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Tax Year

Financial Year ending 30th June

2013

Financial Year Start Date

01/07/2012

Financial Year End Date

30/06/2013

Baby Bonus Tax Offset

From 1 July 2009, Baby Bonus Tax Offset no longer applies. For babies born on or after 1 July 2004, Family Assistance Office has a separate payment called 'Baby Bonus' (previously known as 'Maternity Payment').

Beneficiary Tax Offset

If receiving a Beneficiary payment or allowance, possible entitlement to a payment calculated on a percentage of the Beneficiary payment that is over the tax free threshold.

Rate over Tax Free Threshold %

15.00 %

Child Care Tax Rebate

Since 1 July 2006, Child Care Tax Rebate from the ATO has been replaced by payments from the Family Assistance Office.

Child Housekeeper Tax Offset

Must have maintained child-housekeeper. Not eligible if claiming dependent spouse tax offset, or if receiving FTB Part B, or if Dependent Separate Net Income (SNI) over Cut-off.

Offset Reduction Factor for Excess SNI

0.25

With no other dependent child or student

Maximum Tax Offset

$ 1,919

Daily Rate

$ 5.24

Child-housekeeper's SNI Limit

$ 282

Child-housekeeper's SNI Cut-off

$ 7,958

With another dependent child or student

Maximum Tax Offset

$ 2,299

Daily Rate

$ 6.28

Child-housekeeper's SNI Limit

$ 282

Child-housekeeper's SNI Cut-off

$ 9,478

Dependent Relative Tax Offset

Tax offset limits are shown for a full year, pro rata for part year maintenance of dependants.

Dependant Sep. Net Income Limit

$ 282

Max Offset for Parent/Spouse's Parent

$ 1,726

Max Offset for Invalid Relative

$ 864

Offset Reduction Factor for Excess SNI

0.25

Dependent Spouse Tax Offset

Spouse Separate Net Income Limit

$ 282

Maximum Tax Offset

$ 2,355

Offset reduction factor for excess SNI

0.25

Since 1 July 2008, income test applies. No tax offset if taxable income is over the income cut-off.

Taxable Income Cut-off

$ 150,000

Employer Lump Sum Payments

Lump sum payments for unused annual leave or unused long service leave is subject to tax depending on accrual dates, type of and reason for payment.

Normal termination is voluntary resignation, employment terminated due to inefficacy, retirement.

Other termination is genuine redundancy, invalidity or early retirement scheme.

Lump Sum A

Long service leave

Normal termination accrual date 16 Aug 1978 to 17 Aug 1993.

Other termination accrual date post 16 Aug 1978.

Annual leave

Normal termination accrual date pre 18 Aug 1993.

Other termination any accrual date.

Lump Sum A Rate

31.50 %

Lump Sum B

All types of long service leave payments with accrual date pre 16 Aug 1978.

Lump Sum B Rate

5.00 %

Marginal Tax Rates

All Normal Termination payments accrual date post 17 Aug 1993 are subject to tax at the marginal rate and are included as part of salary/wages income.

Employment Termination Payments

Rates and threshold below only relate to the Taxable component of an ETP. Excludes Medicare Levy.

ETP Cap Amount

$ 175,000

Life Benefit

Invalidity or pre-July 1983 amounts are tax free. Tax rates on remaining taxable component amounts are :

