General Rates of Tax
| Company Tax Rate |
30% |
| Fringe Benefits Tax Rate |
31 March 2010: 46.5%
31 March 2009: 46.5%
|
| Superannuation Complying Fund |
15% |
| Superannuation Non-Complying Fund |
47% |
Resident Individuals
Tax rates 2009-10
|
Taxable income $ |
Tax on this income $ |
|
$1 – $6,000 |
Nil |
|
$6,001 – $35,000 |
15c for each $1 over $6,000 |
|
$35,001 – $80,000 |
$4,350 plus 30c for each $1 over $35,000 |
|
$80,001 – $180,000 |
$17,850 plus 38c for each $1 over $80,000 |
|
$180,001 and over |
$55,850 plus 45c for each $1 over $180,000 |
Tax rates 2008-09
|
Taxable income $ |
Tax on this income $ |
|
$1 – $6,000 |
Nil |
|
$6,001 – $34,000 |
15c for each $1 over $6,000 |
|
$34,001 – $80,000 |
$4,200 plus 30c for each $1 over $34,000 |
|
$80,001 – $180,000 |
$18,000 plus 40c for each $1 over $80,000 |
|
$180,001 and over |
$58,000 plus 45c for each $1 over $180,000 |
Medicare Levy Low-income Thresholds – 2005/06*
|
Single Taxpayer |
No Levy at or below $ |
20% Phase-in Limit $ |
1.5% at or above $ |
| Not eligible for Senior Australians Tax Offset or Pensioner Tax Offset |
$16,284 |
$16,285 - $17,604 |
$17,605 |
|
Number of Children/students |
Threshold (no levy at or below) $ |
Phasing-in range at 20% on excess
$ |
Flat 1.5% (levy applies at or above) $ |
| 0 |
27,478 |
27,479– 29,705 |
29,705 |
| 1 |
30,001 |
30,002 – 32,433 |
32,433 |
| 2 |
32,524 |
32,525 – 35,161 |
35,161 |
| 3 |
35,047 |
35,048 – 37,888 |
37,888 |
| 4 |
37,570 |
37,571 – 40,616 |
40,616 |
| 5 |
40,093 |
40,094 – 43,344 |
43,344 |
| 6 |
42,616 |
42,617 – 46,072 |
46,072 |
| Each extra child |
+2,523 |
|
+2,728 |
*2006/07 thresholds are not yet released by the Australian Taxation Office
Tax Offsets – 2006/07 (Notional Dependent and Housekeeper Tax Offsets)
|
Description |
Maximum Offset $ |
Maximum SNI $ |
|
2007 |
2006 |
2007 |
2006 |
|
Dependent Tax Offsets |
|
|
|
|
| Spouse/ De facto (no dependent child/student) |
1,655 |
1,610 |
6,901 |
6,721 |
|
Spouse/ De facto (with dependent child/student) |
1,984 |
1,930 |
6,901 |
6,721 |
| Child-housekeeper (no dependent child/student) |
1,655 |
1,610 |
N/A |
6,721 |
|
Child-housekeeper (with dependent child/student) |
1,984 |
1,930 |
N/A |
8,001 |
| First child under 16 (not being a student) |
376 |
376 |
1,785 |
1,785 |
| Each other child under 16 (not being a student) |
282 |
282 |
1,409 |
1,409 |
| Student |
376 |
376 |
1,785 |
1,785 |
| Invalid relative |
745 |
725 |
3,261 |
3,181 |
| Parent or Parent-in-law |
1,489 |
1,448 |
6,273 |
6,073 |
| Sole Parent |
1,544 |
1,512 |
N/A |
N/A |
|
Housekeeper Tax Offsets: |
|
|
|
|
| No Dependent child/student |
1,655 |
1,610 |
N/A |
N/A |
| With Dependent child/student |
1,984 |
1,930 |
N/A |
N/A |
Interest Rates for Overpayment and Early Payment of Tax
|
Quarter ended |
Annual Rate % |
| 30 June 2006 |
5.61 |
| 31 March 2006 |
5.63 |
| 31 December 2005 |
5.62 |
| 30 September 2005 |
5.68 |
| 30 June 2005 |
5.63 |
| 31 March 2005 |
5.43 |
| 31 December 2004 |
5.44 |
| 30 September 2004 |
5.51 |
Eligible Termination Payments
Low Tate Threshold for Post-June 1983 Component
|
Income Year |
Threshold $ |
| 2006/07 |
$135,590 |
| 2005/06 |
$129,751 |
| 2004/05 |
$123,808 |
Post-June 1983 Component
|
