GPB Partners Pty Limited
General Tax Figures & Details – 2009
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GENERAL TAX FIGURES AND DETAILS – 2009
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 - $35,000
$35,001 - $80,000
$80,001 - $180,000
$180,000 +
Tax Payable
2009/2010
$
Nil
Nil + 15%
$4,350 + 30%
$17,850 + 38%
$55,850 + 45%
er
$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%
sP
Taxable Income
$
ty
GENERAL RATES - INDIVIDUAL
MEDICARE LEVY – 1.5% of taxable income
rtn
INDIVIDUAL & FAMILY THRESHOLD
GP
B
Pa
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 …
20% of excess
exceeds …
Individual Taxpayer
$17,794
$17,795 - $20,934
$20,934
Married taxpayer* with
the following children
and/or students:
0
$30,025
$30,026 - $35,323
$35,323
1
$32,782
$32,783 - $38,567
$38,567
2
$35,539
$35,540 - $41,810
$41,810
3
$38,296
$38,297 - $45,054
$45,054
4
$41,053 #
$41,054 - $48,297 @
$48,297
* The figures applicable to married taxpayers also apply to taxpayers who would be entitled to a sole parent, childhousekeeper 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 – 2009
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EXTRA MEDICARE SURCHARGE 1%
Is applied to taxpayers whose taxable income and reportable fringe benefits for the year total more
than $70,000 (single) or $140,000 (married) where the person(s) are not covered by private patient
hospital cover.
Surcharge Thresholds
Single
2009/2010
Couples
sP
ty
2008/2009
Single
Couples
$70,000
$140,000
$140,000
$140,000
$141,500
$141,500
$1,500
$1,500
No of Dependent Children
0
1
2
Each extra child
SENIOR AUSTRALIANS TAX OFFSET
•
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 year.
er
•
•
Age Test
Age at 30.6.09
rtn
•
Taxable Income Thresholds – rebate reduces 12.5 cents for each dollar over minimum threshold.
Thresholds take into account Low Income Tax Offset.
Maximum
Rebate
available
Lower
Threshold
Upper
Threshold
Combined
Taxable
Income
$2,230
$28,867
$46,707
N/A
$2,040
$27,600
$43,920
$87,840
$2,040
$27,600
$43,920
$87,840
$1,602
$24,680
$37,496
$74,992
$1,602
$24,680
$37,496
$74,992
Pa
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
*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
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GPB Partners Pty Limited
General Tax Figures & Details – 2009
Low income Medicare Levy Threshold for persons qualifying for the Senior Australians
Tax Offset
er
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)
exceed …
exceeds …
Individual Taxpayer
$28,867
$28,868 - $33,961
$33,961
Married taxpayer* with
the following children
and/or students:
0
$42,000
$42,001 - $49,412
$49,412
1
$44,757
$44,758 - $52,655
$52,655
2
$47,514
$47,515 - $55,898
$55,898
3
$50,271
$50,272 - $59,142
$59,143
4
$53,028
$53,029 - $62,385
$62,385
PENSIONER TAX OFFSET
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.
Pa
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
$2,240
$20,934
$38,854
N/A
Married, apart due to illness
$2,086
$19,907
$36,595
$73,190
$1,699
$17,327
$30,919
$61,838
B
Category
Married, living together
GP
*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 $25,299
Medicare levy shade-in for this group is 10 cents for every $ between $25,300 and $29,763
Over $29,764 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
MATURE AGE WORKER TAX OFFSET
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
>$63,000
TAX OFFSETS
Maximum Rebate
Spouse – with child
Child Housekeeper with
no dependent child
NOT ELIGIBLE
$1,759
$2,108
Pa
Child housekeeper with
dependent child
Invalid Relative
Parent or parent-in-law
GP
B
Sole Parent (notional)
Low Income (Offset
ceases when taxable
income exceeds $60,000
in 2009)
Medical Expenses
Exclusions exist see
following page
Private Health Insurance
Premiums
Maximum SNI
Shading out Taxable
(separate net income)
Income
$8,917
Reduced by $1 for every
$4 where net income
exceeds $282
FOR REBATE WHERE FAMILY TAX PART B
ELIGIBLE
$7,317
Reduced by $1 for every
$4 where net income
exceeds $282
$8,713
Reduced by $1 for every
$4 where net income
exceeds $282
$3,449
Reduced by $1 for every
$4 where net income
exceeds $282
$6,613
Reduced by $1 for every
$4 where net income
exceeds $282
FAMILY TAX
PART B
Reduced by 4 cents for
N/A
every $1 exceeds
$30,000
er
$2,159
rtn
Spouse with no
dependent child
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
Net Income from Working
<$10,000
$10,000 - $53,000
$53,001 - $62,999
sP
Year
2007/08
& Beyond
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GPB Partners Pty Limited
General Tax Figures & Details – 2009
$792
$1,583
REPLACED
$1,200 (2009)
$1,350 (2010)
$1,500 (2011)
20% of excess of net
medical expenses over
$1,500
<65 years old 20%
65 – 70 yrs old 35%
>70 years old 40%
-
-
-
-
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 – 2009
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MEDICAL EXPENSES TAX OFFSET
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.
