2015-16 Tax Rates
THE NEW TAX SCALES
Individual Rates from 1 July 2015 –30 June 2016.
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%
Individual Rates from 1 July 2016 –30 June 2017.
Taxable income Per cent
$0 - $18,200 Nil
$18,201 - $37,000 19.0%
$37,001 - $80,000 32.5%
$80,001 - $180,000 37.0%
>$180,001 47.0%
Other Rates
Company Rates 28.5%*
Complying super 15%
Non-complying super 45%
FBT 47%
SGC 9.50%
*For company annual turnover less than $2 million. 30% for over $2 million turnover.
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.
2015/16
Lower income threshold $35,454
Higher income threshold $50,454
Superannuation contributions
Concessional contributions cap
Income year Cap amount
2015/16 $30,000
2016/17 $30,000
For over-49s
2015/16 $35,000
2016/17 $35,000
Non-concessional contributions cap
2015/16 $180,000
2016/17 $180,000
CGT cap amount
2015/16 $1.395m
2016/17 $1.415m
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%
JH Business Services & Taxation
Accounting | Business Advisory | Tax Services
Specialist in small to medium business
& personal tax services
Norwest Office
Suite 205
29-31 Lexington Drive
Bella Vista
NSW 2153