Recipient's Age on Payment Date |
Portion of Post-June 1983 Component |
Maximum Tax Rate |
|
Taxed Element % |
Untaxed Element % |
| Under 55 |
Full Amount |
20 |
30 |
| 55+ |
Up to low rate threshold |
0 |
15 |
| 55+ |
Excess over low rate threshold |
15 |
30 |
Tax-free part of Bona Fide Redundancy Payments
|
Income Year |
Base Amount $ |
Additional Amount per Whole Year of Service $ |
| 2006/07 |
6,783 |
3,392 |
| 2005/06 |
6,491 |
3,246 |
| 2004/05 |
6,194 |
3,097 |
Superannuation Contribution
Deduction Limits (Self-employed or Substantially Self-employed Persons)
|
Contribution Amount |
Maximum Deduction $ |
| 0 - 5,000 |
$5,000 |
| 5,000 + |
$5,000 + 75% of excess over $5,000 |
Aged Base Limits
|
Income Year |
Age in Years |
|
Under 35 $ |
35 – 49 $ |
50 + $ |
| 2006/07 |
15,260 |
42,385 |
105,113 |
| 2005/06 |
14,603 |
40,560 |
100,587 |
| 2004/05 |
13,934 |
38,702 |
95,980 |
| 2003/04 |
13,233 |
36,754 |
91,149 |
Per Kilometre Claims for Car Deductions – 2005/2006
|
Engine Capacity (cc) |
Rate per Km $ |
|
Ordinary car |
Rotary engine Car |
2005/06 |
2004/05 |
| 0 – 1,600 |
0 - 800 |
0.55 |
0.52 |
| 1,601 – 2,600 |
801 – 1,300 |
0.66 |
0.62 |
| 2,601 + |
1,301 + |
0.67 |
0.63 |
Leased Assets – Minimum Residuals
Plant & Machinery
|
Term of Lease |
Prime Cost Depreciation Rates for Plant and Machinery |
| 20% |
15% |
10% |
7.50% |
5% |
|
Minimum Residual Value as a Percentage of Cost |
| % |
% |
% |
% |
% |
| Year 1 |
60.0 |
63.75 |
67.5 |
68.5 |
70.0 |
| Year 2 |
45.0 |
52.50 |
60.0 |
62.5 |
65.0 |
| Year 3 |
30.0 |
41.25 |
52.5 |
55.0 |
60.0 |
| Year 4 |
15.0 |
30.00 |
45.0 |
50.0 |
55.0 |
| Year 5 |
Nil |
18.75 |
37.5 |
45.0 |
50.0 |
Motor Vehicles
|
Term of Lease |
Minimum Residual % |
Term of Lease |
Minimum Residual % |
| Year 1 |
65.63 |
Year 4 |
37.50 |
| Year 2 |
56.25 |
Year 5 |
28.13 |
| Year 3 |
46.88 |
|
|
Car Depreciation Cost Limit
|
Income Year |
Cost limit $ |
Income Year |
Cost limit $ |
| 2006/07 |
57,009 |
2001/02 |
55,134 |
| 2005/06 |
57,009 |
2000/01 |
55,134 |
| 2004/05 |
57,009 |
1999/00 |
55,134 |
| 2003/04 |
57,009 |
1998/99 |
55,134 |
| 2002/03 |
57,009 |
1997/98 |
55,134 |
Fringe Benefits Tax
Car Fringe Benefits – Statutory Formula Method – Statutory Fraction
|
Annualised Kms |
Statutory Fraction % |
| - 14,999 |
26 |
| 15,000 – 24,999 |
20 |
| 25,000 – 40,000 |
11 |
| 40,000 + |
7 |
Car Fringe Benefits – Operation Cost Method
- Statutory Rates for Deemed Interest
|
FBT Year Ended 31 March |
Rate % |
| 2007 |
7.30 |
| 2006 |
7.05 |
| 2005 |
7.05 |
| 2004 |
6.55 |
Car Fringe Benefits – Operating Cost Method – Deemed Depreciation
|
FBT Year Ended 31 March |
Rate % |
| 2007 |
18.75 |
| 2006 |
18.75 |
| 2005 |
18.75 |
| 2004 |
18.75 |
2003 was 18.75%, 2002 and earlier years was 22.50%
Loan Fringe Benefits – Benchmark Interest Rates
|
FBT Year |
Rate % |
FBT Year |
Rate % |
| 2006/07 |
7.30 |
2002/03 |
6.05 |
| 2005/06 |
7.05 |
2001/02 |
7.55 |
| 2004/05 |
7.05 |
2000/01 |
7.30 |
| 2003/04 |
6.55 |
1999/00 |
6.50 |
Tax Agent Lodgement Program 2006/07 (Excluding Superannuation funds)
|
Date |
Obligation Type |
|
21 July 2006
28 July 2006 |
Quarterly PAYG instalment activity statement – head companies of consolidated groups – quarter 4, 2005–06.
