CUSTOMER SERVICE CENTRE
Call : 08 8300 0000
Email : customerservice@business-sa.com
www.business-sa.com
Taxation Information Sheet for 2013-2014
Business SA provides the following information as a guide only. This information represents taxation dates and amounts applicable in
2013-2014, as set by the Australian Taxation Office (ATO). For specific taxation advice, Business SA recommends that businesses consult
a professional tax adviser, or for confirmation of any information contained within, contact the ATO.
Company Tax Rate
:
30%
Medicare Levy
:
1.5%
Fringe Benefits Tax
Resident Personal Tax Rates
Income Bracket
$0 - $18,200
Tax Payable
Nil
$18,201 - $37,000
Nil plus
$37,001 - $80,000
$3,572 plus
$80,001 - $180,000
$17,547 plus
$180,001+
$54,547 plus
Marginal Tax Rate
Nil
19% of excess
over $18,200
32.5% of excess
over $37,000
37% of excess
over $80,000
45% of excess
over $180,000
Payroll Tax Thresholds and Rates
as at 1 July 2013
South Australia
Annual
Thresholds
$600,000
4.95%
Australian Capital Territory
$1,750,000
6.85%
New South Wales
$750,000
5.45%
Northern Territory
$1,500,000
5.50%
Queensland
$1,100,000
4.75%
Tasmania
$1,250,000
6.10%
Victoria
$550,000
4.90%
Western Australia
$750,000
5.50%
State
Rate
Tax Rate
46.5%
Interest Rate
6.45%
Gross Up
Factors
1.8692 - where no input-tax credits
claimable on benefits
2.0647 - where input-tax credits
claimable on benefits
1.8692 - for reportable fringe benefits
and payroll tax calculations
Car Parking
Threshold
$8.03
Record Keeping
Exemption
Threshold
$7,779
Deemed
Depreciation
Rate - Cars
25%
Reportable Fringe
Benefits Threshold
$2,000 (Taxable Value)
Where FBT liability is greater than $3,000
Paid in quarterly instalments with BAS
Balance due 21 May 2013
Where FBT liability is less than $3,000
Paid annually
Due 21 May 2013
Motor Vehicles
Depreciation Cost Limit
$57,466
Luxury Car Tax Threshold
$60,316
Fuel Efficient Car Limit
$75,375
Luxury Car Tax Rate
33%
Rates Per Kilometre Per Vehicle 2012-2013
Statutory Rate
for Motor
Vehicles
(Kilometres
Per Annum)
Existing
Contracts
Maximum claim 5,000 kilometres per annum
Conventional Cars
(Engine Capacity)
Rotary Driven Cars
(Engine Capacity)
Rate Per
Kilometre
New Contracts
entered into
after 10 May 2011
From
10 May
2011
From
1 April
2012
From
1 April
2013
Less than 15,000
26%
20%
20%
20%
15,000 - 24,999
20%
20%
20%
20%
Up to 1600 cc
Up to 800 cc
63 cents
1601 - 2600 cc
801 - 1300 cc
74 cents
25,000 - 40,000
11%
14%
17%
20%
Over 2600 cc
Over 1300 cc
75 cents
More than 40,000
7%
10%
13%
17%
Copyright and Disclaimer
This information sheet has been prepared as information for the members of Business SA. This information sheet is covered by copyright and may not be reproduced, either wholly
or partially, in any way or form or by any means without the written permission of Business SA. While every effort has been made to ensure that the information contained in this
information sheet is free from error and/or omissions, no responsibility can be accepted by Business SA, its employees or any other person involved in the preparation of this
information sheet for any claim which may arise from any person acting on information contained herein.
CUSTOMER SERVICE CENTRE
Call : 08 8300 0000
Email : customerservice@business-sa.com
www.business-sa.com
Superannuation Guarantee (SG) Levy
Business Activity Statement (BAS) Due Dates
Minimum rate
Maximum salary base
Age limit
9.25%
$48,040 per quarter
No Limit
Quarter Ending
Due Date for
SG Contributions
Document
Due Dates
Monthly BAS *
21st of the month following the period
30/09/2013
28/10/2013
Quarterly BAS #
28th October, February, April and July
31/12/2013
28/01/2014
31/03/2014
28/04/2014
PAYG Payment
Summaries
14th July to recipients (payees)
14th August reconciliation to ATO
30/06/2014
28/07/2014
*
Superannuation Contributions Concessional
Limits from 1 July 2013
Aged 60 years or under in 2013-14
Aged 60 years or over in 2013-14
$25,000
$35,000
Employment Termination Payments (ETPs)
Payment Type
Bona Fide Redundancy
$9,246 + $4,624 per year
of completed service
Balance
Assessable
Amount
Maximum
Tax Rate
including
Medicare
Levy
Nil
As per ETPs
Employment Termination
Payments (Life)
Pre-1/7/83 Component
Post-30/6/83 Component
*
BAS remittance includes GST, PAYG withholding,
PAYG instalment, FBT instalment, Fuel Tax credit.
Nil
#
Tax Planning Opportunities
Tax planning involves arranging affairs in order to comply with
the income tax legislation at the lowest possible cost. The
following list is by no means exhaustive but provides a number
of items for consideration.
-
Prepayment of deductible expenditure.
Payment of superannuation contributions by 30 June.
Recognition of expense in the appropriate year.
Bring forward planned deductible expenditure.
Prepayment of interest.
Write-off bad debts.
Review valuation of stock.
Review register of depreciable assets.
Consider deductibility of bonuses and other accruals.
Recognition of income in the appropriate year.
Timing of capital gains and losses.
The Small Business Tax Concessions
100%
Under Preservation Age
- $0 - $180,000 *
- amount over $180,000 *
31.5%
46.5%
Over Preservation Age
- first $0 - $180,000 *
- amount over $180,000 *
16.5%
46.5%
Or $180,000 whole of income cap minus other taxable income.
Small business taxpayers* may be able to access the following
tax concessions. These may result in reduced compliance costs
and/or concessional treatment for tax purposes.
-
Preservation Age
Before 1 July 1960
55
1 July 1960 to 30 June 1961
56
1 July 1961 to 30 June 1962
57
1 July 1962 to 30 June 1963
58
1 July 1963 to 20 June 1964
59
1 July 1964 and later
60
Simplified trading stock rules.
Immediate write-off of assets, costing greater than $6,500.
Immediate deductions for certain prepaid business
expenses.
Capital Gains Tax
-
Preservation Age
Date of Birth
For businesses with turnover greater than $20 million or those
registered for monthly remittance.
Includes PAYG withholding where withholding deductions are less than
$25,000 per annum.
-
*
15 year asset exemption
50% active asset reduction
Retirement exemption
Roll-over provisions
Accelerated initial deduction for motor vehicles
acquired in 2013-2014 and later years.
Accounting for GST on a cash basis.
Fringe Benefits Tax car parking exemption.
Small business taxpayers are generally those with
aggregated annual turnover of less than $2 million.
Copyright and Disclaimer
This information sheet has been prepared as information for the members of Business SA. This information sheet is covered by copyright and may not be reproduced, either wholly
or partially, in any way or form or by any means without the written permission of Business SA. While every effort has been made to ensure that the information contained in this
information sheet is free from error and/or omissions, no responsibility can be accepted by Business SA, its employees or any other person involved in the preparation of this
information sheet for any claim which may arise from any person acting on information contained herein.