THE TAX INSTITUTE
Tax Rates Table
2013-14
taxinstitute.com.au
Individual income tax rates –
Residents
2012-13
2013-14
Taxable income
Marginal rate
Tax on this income
$0 – $18,200
Nil
Nil
$18,201 – $37,000
19%
19c for each $1 over $18,200
$37,001 – $80,000
32.5%
$3,572 plus 32.5c for each
$1 over $37,000
$80,001 – $180,000
37%
$17,547 plus 37c for each $1
over $80,000
$180,001 and over
45%
$54,547 plus 45c for each $1
over $180,000
Does not include the Medicare levy of 1.5% of taxable income, subject
to low income thresholds.
Does not include the Medicare levy surcharge for persons without
private health insurance.
Individual income tax rates –
Non-residents
2012-13
2013-14
Taxable income
Marginal rate
$0 – $80,000
Tax on this income
32.5%
32.5c for each $1
$80,001 – $180,000
37%
$26,000 plus 37c for each
$1 over $80,000
$180,001 and over
45%
$63,000 plus 45c for each
$1 over $180,000
Non-residents are not required to pay the Medicare levy.
Medicare Levy
Individuals – 2012-13
Taxpayer
If eligible for
the seniors and
pensioners tax
offset (SAPTO)*
All other individual
taxpayers
Taxable income
Medicare Levy
$0 – $32,279
$32,280 – $37,975
$37,976+
Nil
10% of excess over $32,279
1.5% on total taxable income
$0 – $20,542
$20,543 – $24,167
$24,168+
Nil
10% of excess over $20,542
1.5% on total taxable income
*Even if a taxpayer meets all the eligibility conditions for the seniors and pensioners
tax offset, they may not get it as the amount of the tax offset is based on their
individual taxable income, not their combined taxable income if they had a spouse.
If they do not get it, they will not get a Medicare levy reduction.
Tel: 02 8223 0060
Families – 2012-13+
Family with
following
children or
students
No levy
payable
if family
income does
not exceed
Where family income
within range, 10% of
the amount by which
family income exceeds
amount in second
column
Ordinary
Medicare Levy
payable where
family income
equal to or
exceeds
0
$33,693
$33,694 – $39,638
$39,639
1
$36,787
$36,788 – $43,278
$43,279
2
$39,881
$39,882 – $46,918
$46,919
3
$42,975
$42,976 – $50,558
$50,559
4
$46,069
$46,070 – $54,198
$54,199
5
$49,163
$49,164 – $57,838
$57,839
6
$52,257*
$52,258* – $61,478#
$61,479#
Not applicable to those eligible for seniors and pensioners tax offset
*Where there are more than six, add $3,094 for each extra child or student
#
Where there are more than six, add $3,640 for each extra child or student
+
Medicare Levy surcharge and private
health insurance rebates
2012-13
No
surcharge
& maximum
rebate
Tier 1
Tier 2
Tier 3
Singles
$84,000 or
less
$84,001$97,000
$97,001$130,000
$130,001 or
more
Families*
$168,000 or
less
$168,001$194,000
$194,001$260,000
$260,001 or
more
Rebate
Aged under
65
30%
20%
10%
0%
Aged 65-69
35%
25%
15%
0%
Aged 70 or
over
40%
30%
20%
0%
Medicare levy surcharge
Rate
0.0%
1.0%
1.25%
taxinstitute.com.au
1.5%
2013-14
No
surcharge
& maximum
rebate
Tier 1
Tier 2
Tier 3
Singles
$88,000 or
less
$88,001$102,000
$102,001$136,000
$136,001 or
more
Families*
$176,000 or
less
$176,001$204,000
$204,001$272,000
$272,001 or
more
Rebate
Aged under
65
30%
20%
10%
0%
Aged 65-69
35%
25%
15%
0%
Aged 70 or
over
40%
30%
20%
0%
Medicare levy surcharge
Rate
0.0%
1.0%
1.25%
1.5%
*The family income threshold is increased by $1,500 for each Medicare levy
surcharge dependent child after the first child.
The Medicare Levy surcharge is a percentage of taxable income and reportable
fringe benefits, and is in addition to the Medicare Levy. It is paid by taxpayers who
do not have private patient hospital cover for any period of the year.
Income for surcharge purposes is the sum of taxable income (including the net
amount on which family trust distribution tax has been paid); exempt foreign
employment income; reportable fringe benefits; total net investment losses; and,
reportable super contributions; less, if aged 55-59 years old, any taxed element
of a super lump sum, other than a death benefit, that does not exceed the low
rate cap.
Low income taxpayer’s offset
2012-13
2013-14
Taxable income
Rebate
$0 – $37,000
$445
$37,001 – $66,666
$445 less 1.5 cents for every $1 of the amount
(if any) by which the taxpayer’s taxable income of
the year of income exceeds $37,000.
