GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
GENERAL TAX FIGURES AND DETAILS - 2008
Disclaimer:
Details provided below are based on information available at the time of preparation and are subject
to revision from time to time. They should not be relied upon as specific advice. Neither the firm nor
any of its employees accepts any liability for any loss or damage to any person as a result of reliance
on the rates and information set out on this schedule.
Taxable Income
$
$0 - $6,000
$6,001 - $34,000
$34,001 - $80,000
$80,001- $180,000
$180,000 +
Tax Payable
2008/2009
$
Nil
Nil + 15%
$4,200 + 30%
$18,000 + 40%
$58,000 + 45%
er
$0 - $6,000
$6,001 - $30,000
$30,001 - $75,000
$75,001 - $150,000
$150,000 +
Tax Payable
2007/2008
$
Nil
Nil + 15%
$3,600 + 30%
$17,100 + 40%
$47,100 + 45%
sP
Taxable Income
$
ty
GENERAL RATES - INDIVIDUAL
MEDICARE LEVY – 1.5% of taxable income
Pa
rtn
INDIVIDUAL & FAMILY THRESHOLD - 2007/08
GP
B
Category of Taxpayer No levy payable if Reduced levy payable if Ordinary rate of levy
Taxable Income Taxable Income (or Family levy payable where
(or Family
Income) is within the range Taxable Income (or
Income) does not
…
Family Income)
exceed …
exceeds …
Individual Taxpayer
$17,309
$17,310 - $20,363
$20,363
Married taxpayer* with
the following children
and/or students:
0
$29,207
$29,208 - $34,361
$34,361
1
$31,889
$31,890 - $37,516
$37,516
2
$34,571
$34,572 - $40,671
$40,671
3
$37,253
$37,254 - $43,827
$43,827
4
$39,935#
$39,936# - $46,982@
$46,982@
* The figures applicable to married taxpayers also apply to taxpayers who would be entitled to a sole parent, child-
housekeeper or housekeeper rebate if entitlement to such rebates had not been restricted from 1 July 2000.
# Where there are more than four dependent children or students, add $2,682 for each extra child or student.
@ Where there are more than four dependent children or students, add $3,155 for each extra child or student.
See Senior Australians Offset for Medicare levels for Senior Australian pensioners.
See Pensioner Offset for Medicare levels for pensioners below pension age.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
1
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
EXTRA MEDICARE SURCHARGE 1%
Is applied to taxpayers whose taxable income and reportable fringe benefits for the year total more
than $50,000 (single) or $100,000 (married) where the person(s) are not covered by private patient
hospital cover.
Surcharge Thresholds
0
1
2
Each extra child
2007/2008
Single
Couples
$50,000
$100,000
$100,000
$100,000
$101,500
$101,500
$1,500
$1,500
2008/2009
Single
Couples
$100,000
$150,000
$150,000
$150,000
$151,500
$151,500
$1,500
$1,500
sP
No of Dependent Children
ty
From 1 July 08
Is applied to taxpayers whose taxable income and reportable fringe benefits for the year total more
than $100,000 (single) or $150,000 (married) where the person(s) are not covered by private patient
hospital cover.
•
•
•
Senior Australian
DVA
Male
65 years or more
60 years or more
Female
63.5 years or more
58.5 years or more
Australian resident for age pension purposes
If taxpayer has been an Australian resident for less than 10 years, they have a qualifying
residence.
Must not have been in prison for whole of the 2008 year.
Pa
rtn
•
Age Test
Age at 30.6.08
er
SENIOR AUSTRALIANS TAX OFFSET 2007/08
Taxable Income Thresholds – rebate reduces 12.5 cents for each dollar over minimum threshold.
Category
Single, Widowed, Separated
GP
B
Married, living apart due to
illness – both eligible
Married, living apart due to
illness – spouse not eligible
Married, living together – both
eligible
Married, living together – spouse
not eligible
Maximum
Rebate
available
Lower
Threshold
Upper
Threshold
Combined
Taxable
Income
$2,230
$25,867
$43,707
N/A
$2,040
$24,600
$40,920
$81,840
$2,040
$24,600
$40,920
$81,840
$1,602
$21,680
$34,496
$68,992
$1,602
$21,680
$34,496
$68,992
*Where the taxpayer has a spouse (married or defacto) this eligibility test is based on the combined
taxable income. If the couple’s taxable income exceeds their combined taxable income level (above)
then neither partner is eligible for the Senior Australians Tax Offset.