er
A small business entity is eligible for the following concessions:
Pa
rtn
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
EDUCATION TAX REFUND
Primary School
$750
$375
Expense Limit
Maximum Refund
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GPB Partners Pty Limited
General Tax Figures & Details – 2009
Secondary School
$1,500
$750
ty
Limited to 50% of actual expenditure for lower amounts and covers computer (purchase and ongoing
costs), home internet, education software, school textbooks and materials, trade tools.
Tax Payable
Nil
66% of excess over $416
45% of total tax income
$2,667
er
Net Income
Nil - $416
$417 - $1,307
$1,308 +
No tax if only income equals
sP
CHILDRENS TAX
rtn
HELP (Higher Education Loan Programme)
On 1 June 2006 all accumulated HECS debts became an Accumulated HELP debt.
Repayment rate
(of HRI)
GP
B
Pa
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+
Nil
4%
4.5%
5%
5.5%
6%
6.5%
7%
7.5%
8%
HELP repayment
income (HRI)
$
2009/10
$0 - $43,149
$43,150 - $48,066
$48,067 - $52,980
$52,981 - $55,764
$55,765 - $59,943
$59,944 - $64,919
$64,920 - $68,336
$68,337 - $75,203
$75,204 - $80,136
$80,127 +
Repayment rate
(of HRI)
Nil
4%
4.5%
5%
5.5%
6%
6.5%
7%
7.5%
8%
HRI = Taxable income + any net rental losses + total 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
GPB Partners Pty Limited
General Tax Figures & Details – 2009
Repayment rate
SFSS repayment income (RI)
2009/10
Nil
2%
3%
4%
Repayment
rate
(of RI)
ty
SFSS repayment income
(RI)
2008/09
$0 - $41,594
$41,595 - $51,070
$51,071 - $72,492
$72,493+
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SFSS (Student Financial Supplement Scheme)
GP
B
Pa
rtn
er
sP
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
7
ENERGY GRANTS SCHEME
Fuel tax credit rates from 1 Jan 2009
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GPB Partners Pty Limited
General Tax Figures & Details – 2009
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
sP
All taxable fuels – for example,
diesel and petrol.
er
All taxable fuels – for example,
diesel, petrol and fuel oil.
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.
rtn
B
Pa
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)
17.143*
17.143*
38.143
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
8
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GPB Partners Pty Limited
General Tax Figures & Details – 2009
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
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
2008/2009
2009/2010
63.0 cents
74.0 cents
75.0 cents
$57,180
er
Ordinary Cars
Pa
PAYROLL TAX – NSW
1 July 2008 – 31 December 2008
Nil
6.0%
B
Threshold
$623,000 Yearly
>$623,000
1 January 2009 – 30 June 2009
Nil
5.75%
1 July 2009 – 31 December 2009
Nil
5.75%
Threshold
$638,000 Yearly
>$638,000
1 January 2010 – 30 June 2010
Nil
5.65%
GP
Threshold
$638,000 Yearly
>$623,000
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 – 2009
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NSW LAND TAX
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 2009 is % (plus $100) on the combined value of all taxable land in excess of the
threshold.