Amt within ETP Cap - under Pres Age

30.00 %

Amt within ETP Cap - over Pres Age

15.00 %

Amt over ETP Cap - any age

45.00 %

Death Benefit

Non-dependent

Tax Rate for Amount within ETP Cap

30.00 %

Tax Rate for Amount over ETP Cap

45.00 %

Dependent

Tax Rate for Amount within ETP Cap

0.00 %

Tax Rate for Amount over ETP Cap

45.00 %

Transitional

Lower Cap Amount

$ 165,000

Upper Cap Amount

$ 1,000,000

Under preservation age max tax rates

Payment within Upper Cap

30.00 %

Payment over Upper Cap

45.00 %

At preservation age or over max tax rates

Payment within Lower Cap

15.00 %

Payment over Lower Cap to Upper Cap

30.00 %

Payment over Upper Cap

45.00 %

Bona Fide Redundancy/Early Retirement Scheme Payments

Base Limit

$ 8,806

For each year of service

$ 4,404

All Other ETPs

Amt within ETP Cap - under Pres Age

30.00 %

Amt within ETP Cap - over Pres Age

15.00 %

Amt over ETP Cap

45.00 %

Entrepreneurs Tax Offset

Entrepreneurs Tax Offset is calculated at 25% of the income tax liability attributed to the business income of small business with an aggregated turnover of less than the cut-off.

Aggregated Turnover Threshold

$ 50,000

Aggregated Turnover Cut-off

$ 75,000

Income Tax Reduction

25.00 %

As from 1 July 2008, access to offset is further restricted by family tests.

Single Income Threshold

$ 70,000

Family Income Threshold

$ 120,000

Flood Levy

Applies to 2011-12 financial year only.

Not payable if taxable income is less than Threshold 1.

Flood Levy Threshold 1

$ 0

Flood Levy Threshold 2

$ 0

Flood Levy Rate 1

0.00 %

Flood Levy Rate 2

0.00 %

Levy payable at rate 1 for taxable income over Threshold 1 and less than threshold 2.

Levy payable at rate 2 for taxable income over Threshold 2.

Franking Tax Offset

Calculated automatically from franking credits included in dividends as part of assessable income.

Higher Education Loan Program (HELP)

A single compulsory repayment rate is based on HELP Repayment Income (Taxable income plus any net investment or rental loss, reportable fringe benefits, reportable super contributions and exempt foreign income).

HELP Repayment Income Threshold

Repayment Income

Repayment Rate

Below Threshold 1

$ 49,096

0.00 %

Below Threshold 2

$ 54,689

4.00 %

Below Threshold 3

$ 60,280

4.50 %

Below Threshold 4

$ 63,449

5.00 %

Below Threshold 5

$ 68,203

5.50 %

Below Threshold 6

$ 73,865

6.00 %

Below Threshold 7

$ 77,752

6.50 %

Below Threshold 8

$ 85,565

7.00 %

Below Threshold 9

$ 91,178

7.50 %

Threshold 9 and Over

$ 91,178

8.00 %

Balance of debt at financial year start is indexed by CPI

CPI Rate for HELP Debt

2.90 %

Voluntary Repayments over $500 reduces balance by an additional rate.

Voluntary Repayment Bonus Rate

5.00 %

Housekeeper Tax Offset

Must have maintained a full time housekeeper who cared for child under 21 or a dependent invalid relative.

If single, not eligible if claiming child-housekeeper tax offset or if receiving FTB Part B.

If couple and spouse received disability support pension, not eligible.

If couple and spouse not receiving disability support pension, not eligible if claiming child-housekeeper tax offset or dependent spouse tax offset, or if receiving FTB Part B.

No dependent child or student

Maximum Tax Offset

$ 1,919

Daily Rate

$ 5.24

Dependent child under 21 or student under 25

Maximum Tax Offset

$ 2,299

Daily Rate

$ 6.28

Low Income Tax Offset

Tax offset is reduced by withdrawal rate for each $ over Income Threshold.

Maximum Tax Offset

$ 445

Income Threshold

$ 37,000

Income Maximum

$ 66,667

Withdrawal Rate for Income over Thres

1.50 %

Mature Age Tax Offset

Tax offset is calculated at 5 cents for every income dollar when under the Income Threshold.

Eligible Age

55.00

Maximum Mature Age Tax Offset

$ 500

Income Threshold

$ 10,000

Maximum Income for full Tax Offset

$ 53,000

Tax offset reduced by 5 cents for every dollar over the Maximum Income threshold.

Reduction Rate over Threshold

0.05

Maximum Income for Part Tax Offset

$ 63,000

Phased out from 1 July 2012

No longer available from 1 July 2012 for individuals born after a certain date (subject to Royal Assent).

