +$1,500

Government co-contributions

Matched at $1.00 for each dollar contributed up to maximum co-contribution of $1,000 for at or below the lower income threshold.

  • Lower income threshold $31,920

  • Higher income threshold $61,920

Superannuation contributions

Concessional contributions cap

Income year Cap amount

  • 2010/11 $25,000

Transitional arrangement – contributions by individuals aged 50 or more

Year Concessional cont cap amount

  • 2010/11 $50,000

  • 2011/12 $50,000

$50,000 transitional concessional contributions cap applies until 30th June 2012.

Non-concessional contributions cap

  • 2010/11 $150,000

  • 2009/10 $150,000

  • 2008/09 $150,000

Bring forward rule for people under 65 years non-concessional contributions of up to $450,000 over a three-year period.

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

Tax Free Redundancy payments

JH Business Services & Taxation

Accounting | Business Advisory | Tax Services

Specialist in small to medium business

& personal tax services

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Bella Vista

NSW 2153

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