sP
The average threshold for the last three years is calculated as follows:
Threshold
Year
For the 2007 land tax year
For the 2008 land tax year
For the 2009 land tax year
Average
er
Indexed amount
$356,000
$369,000
$380,000
$368,000
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
Pa
Tax assessed on average income – can elect out
Sheep
Cattle
Emus
Goats
$ 4
$20
$ 8
$ 4
Horses
Pigs
Poultry
Deer
$20*
$12
$0.35
$20
GP
B
* Minimum of “service” fee paid if appropriate
See Regulation 1997 70/55.01
TRAVEL ALLOWANCES – DOMESTIC AND OVERSEAS
Each year the ATO publish limits of amounts expended on travel by employees that do not have to be
substantiated. The 2009 limits are detailed in TD 2008/18.
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 – 2009
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FRINGE BENEFITS TAX
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.
FBT tax rate for year is 46.5%
er
rtn
Year ended 31 March
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
sP
BENCHMARK INTEREST RATES (for FBT purposes)
%
5.85
9.0
8.05
7.30
7.05
7.05
6.55
6.05
7.55
7.30
6.50
26%
20%
11%
7%
GP
B
Pa
STATUTORY FORMULA
Less than 15,000 kms
15,000 – 24,999 kms
25,000 – 40,000 kms
40,000 kms +
1.8692
2.0647
ty
Gross Up Rate – Type 2 – No GST
Gross Up Rate – Type 1 – employer entitled to GST Input Tax Credit
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 – 2009
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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.
TIMETABLE
SG Quarter
rtn
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
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.
B
AGE BASE LIMITS
GP
Concessional Contributions Cap
Non-Concessional Contributions Cap (3 times above)
Lump Sum Low Rate Cap (Lifetime limit no tax)
Capital Gains Tax Cap
Untaxed Plan Cap
Over 50 Concessional Cap (See Below)
2009
$50,000
$150,000
$145,000
$1,045,000
$1,045,000
$100,000
2010
$25,000
$150,000
$150,000
$1,100,000
$1,100,000
$50,000
Concessional contributions made to super will be indexed inline with Average Weekly Ordinary
Times Earnings (AWOTE) but only increased in $5000 increments. Concessional contributions
include employer contributions and personal contributions claimed as a tax deduction by a nonsupported person.
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 – 2009
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You will be taxed on concessional contributions over the 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.
ty
From 1 July 2007 there is no distinction between concessional (deductible) contributions made by
self-employed persons, employers or employees as personal contributions.
SELF-EMPLOYED
sP
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.
er
GOVERNMENT SUPERANNUATION CO-CONTRIBUTION
From 1 July 2007, a taxpayer is eligible for the co-contribution in a year of income if:
•
•
rtn
•
•
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 $ (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
Pa
•
Year
B
01.07.08 – 30.06.09
GP
01/07/2009 to 30/06/2012
01/07/2012 to 30/06/2014
From 01/07/2014
Assessable
Income
$30,342
$60,342
Maximum Co-Contribution
(limited to 150% contribution)
$1,500
$1,500 reduced by 5 cents per dollar where assessable
income is over $30,342
Formula: $1,500 - [(AI-) x 0.05]
Nil
Not yet known 100%
Not yet known 125%
Not yet known 150%
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 – 2009
PAYROLL <$1M
7%
7%
8%
8%
9%
MAXIMUM EARNINGS BASE
(Maximum salary on which SGC is required to be paid)
er
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)
2008/09 $152,720 ($38,180 per quarter)
PAYROLL >$1M
7%
7%
8%
8%
9%
ty
EMPLOYEE
1998-99
1999-2000
2000-2001
2001-2002
2002-2003+
Lt
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SUPERANNUATION GUARANTEE CHARGE
rtn
EMPLOYMENT TERMINATION PAYMENTS
The tax treatment of employment termination payments is now covered by ITAA97 – Part 2-40.