Not available to persons born on/after

01/07/1957

Medicare Levy

Medicare Levy Rate

1.50 %

Low Income Phase in Rate

0.10 %

No levy payable if income is less than Lower Threshold.

May be entitled to levy reduction if income is between Lower and Upper Threshold.

Single

Income Lower Threshold

$ 20,542

Income Upper Threshold

$ 24,167

Single Senior Australian

Income Lower Threshold

$ 32,279

Income Upper Threshold

$ 36,100

Pensioner

Income Lower Threshold

$ 30,451

Income Upper Threshold

$ 35,824

Family

Income Lower Threshold

$ 32,743

Income Upper Threshold

$ 38,521

Family Senior Australians

Income Lower Threshold

$ 46,000

Income Upper Threshold

$ 54,117

Child Additional Threshold

Minimum Threshold per child

$ 3,007

Maximum Threshold per child

$ 3,538

Medicare Levy Surcharge

Additional levy payable if no private health insurance and income over thresholds.

Medicare Surcharge

Income Threshold

Medicare Levy Surcharge Rate

Single

$ 80,000

1.00 %

Family

$ 160,000

1.00 %

Extra Income Threshold per child

$ 1,500

Resident Minors Income Tax Rates

Taxable Income

Tax Payable

$0 - $416

Nil

$417 - $1,307

66c for each $1 in excess of $416

Over $1,307

45% of the total income that is not excepted income

Motor Vehicle Deductions

If claiming using the 'Cents per kilometre' method, rates as follows:

Maximum business kms per year

5,000

Cents per business kilometre

1600cc or less engine capacity

63

1601 to 2600cc engine capacity

74

2601cc or more engine capacity

75

Net Medical Expenses Tax Offset

Tax offset is calculated as a percentage of net medical expenses over a threshold amount.

Net Medical Expenses Threshold

$ 2,000

Rate of Tax Offset over Threshold

20.00 %

Income Test

From 1 July 2012 income will apply which increase the expenses threshold and rate of tax offset. (subject to Royal Assent)

Adjusted Taxable Income - Single

$ 84,000

Adjusted Taxable Income - Family

$ 168,000

New Net Medical Expenses Threshold

$ 5,000

New Rate of Tax Offset over Threshold

10.00 %

Non Individual Tax Rates

GST Rate

10.00 %

Company Tax Rate

30.00 %

Superannuation Fund Tax Rate

15.00 %

Trust Tax Rate

30.00 %

Non Residents Income Tax Rates

Taxable Income

Tax Payable

$0 - $80,000

33c for each $1

$80,001 - $180,000

$26,000 + 37c for each $1 in excess of $80,000

$180,001 - $99,999,999

$63,000 + 45c for each $1 in excess of $180,000

Over $99,999,999

$44,982,000 + 45c for each $1 in excess of $99,999,999

Pensioner Tax Offset

As from 1 Jul 2012, replaced by Seniors and Penioners Tax Offset (SAPTO).

Tax offset is reduced when income is over Income Threshold and zero when income is at the Maximum Income or higher.

Single

Maximum Tax Offset

$ 2,732

Income Threshold

$ 24,214

Maximum Income

$ 46,700

Couple

Maximum Tax Offset

$ 1,905

Income Threshold

$ 18,700

Maximum Income

$ 33,940

Illness Separated

Maximum Tax Offset

$ 2,577

Income Threshold

$ 23,180

Maximum Income

$ 43,796

Private Health Insurance Tax Offset

Tax offset is calculated as a percentage of the premium paid to a complying private health insurance agency.

Amount of Rebate

Oldest Person under 65

30.00 %

Oldest Person 65 to under 70

35.00 %

Oldest Person 70 or over

40.00 %

Resident Adult Income Tax Rates

Taxable Income

Tax Payable

$0 - $18,200

Nil

$18,201 - $37,000

$0 + 19c for each $1 in excess of $18,200

$37,001 - $80,000

$3,572 + 33c for each $1 in excess of $37,000

$80,001 - $180,000

$17,547 + 37c for each $1 in excess of $80,000

Over $180,000

$54,547 + 45c for each $1 in excess of $180,000

Student Financial Supplement Scheme

A single compulsory repayment rate is based on SFSS Repayment Income (Taxable income plus any net investment or rental loss, reportable fringe benefits, reportable super contributions and exempt foreign income).