*The rebate is calculated based on the actual individual taxable income.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
2
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
Low income Medicare Levy Threshold for persons qualifying for the Senior Australians
Tax Offset
er
PENSIONER TAX OFFSET 2007/08
sP
ty
Category of Taxpayer No levy payable if Reduced levy payable if Ordinary rate of levy
Taxable Income Taxable Income (or Family
payable where
(or Family
Income) is within the range Taxable Income (or
Income) does not
…
Family Income)
exceeds …
exceed …
Individual Taxpayer
$25,867
$25,868 - $30,431
$30,431
Married taxpayer* with
the following children
and/or students:
0
$37,950
$37,951 - $44,647
$44,647
1
$40,631
$40,632 - $47,802
$47,802
2
$43,313
$43,314 - $50,957
$50,957
3
$45,995
$45,996 - $54,112
$54,112
4
$48,677
$48,678 - $57,268
$57,268
Pa
rtn
Pensioner Tax Offset is available if taxpayer:
• receives assessable pension, payment or government allowance AND
• is not eligible for SATO
If entitled to both SATO and Pensioner Tax Offset, the taxpayer will receive the one which provides
the highest offset.
Taxable Income Thresholds – rebate reduces 12.5 cents for each dollar over minimum threshold.
Maximum
Rebate
available
Lower
Threshold
Upper
Threshold
Combined
Taxable
Income
Single, Widowed, Separated
$2,129
$20,194
$37,226
N/A
Married, apart due to illness
$1,982
$19,214
$35,070
$70,140
$1,610
$16,734
$29,614
$59,228
B
Category
GP
Married, living together
*Where the taxpayer has a spouse (married or defacto) this eligibility test is based on the combined
taxable income. If the couple’s taxable income exceeds their combined taxable income level (above)
then neither partner is eligible for the offset.
* The rebate is calculated based on the actual individual taxable income
Low income Medicare Levy Threshold for persons qualifying for the Pensioner Offset
Medicare levy threshold $22,922
Medicare levy shade-in for this group is 10 cents for every $ between $22,923 and $26,967
Over $26,967 Medicare Levy is 1.5% of taxable income.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
3
GPB Partners Pty Limited
General Tax Figures & Details – 2008
To be eligible for the mature age worker tax offset the taxpayer must:
• Be an Australian resident for tax purposes
• Be 55 years or more at the end of the income year; and
• Have received net income from working
Net Income from Working
<$10,000
$10,000 - $53,000
$53,001 - $62,999
sP
>$63,000
Mature Age Worker Tax Offset
5 cents per dollar from 0 - $9,999
$500
$500 max is reduced by 5 cents per dollar over
$53,000
Nil
ty
Year
2007/08
& Beyond
Ltd
MATURE AGE WORKER TAX OFFSET
CHILD CARE TAX OFFSET
er
From 1 July 2008, the child care tax offset will be paid quarterly with families receiving the first
quarterly payments from October 2008. The Child Care Tax Offset is not claimable through the 2008
tax return.
TAX OFFSETS 2007/08
Spouse with no
dependent child
Spouse – with child
$2,100
NOT ELIGIBLE
B
Child Housekeeper with
$1,711
no dependent child
Child housekeeper with
$2,051
dependent child
Invalid Relative
$770
Parent or parent-in-law
$1,540
Sole Parent (notional)
REPLACED
Low Income (Offset
$750
ceases when taxable
income exceeds $48,750)
Medical Expenses
20% excess of net
Exclusions exist see
medical expenses over
following page
$1,500
Private Health Insurance
< 65 yrs old = 30%
Premiums
65 – 70 yrs old = 35%
> 70 yrs old = 40%
GP
Shading out Taxable
Income
Reduced by $1 for $4
where Net income
exceeds $282
FOR REBATE WHERE FAMILY TAX PART B
ELIGIBLE
$7,125
Reduced by $1 for $4
where NI exceeds $282
$8,485
“
“
Pa
rtn
Maximum Rebate
Maximum SNI
(separate net income)
$8,681
$3,362
$6,442
FAMILY TAX
N/A
“
“
“
“
PART B
Reduced by 4 cents for
every $1 exceed
($30,000)
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
4
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
MEDICAL EXPENSES TAX OFFSET
For 2007/08, the tax offset is calculated as 20% of the excess of net medical expenses over the
threshold of $1,500.