$67,667 and over
Nil
From 1 July 2011, minors (children under 18 years of age) will no longer receive
the low income tax offset to reduce tax payable on their unearned income (for
example, distributions from discretionary trusts, dividends, interest, rent, royalties
and other income from property).
Tel: 02 8223 0060
Seniors and Pensioners Tax Offset
(SAPTO)
2012-13
Maximum
offset per
taxpayer
Shade-out threshold Cut-out threshold
(rebate income)*
(rebate income)
Single
$2,230
$32,279
$50,119
Couple
(combined
rebate
income)
$1,602
$57,948
$83,580
Illness
separated
couple
(combined
rebate
income)
$2,040
$62,558
$95,198
*Maximum offset reduced by 12.5 cents for each dollar of rebate income in
excess of shade-out threshold.
Rates for other taxpayers
Entity
Rate
Company
30%
Corporate unit trust and public trading trust
30%
Complying superannuation fund
(other than non-arm’s length income)
15%+
Complying superannuation fund
(non-arm’s length income)
45%
Non-complying superannuation fund
45%
Trustee (under s 99A)
(excluding Medicare levy)
45%
Tax and Superannuation Laws Amendment (Increased Concessional
Contributions Cap and Other Measures) Act 2013 and Superannuation
(Sustaining the Superannuation Contribution Concession) Imposition Act
2013 together impose a 15% tax on individuals with combined income and
concessionally taxed contributions exceeding $300,000 in an income year.
The tax is 15% on those contributions exceeding the $300,000 threshold.
+
Other rates
Division 7A – benchmark interest rate
Year of income
ended 30 June 2013
7.05%
Reference
TD 2012/15
Year of income
ended 30 June 2014
6.20%
Reference
TD 2013/17
If the interest rate on a loan made by a private company to one or more of its
shareholders (or their associates) for each year after the year in which the loan
was made is equal to or greater than the benchmark interest rate for each year,
and other conditions are satisfied, Div 7A ITAA 1936 will not treat the loan as a
dividend in the income year in which the loan is made.
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Cents per kilometre method: 2012-13
Rates per business kilometre
Engine capacity
Cents per kilometre
Ordinary car
Rotary engine car
1600cc (1.6 litre)
or less
800cc (0.8 litre)
or less
2012–13 income year
63 cents
1601cc - 2600cc
(1.601 litre - 2.6 litre)
801cc - 1300cc
(0.801 litre - 1.3 litre)
74 cents
2601cc (2.601 litre)
and over
1301cc (1.301 litre)
and over
75 cents
A taxpayer can use this method to claim up to a maximum of 5,000 business
kilometres per car even if the taxpayer has travelled more than 5,000 business
kilometres.
Car limit
Year of income
ended 30 June 2013
$57,466
Reference
TD 2012/16
Year of income
ended 30 June 2014
$57,466
Reference
TD 2013/15
The car limit is used to work out decline in value deductions of certain cars under
the income tax law. Note that the luxury car threshold for 2013-14 is $60,316 see Luxury Car Tax Determination LCTD 2013/1.
CPI Index Numbers
Year
March qtr
June qtr
September qtr
December qtr
1985
–
–
39.7
40.5
1986
41.4
42.1
43.2
44.4
1987
45.3
46.0
46.8
47.6
1988
48.4
49.3
50.2
51.2
1989
51.7
53.0
54.2
55.2
1990
56.2
57.1
57.5
59.0
1991
58.9
59.0
59.3
59.9
1992
59.9
59.7
59.8
60.1
1993
60.6
60.8
61.1
61.2
1994
61.5
61.9
62.3
62.8
1995
63.8
64.7
65.5
66.0
1996
66.2
66.7
66.9
67.0
1997
67.1
66.9
66.6
66.8
1998
67.0
67.4
67.5
67.8
1999
67.8
68.1
68.7
–
*Cost base indexation is frozen as at 30 September 1999. Note that the Australian
Bureau of Statistics changed the index reference base in September 2012. As a
result, all CPI rates have been reset and the previous rates no longer apply.
Tel: 02 8223 0060
FBT
FBT rate and gross up rates
The FBT rate for the year commencing 1 April 2012 is 46.5%.
The FBT rate for the year commencing 1 April 2013 is 46.5%.
