2013-14 Tax Rates

Individual Rates from 1 July 2013 –30 June 2014.

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%

Individual Rates from 1 July 2014 –30 June 2015.

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 47.0%

Personal Tax offsets and Rebates for 2013/14

Dependant Spouse

born before 1 July 1952 $2,471

Low income earner $445

Mature age worker $500

Medical expenses – 20% of excess of net medical expenses over $2,120. If the level of income above ATI threshold it is now 10% of excess of net medical expenses over $5,000.

Other Rates

Company Rates 30%

Complying super 15%

Non-complying super 45%

FBT 47%

SGC 9.50%

Medicare levy surcharge threshold

The Medicare levy surcharge is now determined by new income thresholds.

Single

$88,000 or less 0.0%

$88,001-$102,000 1.0%

$102,001-$136,000 1.25%

$130,001 or more 1.5%

Families

$176,000 or less 0.0%

$176,001-$204,000 1.0%

$204,001-$272,000 1.25%

$272,001 or more 1.5%

Each dependent child +$1,500

Government co-contributions

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.

Lower income threshold $33,516

Higher income threshold $48,516

Superannuation contributions

Concessional contributions cap

Income year Cap amount

2013/14 $25,000

2014/15 $30,000

For over-60s

2013/14 $35,000

2014/15 $35,000

Non-concessional contributions cap

2012/13 $150,000

2013/14 $150,000

CGT cap amount

2012/13 $1.315m

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