ty
The following exclusions now exist when calculating the medical expenses tax offset:
• Cosmetic operations which have no Medicare benefit payable
• Solely cosmetic dental services
SMALL BUSINESS ENTITY REGIME
sP
From 1 July 2007 the Small Business Entity (SBE) regime replaced the Simplified Tax System
(STS).
A small business entity is an individual, partnership, company or trust that:
• carries on a business for all or part of the income year, and
• has less than $2 million aggregated turnover.
A small business entity is eligible for the following concessions:
Pa
rtn
er
Income tax concessions
• Entrepreneurs' tax offset
• Simplified depreciation rules
• Simplified trading stock rules
• Capital gains tax concessions
o 50% active asset reduction
o 15-year exemption
o Retirement exemption
o Roll over Relief
Pay as you go instalments concessions
• GDP adjusted PAYG and GST instalment amounts
Goods and services tax concessions
• Cash accounting
• GST and annual private apportionment
• GST instalments
B
A small business entity does not need to elect to enter the small business entity regime and may select
those concessions it wishes to use.
GP
ENTREPRENUERS’ TAX OFFSET (ETO)
The entrepreneurs’ tax offset (ETO) is a tax offset equal to 25% of the income tax payable on
business income if the business’ aggregated turnover of $50,000 or less.
If the business aggregated turnover is more than $50,000, the ETO is phased out so that the offset
stops once the turnover reaches $75,000.
In the 2008 Budget, the government announced that an additional income test will apply to the
Entrepreneurs' tax offset (ETO). For most taxpayers the change will apply from the 2008-09 income
year and will further restrict access to the ETO for taxpayers with high alternative sources of income.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
5
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
CHILDRENS TAX
Net Income
Nil - $416
$417 – $1,307
$1,308 +
Tax Payable
Nil
Nil + 66%
45% of Total Income
ty
If only income is distribution from family trusts, can earn up to $1,667 with low income tax offset.
HELP (Higher Education Loan Programme)
Repayment
rate
(of HRI)
HELP repayment income
(HRI)
$
2008/09
$0 - $41,594
$41,595 - $46,333
$46,334 - $51,070
$51,071 - $53,754
$53,755 - $57,782
$57,783 - $62,579
$62,580 – $65,873
$65,874 - $72,492
$72,493 - $77,247
$77,248+
Repayment
rate
(of HRI)
Nil
4%
4.5%
5%
5.5%
6%
6.5%
7%
7.5%
8%
er
Nil
4%
4.5%
5%
5.5%
6%
6.5%
7%
7.5%
8%
Pa
rtn
HELP repayment income
(HRI)
$
2007/08
$0 - $39,824
$39,825 - $44,360
$44,361 - $48,896
$48,897 - $51,466
$51,467 - $55,322
$55,323 - $59,915
$59,916 - $63,068
$63,069 - $69,405
$69,406 - $73,959
73,960+
sP
On 1 June 2006 all accumulated HECS debts became an Accumulated HELP debt.
HRI = Taxable income + any net rental losses + total reportable fringe benefits + exempt foreign
employment income.
SFSS (Student Financial Supplement Scheme)
B
SFSS repayment income (RI)
2007/08
GP
$0 - $39,824
$39,825 - $48,896
$48,897 - $69,405
$69,406+
Repayment
rate
(of RI)
Nil
2%
3%
4%
SFSS repayment income (RI)
2008/09
Repayment
rate
$0 - $41,594
$41,595 - $51,070
$51,071 - $72,492
$72,493+
Nil
2%
3%
4%
RI = Taxable Income + any net rental losses + reportable fringe benefits + exempt foreign
employment income.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
6
ENERGY GRANTS SCHEME
Fuel tax credit rates from 1 July 2008
Ltd
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Eligible Fuel
In a vehicle greater than 4.5 tonne GVM
travelling on a public road (diesel vehicles
acquired before 1 July 2006 can equal 4.5 tonne
GVM).