SFSS Repayment Income Threshold

Repayment Income

Repayment Rate

Below Threshold 1

$ 47,196

0.00 %

Below Threshold 2

$ 57,947

2.00 %

Below Threshold 3

$ 82,253

3.00 %

Threshold 3 and Over

$ 82,253

4.00 %

Senior and Pensioner Tax Offset

As from 1 Jul 2012, replaces Penioner Tax Offset and Senior Australians Tax Offset. Abbreviation is SAPTO.

Tax offset is reduced when income is over Income Threshold and zero when income is at the Maximum Income or higher.

Single

Maximum Tax Offset

$ 2,230

Income Threshold

$ 32,279

Maximum Income

$ 50,119

Couple

Maximum Tax Offset

$ 1,602

Income Threshold (each)

$ 28,974

Maximum Income (each)

$ 41,790

Maximum Income (combined)

$ 83,580

Illness Separated

Maximum Tax Offset

$ 2,040

Income Threshold (each)

$ 31,279

Maximum Income (each)

$ 47,599

Maximum Income (combined)

$ 95,198

Senior Australians Tax Offset

As from 1 Jul 2012, replaced by Seniors and Penioners Tax Offset (SAPTO).

Tax offset is reduced when income is over Income Threshold and zero when income is at the Maximum Income or higher.

Single

Maximum Tax Offset

$ 2,230

Income Threshold

$ 30,685

Maximum Income

$ 48,525

Couple

Maximum Tax Offset

$ 1,602

Income Threshold (each)

$ 26,680

Maximum Income (each)

$ 39,496

Maximum Income (combined)

$ 78,992

Illness Separated

Maximum Tax Offset

$ 2,040

Income Threshold (each)

$ 29,600

Maximum Income (each)

$ 45,920

Maximum Income (combined)

$ 91,840

Super Income Stream Tax Offset

Australian superannuation income streams recipients may be entitled to a tax offset dependent on age or if a death/disability benefit applies.

Taxable Component - Taxed Element

Eligible Age

Preservation Age

Tax Offset Rate

15.00 %

Taxable Component - Untaxed Element

Eligible Age

60.00

Tax Offset Rate

10.00 %

Super Lump Sum Tax Offset

Australian superannuation lump sum recipients may be entitled to a tax offset dependent on age or if a death/disability benefit applies.

Refer to the Superannuation - Super Lump Sum Tax for tax rates.

Spouse Contribution Tax Offset

A tax offset may apply if superannuation contributions are made on behalf of your spouse to a complying super fund, or retirement savings account (RSA).

Tax Offset Rate on Super Contribution

18.00 %

Super Contribution Limit

$ 3,000

Maximum Tax Offset

$ 540

Tax offset reduced by $1 for every dollar spouse assessable income plus reportable benefits exceed threshold.

Spouse Assessable Income Threshold

$ 10,800

Zone Tax Offset

Lived or worked in remote or isolated area of Australia or served overseas as a member of the Australian Defence Force or a United Nations armed force.

Offset is reduced by any Remote Area Allowance payments.

Single, no dependent children

Max Zone A Tax Offset

$ 338

Max Zone B Tax Offset

$ 57

Max Special Area Tax Offset

$ 1,173

Max Overseas forces Tax Offset

$ 338

Couple, no children, with max spouse tax offset

Max Zone A Tax Offset

$ 1,460

Max Zone B Tax Offset

$ 506

Max Special Area Tax Offset

$ 2,295

Max Overseas forces Tax Offset

$ 1,460

Additional offset for each dependent child

Each Student under 25

$ 376

First Non Student under 21

$ 376

Other Non Student under 21

$ 282