Monthly activity statement for June 2006.
Quarterly instalment notice for quarter 4, 2005–06.
|
|
11 August 2006
14 August 2006
21 August 2006
25 August 2006 |
Quarterly activity statement, quarter 4, 2005–06 – paper or ECI lodgment.
PAYG withholding payment summary annual report for large withholders (annual withholding > $1 million), or payer who has no agent involvement in preparing the report.
Reasonable benefits limits (RBL) – report to the ATO all benefits paid in the prior month.
Monthly activity statement for July 2006
Quarterly activity statement, quarter 4, 2005–06 – secure electronic lodgment (ELS).
|
|
14 September 2006
21 September 2006
30 September 2006 |
Reasonable benefits limits (RBL) – report to the ATO all benefits paid in the prior month.
Monthly activity statement for August 2006.
PAYG withholding payment summary annual report for payer who has agent involvement in preparing the report. (If payer has only closely held payees they may be eligible for a concession to lodge this report by the due date of their income tax return).
|
|
14 October 2006
21 October 2006
28 October 2006
31 October 2006
|
Reasonable benefits limits (RBL) – report to the ATO all benefits paid in the prior month.
Annual PAYG instalment notice .
Quarterly PAYG instalment activity statement – head companies of consolidated groups – quarter 1, 2006–07
Monthly activity statement for September 2006.
Quarterly instalment notice – form R, S or T – for quarter 1, 2006–07.
Income tax return for all entities where two or more prior year income tax returns are outstanding as at 30 June 2006.
Income tax return for all entities prosecuted for non-lodgment in 2005–06 and advised of a lodgment due date of 31 October 2006.
PAYG withholding annual report |
|
11 November 2006
14 November 2006
21 November 2006 |
Quarterly activity statement, quarter 1, 2006–07 – paper or ECI lodgment.
Reasonable benefits limits (RBL) – report all benefits paid in the prior month.
Monthly activity statement for October 2006. |
|
1 December 2006
14 December 2006
21 December 2006 |
Payment of income tax for taxable large/medium business company and superannuation funds. (Lodgment of return due 15 January 2007).
Payment of income tax for taxable head company of a consolidated group that has a member who has been deemed a large/medium business in the latest year lodged. (Lodgment of return due 15 January 2007).
Payment of income tax for companies where income tax return was due 31 October 2006.
Reasonable benefits limits (RBL) – report to the ATO all benefits paid in the prior month
Monthly activity statement for November 2006. |
|
14 January 2007
15 January 2007
21 January 2007 |
Reasonable benefits limits (RBL) – report to the ATO all benefits paid in the prior month. |
|
Income tax return for taxable large/medium business taxpayers as per latest year lodged – all entities other than individuals – unless required earlier. (Payment for companies and superannuation funds was due 1 December 2006).
Income tax return for taxable head company of a consolidated group – including new registrants – that has a member who has been deemed a large/medium business in the latest year lodged. (Payment was due 1 December 2006).
Quarterly PAYG instalment activity statement – head companies of consolidated groups – quarter 2, 2006–07.
Monthly activity statement for December 2006. |
|
21 February 2007
28 February 2007 |
Monthly activity statement for January 2007.
Quarterly activity statement, quarter 2, 2006–07 – all lodgment methods.
Quarterly instalment notice, quarter 2, 2006–07.
Income tax return for non-taxable large/medium business taxpayers as per latest year lodged – all entities other than individuals.
Income tax return for non-taxable head company of a consolidated group – including new registrants – that has a member who has been deemed a large/medium business in the latest year lodged.
Income tax return for new registrant (taxable and non-taxable) large/medium business taxpayers and companies.
Income tax return for new registrant (taxable) trusts.
Annual GST return or information report if taxpayer does not have an income tax return lodgment obligation. (If taxpayer does have an income tax return obligation, this return/report can be lodged with the return). |
|
14 March 2007
21 March 2007
31 March 2007
|
Reasonable benefits limits (RBL) – report to the ATO all benefits paid in the prior month.