Emergency vehicles greater than 4.5 tonne GVM
travelling on a public road (diesel vehicles
acquired before 1 July 2006 can equal 4.5 tonne
GVM).
Specified activities eligible since 1 July 2006 in:
• agriculture
• fishing
• forestry
• mining
• marine transport
• rail transport
• nursing and medical.
Burner applications.
All taxable fuels – for example,
diesel and petrol.
ty
Activity/business use
18.51*
All taxable fuels – for example,
diesel, petrol and fuel oil.
38.143
er
sP
All taxable fuels – for example,
diesel and petrol.
All taxable fuels – for example,
diesel, petrol, heating oil,
kerosene and fuel oil.
All taxable fuels – for example,
kerosene, fuel oil, toluene,
mineral turpentine and white
spirit.
Mineral turpentine, white spirit,
kerosene and certain other fuels.
Heating oil and kerosene.
All taxable fuels – for example,
diesel, petrol, heating oil,
kerosene and fuel oil.
All taxable fuels for example
diesel, petrol and fuel oil.
All taxable fuels – for example,
diesel and petrol.
Pa
rtn
B
Non-fuel uses such as:
• fuel used directly as a mould release, and
• fuel used as an ingredient in the
manufacture of products.
Packaging of fuels in containers of 20 litres or
less for non-internal combustion engine use.
Supply of fuel for domestic heating.
Electricity generation by a commercial
generation plant, a stationary generator or a
portable generator.
Emergency vessels.
Rate
(Cents per
litre)
18.51*
38.143
38.143
38.143
38.143
38.143
38.143
GP
All other activities, machinery, plant and
19.0715**
equipment are eligible from 1 July 2008.
Examples of activities are:
• construction
• manufacturing
• wholesale/retail
• property management
• landscaping.
* This rate accounts for road user charge, which is subject to change.
** The rate of 19.0715 cents per litre is 50% of the full rate of 38.143 centre per litre. The full rate
will apply to all these activities from 1 July 2012.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
7
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
Energy grants credits scheme (EGCS) rates for alternative fuels
Following the introduction of fuel tax credits on 1 July 2006, the rates for fuel grants for alternative
fuels reduce yearly until 2010.
From 1 July 2008
7.404 centre per litre
8.324 cents per litre
4.770 cents per litre
3.252 cents per litre
5.047 cents per cubic metre
ty
From 1 July 2007
11.106 cents per litre
12.485 cents per litre
7.155 cents per litre
4.878 cents per litre
7.570 cents per cubic metre
sP
Fuel
Biodiesel
Ethanol
LPG
LNG
CNG
There are no changes to the way you claim alternative fuels and you should continue to use the
Energy grants credits scheme claim form.
MOTOR VEHICLE RATE PER KILOMETRE
Rotary Drive Cars
2006/07
58.0 cents
69.0 cents
70.0 cents
$57,009
Pa
rtn
Up to 1600 cc
Up to 800 cc
1601 – 2600 cc
801 - 1300 cc
2601 - + cc
1301 - + cc
Luxury Car Limit (DCL)
Rate per kilometre
2007/08
58.0 cents
69.0 cents
70.0 cents
$57,123
er
Ordinary Cars
PAYROLL TAX – NSW
From 1 July 2007 to 30 June 2008 the rate of payroll tax is 6% and the threshold is $600,000
Threshold
$600,000
>$600,000
1 July 2007 – 30 June 2008
Nil
6.0%
B
From 1 July 2008 to 30 June 2009 the threshold increases to $623,000.
