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 30^th 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