Monthly activity statement for February 2007. |
|
Income tax return for all entities, other than large/medium business taxpayers, where one prior year return was outstanding as at 30 June 2006. (If the outstanding prior year return has been lodged by this date, the 2006 return will be due as in the normal program).
Income tax return for head company of a consolidated group that does not have a member who has been deemed a large/medium business in the latest year lodged, but does have a member who has total income in excess of $2 million in latest year lodged (unless due earlier).
Income tax return for companies with total income in excess of $2 million in latest year lodged (excluding large/medium business taxpayers).
Income tax return for individuals and trusts which were tax level 6 as per latest year lodged (excluding large/medium business trusts). |
|
|
|
|
14 April 2007
21 April 2007
28 April 2007 |
Reasonable benefits limits (RBL) – report to the ATO all benefits paid in the prior month. |
|
Quarterly PAYG instalment activity statement – head companies of consolidated groups – quarter 3, 2006–07.
Monthly activity statement for March 2007. |
|
Quarterly instalment notice for quarter 3, 2006–07. |
|
12 May 2007
14 May 2007
15 May 2007
21 May 2007
26 May 2007
28 May 2007 |
Quarterly activity statement, quarter 3, 2006–07 – paper or ECI lodgment
Reasonable benefits limits (RBL) – report all benefits paid in the prior month.
Income tax return for all other entities not required earlier (including all other consolidated groups), and not eligible for the 3 June or 5 June concessions.
Monthly activity statement for April 2007.
Quarterly activity statement, quarter 3, 2006–07 – secure electronic lodgment (ELS).
Fringe Benefits tax return
|
|
|
|
|
|
|
|
3 June 2007
5 June 2007
14 June 2007
21 June 2007 |
Income tax return for non-taxable or refund as per latest year lodged as well as actual non-taxable or refund in current year (unless due earlier) – all entities except large/medium business taxpayers and head companies of consolidated groups.
Income tax return for non-taxable new registrant trusts. |
|
Income tax return for individuals and trusts with a lodgment end date of 15 May 2007 provided payment is also made by this date.
Note: This is not a lodgment end date but a concessional arrangement where penalties will be waived by the ATO if lodgment and payment is made by this date.
Reasonable benefits limits (RBL) – report all benefits paid in the prior month.
Monthly activity statement for May 2007.
|
|
|
|
|
Tax Agent Lodgement Program 2006/07
(for Superannuation Fund Income Tax and Regulatory Returns)
|
Due Date for Lodgement |
Description |
Due Date for Payment |
| 31 October 2006 |
All Superannuation funds where two or more prior year returns are outstanding as at 30 June 2006.
If all outstanding prior year returns are lodged by this date the 2005/06 tax return will be due as per the normal program. |
1 December 2006 |
| 15 January 2007 |
Taxable large/medium business Superannuation funds |
1 December 2006 |
| 28 February 2007 |
Non-taxable large/medium business Superannuation funds as per latest year lodged. |
28 February 2007 |
|
Taxable and non-taxable new registrants that are large/medium business Superannuation funds |
|
Taxable new registrants that are Superannuation funds. |
| 31 March 2007 |
All Superannuation funds with total income in excess of $2 million in latest year lodged (other than large/medium business Superannuation funds). |
31 March 2007 |
|
All Superannuation funds (other than large/medium business Superannuation funds) where one prior year tax return was outstanding as at 30 June 2006.
If the outstanding prior year tax return has been lodged by this date the 2005/06 tax return will be due as per the normal program. |
| 15 May 2007 |
All other Superannuation funds not required earlier and not eligible for the 3 June 2007 lodgement date. |
15 May 2007 |
| 3 June 2007 |
Non-taxable new Superannuation fund registrants (unless due earlier). |
N/A |
|
Superannuation funds that are non-taxable or refund as per the latest year lodged as well as actual non-taxable or refund in the current year (unless due earlier). |
Superannuation Guarantee (SG) – 2006/07 Reporting Dates
|
Obligation Type |
Due Date for SG Contributions |
Due Date for Lodgement of SG Statement and Payment of SG Charge (if any) |
| Quarter 4, 2005/06 SG contribution |
28 July 2006 |
14 August 2006 |
| Quarter 1 2006/07 SG contribution |
28 October 2006 |
14 November 2006 |
| Quarter 2, 2006/07 SG contribution |
28 January 2007 |
14 February 2007 |
| Quarter 3, 2006/07 SG contribution |
28 April 2007 |
14 May 2007 |
| Quarter 4, 2006/07 SG contribution |
28 July 2007 |
14 August 2007 |
|