1 July 2008 to 31 December 2008 the rate of payroll tax remains 6%.
GP
Threshold
$623,000
>$623,000
1 July 2008 – 31 December 2008
Nil
6.0%
From 1 January 2009 to 30 June 2009 the rate of payroll tax will be 5.75%
Threshold
$623,000
>$623,000
1 January 2009 – 30 June 2009
Nil
5.75%
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
8
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
NSW LAND TAX - 2008
For the 2007 and future land tax years the land tax threshold will be averaged. The threshold will be
the average of the 'indexed amount' for the new tax year and the previous two land tax years.
The threshold cannot fall below that of the previous year and where the average threshold is less than
the previous year's threshold, the previous year's threshold will continue to apply.
ty
The land tax rate for 2008 is 1.6% (plus $100) on the combined value of all taxable land in excess of
the threshold. (2007: 1.7%)
sP
The average threshold for the last three years is calculated as follows:
Threshold
Year
For the 2006 land tax year
For the 2007 land tax year
For the 2008 land tax year
Average
er
Indexed amount
$352,000
$356,000
$369,000
$359,000
As the average threshold ($359,000) is above the land tax threshold for 2007 ($356,000), the
threshold will be $359,000 for the 2008 land tax year.
Pa
rtn
Principal place of residence is exempt.
Primary production land is exempt.
Discretionary trusts, certain unit trusts & non-concessional companies taxed at 1.6% on the combined
value of the taxable land value.
PRIMARY PRODUCERS – STOCK VALUE
Sheep
Cattle
Emus
Goats
B
Tax assessed on average income – can elect out
$ 4
$20
$ 8
$ 4
Horses
Pigs
Poultry
Deer
$20*
$12
$0.35
$20
GP
* Minimum of “service” fee paid if appropriate
See Regulation 1997 70/55.01
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
9
GPB Partners Pty Limited
General Tax Figures & Details – 2008
FRINGE BENEFITS TAX
FBT tax rate for year end 31/3/08 and 31/3/09 is 46.5%
er
Pa
rtn
Year ended 31 March
2008
2007
2006
2005
2004
2003
2002
2001
2000
sP
BENCHMARK INTEREST RATES (for FBT purposes)
1.8692
2.0647
%
8.05
7.30
7.05
7.05
6.55
6.05
7.55
7.30
6.50
2007/08 and 2008/09
26%
20%
11%
7%
GP
B
STATUTORY FORMULA
Less than 15,000 kms
15,000 – 24,999 kms
25,000 – 40,000 kms
40,000 kms +
ty
FBT year ending 31/3/08 and 31/3/09
Gross Up Rate – Type 2 – No GST
Gross Up Rate – Type 1 – employer entitled to GST Input Tax Credit
Ltd
Grossed up taxable values of fringe benefits provided to employees during the FBT year, where the
value exceeds $2,000 must be shown on PAYG Withholding Payment Summaries (From 1 April
2007). If a taxpayer’s FBT liability last year was $3,000 or more, they will need to pay four quarterly
instalments.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
10
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
SUPERANNUATION
QUARTERLY SUPERANNUATION CONTRIBUTIONS
From 1 July 2003 employers are required to remit superannuation guarantee contributions quarterly.
The contributions are required to be made within 28 days of the end of the quarter with ATO
reporting by the 28th of the next month.
sP
ty
Advisors should identify those small businesses which employ its owners as staff and as such are
required to comply with the SG legislation. While in the past contributions made on an adhoc basis
met SG requirements this will need to be more co-coordinated to ensure compliance with the
quarterly regime.
The SG reporting requirements have changed; employer SG contributions made on or after 1 January
2005 no longer have to be reported to employees however some employers under the new Workplace
Relations Regulations 2006 and employers under award agreements that require them to report
superannuation contributions to employees must still comply with SG reporting requirements.
er
The super choice initiative has been extended to workers under state awards from 1 July 2006.
From 1 July 2008 you must use ordinary times earnings (OTE) as defined in the superannuation
guarantee law, and not employment awards, to calculate the superannuation guarantee.
Pa
rtn
2007/08 TIMETABLE
SG Quarter
1 July – 30 September
1 October – 31 December
1 January – 31 March
1 April – 30 June
Due date for payment
28 October
28 January
28 April
28 July
Due date for lodgment of SGC
statement
14 November
14 February
14 May
14 August
Funds to pay tax at 15% on earnings and deductible contributions.
