2016-17 Tax Rates

THE NEW TAX SCALES

Individual Rates from 1 July 2017 –30 June 2018.

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 2016 –30 June 2017.

Taxable income Per cent

$0 - $18,200 Nil

$18,201 - $37,000 19.0%

$37,001 - $87,000 32.5%

$87,001 - $180,000 37.0%

>$180,001 47.0%

Other Rates

Company Rates 27.5%*

Complying super 15%

Non-complying super 45%

FBT 47%

SGC 9.50%

*For company annual turnover less than $10 million. 30% for over $10 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.

2016/17

Lower income threshold $36,021

Higher income threshold $51,021

Superannuation contributions

Concessional contributions cap

Income year Cap amount

2016/17 $30,000

2017/18 $25,000

For over-49s

2016/17 $35,000

2017/18 $25,000

Non-concessional contributions cap

2016/17 $180,000

Under 75

2017/18 $100,000

Under 65

Super less than $1.4m $300,000 cap

Super $1.4m - $1.5m $200,000 cap

Super $1.5m - $1.6m $100,000 cap

Super over $1.6m Nil

CGT cap amount

2016/17 $1.415m

2017/18 $1,445m

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%