2012-13-tax-rates

THE NEW TAX SCALES

Individual Rates from 1 July 2011 –30 June 2012*.

Taxable income Per cent

• $0 - $6,000 Nil

• $6,001 - $37,000 15.0%

• $37,001 - $50,000 30.0%

• $50,001 - $80,000 30.5%

• $80,001 - $100,000 37.5%

• $100,001 - $180,000 38.0%

• >$180,001 46.0%

*Tax table changed as a result of the inclusion of flood levy tax.

Individual Rates from 1 July 2012 –30 June 2013.

• Taxable income Per cent

• $0 - $18,200 Nil

• $18,200 - $37,000 19.0%

• $37,001 - $80,000 32.5%

• $80,001 - $180,000 37.0%

• >$180,001 45.0%

Personal Tax offsets and Rebates for 2011/12

Dependents rebates

• Spouse $2,355

• Child-housekeeper $1,919

• Invalid relative $864

• Parent, parent-in-law $1,726

• Low income earner $1,500

• Mature age worker $500

Entrepreneurs - 25% of taxpayer’s income tax liability

Medical expenses – 20% of excess of net medical expenses over $2,000

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

• 2011/12 $25,000

Transitional arrangement – contributions by individuals aged 50 or more

Year Concessional cont cap amount

• 2010/11 $50,000

• 2011/12 $50,000

• 2012/13 $25,000

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

Non-concessional contributions cap

• 2009/10 $150,000

• 2010/11 $150,000

• 2011/12 $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