Funds to be subject to capital gains tax on all assets from 01.07.1988 regardless of acquisition date.
All non-cash assets should be revalued each year at 30 June.
GP
B
AGE BASE LIMITS
From 1 July 2007, concessional contributions made to super will be subject to an annual cap of
$50,000 (this will be indexed inline with Average Weekly Ordinary Times Earnings (AWOTE)).
Concessional contributions include employer contributions and personal contributions claimed as a
tax deduction by a self-employed person.
You will be taxed on concessional contributions over the $50,000 cap at a rate of 31.5% in addition
to the 15% tax paid by the fund.
Between 1 July 2007 and 30 June 2012, a transitional concessional contributions cap will apply.
During this time, the annual cap will be $100,000 for people aged 50 or over.
From 1 July 2007 there is no distinction between concessional (deductible) contributions made by
self-employed persons, employers or employees as personal contributions.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
11
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
SELF-EMPLOYED
Self employed persons are eligible to claim a tax deduction for personal superannuation
contributions.
From 1 July 2007 self employed persons are eligible for the government co–contribution as specified
below.
ty
GOVERNMENT SUPERANNUATION CO-CONTRIBUTION
•
•
•
•
they make a personal superannuation contribution by 30 June each year into a complying
superannuation fund or retirement savings account
their total income is less than $58,980 (this is indexed annually to reflect changing average
wages)
10% or more of their total income is from eligible employment, running a business or a
combination of both
they are less than 71 years old at the end of the year of income
they do not hold an eligible temporary resident visa at any time during the year
Assessable Income
Maximum Co-Contribution
(limited to 1.5 times contribution)
Pa
rtn
Year
er
•
sP
From 1 July 2007, a taxpayer is eligible for the co-contribution in a year of income if:
From 1/7/2007
<$28,980
28,981 - $58,979
$58,980+
$1,500
$1,500 reduced by 5 cents per dollar where assessable
income is over $28,980
Formula: $1,500 - [(AI-$28,980) x 0.05]
Nil
REASONABLE BENEFITS LIMIT
B
RBL’s were abolished from 1 July 2007.
Employers will only have to report ETP’s over $5000 paid up to 30/6/2007, this reporting deadline is
14 July 2007.
SUPERANNUATION GUARANTEE CHARGE
GP
EMPLOYEE
1998-99
1999-2000
2000-2001
2001-2002
2002-2003+
PAYROLL <$1M
7%
7%
8%
8%
9%
PAYROLL >$1M
7%
7%
8%
8%
9%
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
12
GPB Partners Pty Limited
General Tax Figures & Details – 2008
ty
sP
1999/00 $100,960 ($25,240 per quarter)
2000/01 $105,200 ($26,300 per quarter)
2001/02 $110,040 ($27,510 per quarter)
2002/03 $116,880 ($29,220 per quarter)
2003/04 $122,240 ($30,560 per quarter)
2004/05 $128,720 ($32,180 per quarter)
2005/06 $134,880 ($33,720 per quarter)
2006/07 $140,960 ($35,240 per quarter)
2007/08 $145,880 ($36,470 per quarter)
Ltd
MAXIMUM EARNINGS BASE
(Maximum salary on which SGC is required to be paid)
ELIGIBLE TERMINATION PAYMENTS
Pa
rtn
er
Low rate Threshold - 30.06.1998 - $ 90,916
30.06.1999 - $ 94,189
30.06.2000 - $ 97,109
30.06.2001 - $101,188
30.06.2002 - $105,843
30.06.2003 - $112,405
30.06.2004 - $117,576
30.06.2005 - $123,808
30.06.2006 - $129,751
30.06.2007 - $135,590
From 1 July 2007 the concept of “Eligible Termination Payments” has been abolished.
The tax treatment of employment termination payments is now covered by ITAA97 – Part 2-40.
