Taxation Information Sheet 2013
Company Tax rate: 30%
Payroll
Tax 2014
Personal Tax rates - 2013 & Onwards:
Income Bracket
Tax Payable
$0 - $18,200
Nil
$18,201 $37,000
Nil plus
$37,001 $80,000
$80,000 $180,000
$3,572 plus
$180,001 +
Marginal
Tax Rate
Nil
19% over
$18,200
$17,547 plus
32.5% over
$37,000
37% over
$80,000
$54,547
45% over
$180,000
Threshold
Rate
$600,000
4.95%
Threshold
State
South Australia
Australian
Capital Territory
$1,750,000
6.85%
$75,000
New South
Wales
$750,000
5.45%
$406,000
Northern
Territory
Queensland
$1,500,000
5.50%
$1,100,000
4.75%
$1,250,000
6.10%
$550,000
4.9%
$800,000
5.50%
Tasmania
Medicare Levy: 1.5%
Medicare Levy 2015: 2%
Victoria
Division 7A 2013 – 7.05% TD 2012/15
Western
Australia
Medical Expense Tax Offset
ATI< $84k singles or $168k families:
20% of net eligible expenses > $2,120
Phased out 1/07/13: Eligible if claimed in prior FY
Method
Cents per Kilometre
1/3 actual expenses
12% of MV Cost
Logbook
Private Health Insurance Rebate
<$84k
30%
35%
40%
$84,001$97,000
20%
25%
30%
MV Rates per Kilometre 2013
Convention
Rotary Engine
Cars
Up to 1600cc
Up to 800cc
1601 -2600cc 801 – 1300cc
Over 2600cc
Over 1300cc
$97,001$130k
10%
15%
20%
Rate per
Kilometre
63 cents
74 cents
75 cents
Motor Vehicle depreciation cost limit:
2013- $57,466. (Excl GST)
2014 - $59,133 (Excl GST)
Non SBE effective life assets: TR 2012/2
$316,000
$600,000
$24,999
$250,000
$300,000
Motor Vehicle
ATI> $84k singles or $168k families:
10% of net eligible expenses >$5,000
Single
Age
<65
65-69
70+
Land
Tax 2013
>$130k
0%
0%
0%
Requirement
Max claim 5,000km
> 5,000 business km
> 5,000 business km
Logbook for 12 continuous
weeks
2013 SBE Depreciation Pools
Amount
< $6,500 excl MV
≤ $5,000 MV
Rate
Write Off
Written Off, then allocated
to general pool for
remaining balance >$5,000
≥ $6,500
General Pool 15% first year
then 30% every year
• 2013 General pool =2012 general and long
life pool (No long-life pool in 2013)
• Open general pool balance < $6,500
balance can be written off. s328-210.
Small Business Entity
• Less than $2 million annual Turnover
• $6 million net asset test (CGT only)
Superannuation tax rate: 15%
Individuals with TY > $300,000. 30% tax on
concessional superannuation contributions. Div 293
Superannuation Guarantee Contributions
Minimum/ Maximum
Salary
Age Limit
2013
2014
Minimum salary month
Maximum salary
Amount
Superannuation Lump Sum
< 70 – Salary sacrifice,
concessional member
70-75 – Mandated only
< 75 – Salary sacrifice,
concessional member
75 & > – Mandated only
$450
2013 - $45,750 quarter
$183,000 year
2014 - $48,040 quarter
$192,160 year
SGC Rates
Period
1 July 2012 - 30 June 2013
1 July 2013 - 30 June 2014
1 July 2014 - 30 June 2015
1 July 2015 - 30 June 2016
1 July 2016 - 30 June 2017
1 July 2017 - 30 June 2018
1 July 2018 - 30 June 2019
1 July 2019 - 30 June 2020
and onwards
Transition to Retirement
• Must meet preservation age
• Minimum pension 3%
• Maximum pension 10%
• Pension not rounded to nearest $10
SGC Rate
9%
9.25%
9.5%
10%
10.5%
11%
11.5%
12%
Superannuation Contributions
Contribution Type
Maximum amount
Concessional
2013 - $25,000 All ages
2014 - < 60 $25,000
- > 60 $35,000
Non-concessional
$150,000
Non concessional
$450,000
≤ 65 yrs. Bring
forward rule
Minimum pension rate
Age
Percentage of account balance
2012 & 2013
Onwards
Under 65
3%
4%
65 – 74
3.75%
5%
75 – 79
4.5%
6%
80 – 84
5.25%
7%
85 – 89
6.75%
9%
90 – 94
8.25%
11%
95 or older
10.5%
14%
• Rounded to the nearest $10
Age
0 - 54
55 – 59
Tax free
component
Tax Rate
Nil
Nil
Taxable
Component
Tax Rate
20%
Nil for $0 - $175,000
15% for $175,001+
60 +
Nil
Nil
Preservation Age
Date of Birth
Before 01/07/1960
01/07/1960 –
30/06/1961
01/07/1961 –
30/06/1962
01/07/1962 –
30/06/1963
01/07/1963 –
30/06/1964
01/07/1964 and later
Preservation Age
55
56
57
58
59
60
Fringe Benefits Tax
Interest Rate 1/4/13
Gross Up factor
Deemed Depreciation
rate on MV
6.45% TD2013/8
Type 1: 2.0647
Type 2: 1.8692
25%
Motor Vehicle Statutory Rate
Distance
travelled
Before
10/5/11
From
1/4/12
From
1/4/13
From
1/4/14
0–
15,000km
0.26
0.20
0.20
0.20
15,000 –
25,000km
0.20
0.20
0.20
0.20
25,000 –
40,000km
0.11
0.17
0.20
0.20
> 40,000km
0.07
0.13
0.17
0.20
Old rates used for existing commitments