2007 Facts & Figures
Individual (Resident) Marginal Tax Rates –
2006/2007
Proposed Individual (Resident) Marginal Tax Rates
2007/2008
Taxable Income $
Tax Rate Payable
Taxable Income $
Tax Rate Payable
Up to $6,000
Nil
Up to $6,000
Nil
$6,001 – $25,000
Nil + 15% over $6,000
$6,001 – $30,000
Nil + 15% over $6,000
$25,001 – $75,000
$2,850 + 30% over $25,000
$30,001 – $75,000
$3,600 + 30% over $30,000
$75,001 –
$150,000
$17,850+ 40% over $75,000
$75,001 – $150,000
$17,100 + 40% over $75,000
$150,001 +
$47,850 + 45% over $150,000
$150,001 +
$47,100 + 45% over $150,000
Rates do not include 1.5% to Medicare Levy (extra 1% surcharge
may also apply)
Rates do not include 1.5% to Medicare Levy (extra 1% surcharge
may also apply)
Other Tax Rates
Land Tax - NSW
Companies
30%
For land held as at midnight 31st December 2006
Superannuation Funds – Complying
15%
Taxable Value of Land
Tax Calculation
Superannuation Funds – Non Complying
45%
Up to $352,000
Nil
46.5%
Over $352,000
$100 + 1.7% over $352,000
Fringe Benefits Tax
Capital Gains Tax
Fringe Benefits Tax
Assets purchased before 21 September 1985 generally exempt
from capital gains
Total Kilometres
travelled in year
Taxable value as % of original cost
Assets purchased before 21 September 1999 choice of frozen
indexed cost base method (indexation frozen at Sept 1999) or 50%
discount method
Less that 15,000
26%
15,000 to 24,999
20%
Assets purchased after 21 September 1999 gain is taxed subject to
discount (50% for individuals,1/3 for Super Funds) provided the
asset was held for at least 12 months
25,000 to 40,000
11%
More than 40,000
7%
Motor Vehicle Deduction –
Cents per km method 2006/7
Benchmark Interest Rate
2005/06
2006/07
7.30%
7.55%
Payroll – NSW
Payroll range
From 1 July 2006
From 1 July 2007
Under $600,000
Nil
Nil
Over $600,000
6.0%
6.0%
Note that Superannuation Contributions are included in the wages
threshold and liable to payroll tax when the above threshold is
exceeded
Rates per business kilometre
Ordinary car engine
capacity
Rotary Engine car engine
capacity
Cents per
Kilometre
1600cc (1.6 litre) or
less
800cc (0.8 litre) or less
58 cents
1601cc – 2600cc
(1.601 litre - 2.6 litre)
801cc – 1300cc (0.801 litre
– 1.3 litre)
69 cents
2601cc (2.601 litre)
and over
1301cc (1.301 litre) and
over
70 cents
Maximum Deductible Superannuation
Contributions
Superannuation Guarantee
Year
2005/06
2006/07
Minimum rate
9%
9%
Maximum rate
$33,720
$35,240
No Superannuation Guarantee payable if earnings are less that $450
in a month
Employed
Age of
Member
2006/07
Self Employed
$5,000 +
75% Rule
100%
claimable
2007/08
2006/07
2006/07
Under 35
$ 15,260
$ 50,000
$ 18,680
$ 50,000
35 to 49
$ 42,385
$ 50,000
$ 54,846
$ 50,000
50 & over
$ 105,113
$ 100,000
$ 138,484
$ 100,000
Minimum Pension Factors
Age
Government Co-Contribution
2007/08
55-64
4%
65-74
5%
75-79
6%
Assessable
Income and
Reportable Fringe
Benefits (AI)
Co-Contribution 2006/07
Less than or equal
to $28,000
Lesser of: eligible personal contributions x
150% and $1500
More than $28,000
but less than
$58,000
Lesser of: eligible personal contributions x
150% or $1,500 reduced by 5c per $1 of
AI over $28,000
80-84
7%
85-89
9%
90-94
11%
$58,000 or more
95 or greater
14%
Thresholds will be indexed annually in line with AWOTE from 1 July 2007
That is: $1,500-[(AI-$28,000) x 5%]
No maximum amount for 2007/8
Nil
From 1/7/2007 Self employed people may be able to receive the
Co-Contribution
Other conditions include that the contributor:
Reasonable Benefit Limit (need to check)
2005/06
Min 10% employment or self employment income

Make the contribution to a complying superannuation
fund or RSA

Be less than age 75 at the end of the income year

Not hold an eligible temporary residents visa at any
time during the year
2006/07
Lump Sum RBL
Pension RBL

$648,946
$678,149
$1,297,886
$1,356,291
Bona-fide Redundancy & Approved Early
Retirement Scheme Tax Free Amount
Eligible Termination Payment Lump Sum Rates
2006/07
2005/6
2006/07
Undeducted
Contributions
Exempt
Base Amount
$6,491
$6783
Post 1/7/94 Invalidity
component
Exempt
Additional amount
for each year
$3,246
$3392
Concessional
Component
5% at Marginal Tax Rate
Pre 1/7/83 Component
5% at Marginal Tax Rate
Age
Amount
Taxed
Element
Untaxed
Element
Up to a Deceased’s Pension RBL
Under
55
All
20%
30%
Paid to a Dependent
Post 83 Component:
55 &
Over
Excessive Component
Death Benefits Superannuation Payments
2006/07
45%
First
$135,590
Over
$135,590
0%
15%
15%
30%
Tax Rate plus 1.5%
Medicare Levy
Nil
Paid to a Non-Dependent
Pre 01/07/1983 component
5% at Marginal Tax Rate
Post 30/06/1983 – ‘taxed’
15%
Post 30/06/1983 – ‘untaxed’
30%
Excess benefits above Pension
RBL
45%