Life Benefit Termination Payment
ETP Cap
2007/08 - $140,000
B
BONA FIDE REDUNDANCY
GP
Tax Free Amounts - 2001
2002
2003
2004
2005
2006
2007
2008
$5,062 + $2,531 per year
$5,295 + $2,648 per year
$5,623 + $2,812 per year
$5,882 + $2,941 per year
$6,194 + $3,097 per year
$6,491 + $3,246 per year
$6,783 + $3,392 per year
$7,020 + $3,511 per year
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
13
GPB Partners Pty Limited
General Tax Figures & Details – 2008
2001
2002
2003
2004
2005
2006
2007
2008
7.8%
6.8%
6.3%
6.55%
7.05%
7.30%
7.55%
8.05%
ty
Div 7 Interest Rates
Ltd
PRIVATE COMPANY LOANS TO SHAREHOLDERS
Min $10
sP
NSW STAMP DUTY – SHARE TRANSFERS IN UNLISTED COMPANIES
60 cents per $100
NSW STAMP DUTY (VENDOR DUTY) – INVESTMENT PROPERTIES
er
All contracts exchanged after 2 August 2005 do not attract vendor duty.
The $2 duty for a vendor’s copy of the contract was reinstated from 2 August 2005.
Pa
rtn
Duties amendment (abolition of state taxes) is due to abolish the following state
taxes.
1 July 2007
1 January 2008
1 January 2009
1 July 2009
1 January 2011
1 January 2009
GP
B
Hire of goods
Leases
Unlisted marketable securities
Mortgages
Business assets other than land
Transfer of shares in share management fisheries
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
14
GPB Partners Pty Limited
General Tax Figures & Details – 2008
TAX VALUE OF GOODS TAKEN FOR PRIVATE USE FROM BUSINESS
Ltd
(to be included as taxable income)
ty
Taxation Determination TD 2007/30
This determination updates the schedule of amounts that the Tax Office will accept as estimates of
the value of goods taken from stock for private use for certain industries for the 2007/08 income year.
The basis for determining values of goods taken from stock was derived from the latest Household
Expenditure Survey (HES) results issued by the Australian Bureau of Statistics adjusted for
Consumer Price Index (CPI) movements for each category of items.
This method can NOT be used for companies as actual sale values of goods used is required in this
situation.
sP
The Tax Office says it intends to adjust the values annually to reflect the most recent HES data or the
HES data uplifted for CPI movements, and reissue the schedule at the commencement of each
income year.
The Schedule for the value of goods taken from trading stock for private use in the 2007-2008
income year is:
Amount (excluding GST) for
child 4-16 years
$
520
350
1,425
1,425
1,550
1,425
375
1,350
1,700
GP
B
Pa
rtn
Bakery
Butcher
Restaurant/cafe (licensed)
Restaurant/cafe (unlicensed)
Caterer
Delicatessen
Fruiterer/greengrocer
Takeaway food shop
Mixed business (includes
milk bar, general store, and
convenience store)
Amount (excluding GST) for
adult/child over 16 years
$
1,040
700
3,570
2,850
3,100
2,850
750
2,700
3,400
er
Type of business
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
15
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
CORRECTING GST MISTAKES
(ATO Publication: NAT4700-07.2004)
The Tax Office notes that while the normal way to correct mistakes is to revise the previous BAS, in
some cases taxpayers can make corrections on a later BAS. The table below sets out when businesses
can use a later BAS to correct mistakes made on an earlier BAS. Corrections may be made to
decrease or increase GST payable or to decrease input tax credits.
Annual turnover
Less than $20m
$20m to less than $100m
$100m to less than $500m
$500m to less than $1bn
$1bn and over
ty
sP
$20m to less than $100m
$100m to less than $500m
$500m to less than $1bn
$1bn and over
Time limit in which you can correct errors
Up to 18 months (18 monthly BASs, 6 quarterly BASs or 1 annual
GST return)
Up to 3 months (3 monthly BASs)
Up to 3 months (3 monthly BASs)
Up to 3 months (3 monthly BASs)
Up to 3 months (3 monthly BASs)
Dollar Value Correction limits
Less than $5,000
Less than $10,000
Less than $25,000
Less than $50,000
Less than $300,000
Pa
rtn
TAX SHORTFALL PENALTIES
er
Annual turnover
Less than $20m
Culpable behaviour
GP
B
Intentional Disregard (s 284-90)
Recklessness (s 284-90)
Tax avoidance (s 284-160)
Profit shifting (no dominant tax
avoidance purpose) (s 284-160)
No reasonable care (s 284-90)
No reasonable arguable position (s
284-90)
Failure to make statement
Profit shifting (tax avoidance
purpose)
Summary of Rate of Penalty
Base
Base penalty increased/decreased to:
penalty
If
If disclosure made
hindrance
During audit
Before audit
75
90
60
15
50
60
40
10
50 (25)*
60(30)*
40(20)*
10(5)*
25(10)*
30(12)*
20(8)*
5(2)*
25
25
30
30
20
20
5
5
75
50(25)*
90
60(30)*
N/A
40(20)*
N/A
10(5)*
* The rates of penalty in brackets apply if the position adopted by the taxpayer is reasonably
arguable.