The gross up rate for Type 1 benefits (employer entitled to ITC) is 2.0647
The gross up rate for Type 2 benefits (other) is 1.8692
Statutory fraction - Statutory formula method
For cars made available or for which there was a pre-existing commitment before
7.30pm (AEST) 10 May 2011:
Annualised number of kilometres
Statutory fraction
<15,000
.26
15,000 – 24,999
.20
25,000 – 40 000
.11
>40,000
.07
For cars made available after 7.30pm (AEST) 10 May 2011, the rates for the
2012-13 FBT year are: 0.20 (up to but not exceeding 25,000kms), 0.17 (25,00140,000kms) and 0.13 (over 40,000kms). 2013-14 FBT year are: 0.20 (up to but not
exceeding 40,000kms, 0.17 (over 40,000kms).
Note: It is proposed to abolish the statutory formula method effective 1 April 2014, for
cars under contracts entered into after 16 July 2013.
Key FBT data
Car parking threshold
Year commencing
1 April 2012
Year commencing
1 April 2013
$7.83 (TD 2012/9)
$8.03 (TD 2013/9)
$250 per week
$400 per week
$450 per week
$325 per week
$450 per week
$450 per week
$524 per week
$524 per week
$599 per week
$599 per week
A food component
based on the figures
in (a), plus $150
for each additional
adult and $75 for
each additional child
(TD 2012/5)
$233 per week
$350 per week
$467 per week
$292 per week
$409 per week
$468 per week
$527 per week
$526 per week
$585 per week
$584 per week
A food component
based on the figures
in (a), plus $117
for each additional
adult and $59 for
each additional child
(TD 2013/4)
Living away from home
allowances: Reasonable
food components
(a) General reasonable
food components within
Australia:
1 adult (ie. persons aged
12 or older)
2 adults
3 adults
1 adult & 1 child
2 adults & 1 child
2 adults & 2 children
2 adults & 3 children
3 adults & 1 child
3 adults & 2 children
4 adults
(b) Larger family groupings:
Rates to be applied on a
cents-per-kilometre basis
when calculating the taxable
value of a fringe benefit
arising from the private use
of a motor vehicle other
than a car:
Engine capacity
0 – 2500cc
48 cents
Over 2500cc
57 cents
Motorcycles
14 cents
(TD 2012/6)
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49 cents
59 cents
15 cents
(TD 2013/7)
Year commencing
1 April 2012
Year commencing
1 April 2013
1.060
1.040
1.028
1.042
1.035
1.039
1.056
1.026
(TD 2012/4)
1.051
1.030
1.028
1.031
1.057
1.020
1.045
1.030
(TD 2013/5)
Benchmark interest rate
7.40% (TD 2012/7)
6.45% (TD 2013/8)
Minor benefits
$300 value
$300 value
In-house benefits
First $1,000 taxable
value per employee
per year is exempt
First $1,000 taxable
value per employee
per year is exempt
Record-keeping exemption
threshold
$7,642 (TD 2012/3)
$7,779 (TD 2013/6)
Non-remote area housing
indexation factors
New South Wales
Victoria
Queensland
South Australia
Western Australia
Tasmania
Australian Capital Territory
Northern Territory
Superannuation and ETPs
Key superannuation data
2012–13
Concessional contributions cap for
Not
individuals aged 59 years or over on 30 June
applicable
2013
Concessional contributions cap for other
$25,000
individuals
2013–14
$35,000
$25,000
Non-Concessional Contributions cap
$150,000
CGT Cap Amount
$1,255,000 $1,315,000
Low Rate Cap Amount/ETP cap amount
$175,000
Untaxed Plan Cap Amount
$1,255,000 $1,315,000
ETP Life Benefit Cap Amount
$175,000
$180,000
ETP Life Benefit Whole of Income Cap
Amount
$180,000
$180,000
ETP Death Benefit Cap Amount
$175,000
$180,000
Based Tax-Free Area of a Bona-Fide
Redundancy
$8,806
$9,246
For Each Completed Year of Service
$4,404
$4,624
Superannuation guarantee charge
percentage
9%
9.25%
Maximum Contribution Base (per quarter)
$45,750
$48,040
Co-Contribution Lower Income Threshold
$31,920
$33,516
Co-Contribution Upper Income Threshold
$46,920
$48,516
Tel: 02 8223 0060
$150,000
$180,000
Superannuation lump sum tax table
Income component
derived in the
income year
Age at the
date payment
is received
Under
preservation
age
Member Benefit –
taxable component
– taxed element
At or above
preservation
age and
under 60
Aged 60 and
above
Under
preservation
age
Member Benefit –
taxable component –
untaxed element
At or above
preservation
age and
under 60
Amount subject
to tax
Maximum
rate of tax
(including
Medicare
levy)
Whole amount
21.5%
Amount up to
the Low Rate Cap
Amount
Nil
Amount above
the Low Rate Cap
Amount
16.5%
Nil – payment is
non-assessable