B
Pa
Life Benefit Termination Payment
ETP Cap
2007/08 - $140,000
2008/09 - $145,000
2009/10 - $150,000
GP
BONA FIDE REDUNDANCY
Tax Free Amounts - 2001
2002
2003
2004
2005
2006
2007
2008
2009
$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
$7,350 + $3,676 per year
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
14
PRIVATE COMPANY LOANS TO SHAREHOLDERS
7.8%
6.8%
6.3%
6.55%
7.05%
7.30%
7.55%
8.05%
9.45%
ty
2001
2002
2003
2004
2005
2006
2007
2008
2009
sP
Div 7 Interest Rates
Lt
d
GPB Partners Pty Limited
General Tax Figures & Details – 2009
NSW STAMP DUTY – SHARE TRANSFERS IN UNLISTED COMPANIES
Min $10
60 cents per $100
rtn
er
NSW STATE TAXES/DUTIES
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
Pa
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
15
GPB Partners Pty Limited
General Tax Figures & Details – 2009
Lt
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TAX VALUE OF GOODS TAKEN FOR PRIVATE USE FROM BUSINESS
(to be included as taxable income)
ty
Taxation Determination TD 2008/32
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 is:
er
Amount (excluding GST) for
child 4-16 years
$
535
360
1,470
1,470
1,595
1,470
385
1,390
1,760
GP
B
Pa
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
$
1,070
720
3,680
2,940
3,190
2,940
770
2,780
3,520
rtn
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
16
GPB Partners Pty Limited
General Tax Figures & Details – 2009
Annual turnover
Less than $20m
$20m to less than $100m
$100m to less than $500m
$500m to less than $1bn
$1bn and over
Dollar Value Correction limits
Less than $5,000
Less than $10,000
Less than $25,000
Less than $50,000
Less than $300,000
sP
ty
$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)
er
Annual turnover
Less than $20m
Lt
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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.
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)*
Pa
Culpable behaviour
rtn
TAX SHORTFALL PENALTIES
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)
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
17
GPB Partners Pty Limited
General Tax Figures & Details – 2009
Lt
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LATE LODGEMENT PENALTIES
Base penalty for a
Medium
Large
small entity
withholder/entity
withholder/entity
Twice the base penalty Maximum penalty
1 penalty unit
(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
rtn
Non-commercial losses
Personal services income measures
STS
Uniform capital allowance regime
Debt & equity
Thin capitalisation
General value shifting regime
Demergers
Simplified imputation regime
Consolidations
Legislative reference
(refers to the ITAA 1997 unless
otherwise stated)
Div 35
Divs 84, 85, 86 and 87
Div 328
Div 40
Div 974
Div 820
Divs 723, 725 & 727
Div 125
Part 3-6
Part 3-90
er
Issue
sP
SUMMARY OF KEY DATES
Pa
Div 7A & trust distributions
Taxation of financial arrangements
Quarterly remission of SGC
B
Co-contribution mechanism
GP
STS Entrepreneurs’ Tax Offset
Replacement of s 109UB ITAA
1936 (Subdiv EA ITAA 1936)
NBTS (Taxation of Financial
Arrangements) Bill (No1) 2003
Commencement Date
1 July 2000
1 July 2000
1 July 2001
1 July 2001
1 July 2001
1 July 2001
1 July 2002
1 July 2002
1 July 2002
1 July 2002 (concessions
extended to 2004 income
year)
12 December 2002 &
19 February 2004
14 May 2002 &
1 July 2003
Superannuation Guarantee
Charge Act 1992
Government Co-contribution for
Low Income Earners Act 2003
Income Tax Assessment Act 1997,
Subdivision 61-J
Small Business Entity Regime
introduced
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
1 July 2003
1 July 2003
1 July 2005
1 July 2007
18
SUMMARY OF KEY DATES – SUPERANNUATION
Legislative reference
Commencement Date
Family Law Legislation
28 December 2002
Amendment (Superannuation) Act
2001
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
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
Abolishment of Super Surcharge Superannuation laws amendment
1 July 2005
(abolishment of surcharge) Act
2005
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
New definitions of income for tax
Various
1 July 2009
offsets and thresholds
GP
B
Pa
rtn
er
sP
ty
Issue
Super splitting on marriage
breakdown
Lt
d
GPB Partners Pty Limited
General Tax Figures & Details – 2009
This Schedule is to be read in conjunction with the disclaimer.
Liability is limited by a scheme approved under Professional Standards Legislation
19