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
16
GPB Partners Pty Limited
General Tax Figures & Details – 2008
Ltd
LATE LODGEMENT PENALTIES
Base penalty for a
Medium
Large
small entity
withholder/entity
withholder/entity
1 penalty unit
Twice the base penalty Maximum penalty
(currently $110) per 28 i.e. $220 per 28 day being 5 times the base
day period or part
period or part thereof
penalty
FBT returns
thereof
i.e. $550 per 28 day
Business Activity Statements
period or part thereof
Other tax returns
ty
Culpable behaviour for
failure to lodge
Income tax returns
SUMMARY OF KEY DATES
Quarterly remission of SGC
Co-contribution mechanism
Pa
rtn
Div 7A & trust distributions
sP
STS Entrepreneurs’ Tax Offset
Legislative reference
(refers to the ITAA 1997 unless
otherwise stated)
Income Tax Assessment Act 1997,
Subdivision 61-J
Superannuation Guarantee
Charge Act 1992
Government Co-contribution for
Low Income Earners Act 2003
Replacement of s 109UB ITAA
1936 (Subdiv EA ITAA 1936)
NBTS (Taxation of Financial
Arrangements) Bill (No1) 2003
Part 3-90
er
Issue
Taxation of financial arrangements
Consolidations
Divs 723, 725 & 727
Div 125
Part 3-6
Div 328
Div 40
Div 974
Div 820
Div 35
Divs 84, 85, 86 and 87
1 July 2005
1 July 2003
1 July 2003
12 December 2002 &
19 February 2004
14 May 2002 &
1 July 2003
1 July 2002 (concessions
extended to 2004 income
year)
1 July 2002
1 July 2002
1 July 2002
1 July 2001
1 July 2001
1 July 2001
1 July 2001
1 July 2000
1 July 2000
1 July 2007
GP
B
General value shifting regime
Demergers
Simplified imputation regime
STS
Uniform capital allowance regime
Debt & equity
Thin capitalisation
Non-commercial losses
Personal services income measures
Small Business Entity Regime
introduced
Commencement Date
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
17
GPB Partners Pty Limited
General Tax Figures & Details – 2008
SUMMARY OF KEY DATES – SUPERANNUATION
GP
B
Pa
rtn
er
sP
ty
Ltd
Issue
Legislative reference
Commencement Date
Abolishment of Super Surcharge Superannuation laws amendment
1 July 2005
(abolishment of surcharge) Act
2005
30% Child Care Tax Rebate
Tax Laws Amendment
1 July 2004
(2005 Measures No. 4) Act 2005 However first claim will not
Royal Assent; 19/12/05
be available to be made until
2005/2006 income tax return
Quarterly remittance of SGC
Superannuation Guarantee
1 July 2003
Charge Act 1992
Co-contribution mechanism
Superannuation (Government Co1 July 2003
contribution for Low Income
Earners) Act 2003
Super splitting on marriage
Family Law Legislation
28 December 2002
breakdown
Amendment (Superannuation) Act
2001
New simplified Superannuation Tax laws Amendment (Simplified
1 July 2007
Superannuation) Act 2007
Lost + unclaimed super
Superannuation Legislation
1 July 2007
Amendment (simplification) Act
2007
Use Ordinary Times Earnings
1 July 2008
(OTE) as defined by
superannuation guarantee
legislation to calculate
superannuation guarantee
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
18