non-exempt
income
N/A
Amount up to
Untaxed Plan Cap
Amount
31.5%
Amount above
Untaxed Plan Cap
Amount
46.5%
Amount up to the
Low Rate Cap
Amount
16.5%
Amount above
the Low Rate Cap
Amount and up to
the Untaxed Plan
Cap Amount
31.5%
Amount above the
Untaxed Plan Cap 46.5%
Amount
Aged 60 and
above
Amount up to the
Untaxed Plan Cap
Amount
16.5%
Amount above the
Untaxed Plan Cap 46.5%
Amount
Death Benefit lump
sum benefit paid to
non-dependants –
taxable component
– taxed element
Any
Whole amount
16.5%
Death Benefit lump
sum benefit paid to
non-dependants –
taxable component –
untaxed element
Any
Whole amount
31.5%
Death Benefit lump
sum benefit paid to
dependants – taxable
component – taxed
and untaxed elements
Any
None
Nil
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Income component
derived in the
income year
Age at the
date payment
is received
Rollover
superannuation
benefits – taxable
component – taxed
element
Any
Amount subject
to tax
Maximum
rate of tax
(including
Medicare
levy)
Nil - payment is
not assessable
income and is not
exempt income
N/A
Amount up to
the Untaxed Plan
Cap Amount is
not assessable
income and is not
exempt income
N/A
Rollover
superannuation
benefits – taxable
component – untaxed
element
Any
Superannuation lump
sum benefits less than
$200
Any
None
Nil
Super lump sum
benefit (terminally ill
recipient)
Any
None
Nil
Amount above the
Untaxed Plan Cap 46.5%
Amount
Preservation age
Date of birth
Preservation age
Before 1 July 1960
55
1 July 1960 – 30 June 1961
56
1 July 1961 – 30 June 1962
57
1 July 1962 – 30 June 1963
58
1 July 1963 – 30 June 1964
59
From 1 July 1964
60
Minimum annual payments for superannuation
income streams
Age
Under 65
For years 1 July
2008 to 30 June
2011*
For years 1 July
2011 to 30 June
2013*
Minimum %
withdrawal
(in all other cases)
2%
3%
4%
65-74
2.5%
3.75%
5%
75-79
3%
4.5%
6%
80-84
3.5%
5.25%
7%
85-89
4.5%
6.75%
9%
90-94
5.5%
8.25%
11%
7%
10.5%
14%
95 or more
*The reduction in the minimum payment amounts applies to account-based
annuities and pensions, allocated annuities and pensions, and market-linked
annuities and pensions.
Tel: 02 8223 0060
Income stream tax table – Element taxed in the fund
Age of recipient
Income stream
Age 60 and over
Not assessable, not exempt income
At or above preservation
age and under 60
Taxed at marginal tax rates*
Tax offset of 15% is available
Under preservation age
Taxed at marginal tax rates, with no
tax offset*
Tax offset of 15% is available if a disability
super benefit
*The tax-free component is not included. This component is not assessable and
not exempt income in all cases.
Note: Medicare levy (1.5%) will apply if amounts are assessable.
ETP tax table
Income
component
derived in the
income year
Life Benefit
ETP – taxable
component
Payment is
because of:
golden
handshakes
gratuities
n payment in lieu
of notice
n a payment for
unused sick
leave
n a payment
for unused
rostered days
off
n
n
Life Benefit
ETP – taxable
component
Payment is
because of:
n early retirement
scheme
n genuine
redundancy
n invalidity
n certain
compensation
0108MAR_07/13
Death Benefit
ETP paid to
non-dependants
– taxable
component
Death Benefit
ETP paid to
dependants
– taxable
component
Age at the end
of the income
year in which
the payment is
received
Component subject
to tax
Up to the lesser of
n ETP Life Benefit Cap
Amount and
Under
preservation age n ETP Life Benefit Whole
of Income Cap Amount
reduced by non-ETP
taxable income
Up to the lesser of
n ETP Life Benefit Cap
Amount and
At or above
preservation age n ETP Life Benefit Whole
of Income Cap Amount
reduced by non-ETP
taxable income
Above the lesser of
n ETP Life Benefit Cap
Amount and
All ages
n ETP Life Benefit Whole
of Income Cap Amount
reduced by non-ETP
taxable income
Maximum
rate of tax
(including
Medicare
levy)
31.5%
16.5%
46.5%
Under
Up to ETP Life Benefit
preservation age Cap Amount
31.5%
At or above
Up to ETP Life Benefit
preservation age Cap Amount
16.5%
All ages
All ages
All ages
Amount above ETP Life
Benefit Cap Amount
46.5%
Up to ETP Death Benefit
Cap Amount
31.5%
Amount above ETP Death
46.5%
Benefit Cap Amount
Up to ETP Death Benefit
Cap Amount is not
assessable income and is
not exempt income
Nil
Amount above ETP Death
46.5%
Benefit Cap Amount
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