2017-18 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 2018 –30 June 2019.

Taxable income Per cent

$0 - $18,200 Nil

$18,201 - $37,000 19.0%

$37,001 - $90,000 32.5%

$90,001 - $180,000 37.0%

>$180,001 45.0%

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.

2017/18

Lower income threshold $36,813

Higher income threshold $51,813

Superannuation contributions

Concessional contributions cap

Income year Cap amount

2017/18 $25,000

2018/19 $25,000

Non-concessional contributions cap

2017/18 $100,000

2018/19 $100,000

Effective 1 July 2017, your non-concessional cap is nil for a financial year if you have a total superannuation balance greater than or equal to the general transfer cap $1.6 million in 2017/18) at the end of 30 June of the previous financial year. In this case, if you make non-concessional contributions in that year, they will be excess non-concessional contributions.

CGT cap amount

2017/18 $1.445m

2018/19 $1.480m

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%