MYOBTaxSeminars2013
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Resident Tax Rates 2012-13 and 2013-14
PRIVATE HEALTH INSURANCE REBATE 2012-13
TAXABLE INCOME
TAX ON
TAXABLE INCOME
% ON EXCESS
(MARGINAL RATE)
$18,200
$37,000
$80,000
$180,000
Nil
$3,572
$17,547
$54,547
19%
32.5%
37%
45%
GDP Uplift Factor 3%
Non-Resident Tax Rates 2012-13 and 2013-14
TAXABLE INCOME
TAX ON
TAXABLE INCOME
% ON EXCESS
(MARGINAL RATE)
Nil
$80,000
$180,000
Nil
$26,000
$63,000
32.5%
37%
45%
REDUCED LEVY
PAYABLE IN THE
RANGE...
INCOME RANGE
UP TO 65
$84,000 or less
30%
$84,001 - $97,000 p.a.
20%
$97,001 - $130,000 p.a.
10%
$130,001 and over p.a.
Nil
Couple/Family $168,000 or less
30%
$168,001 - $194,000 p.a.* 20%
$194,001 - $260,000 p.a.* 10%
$260,001 and over p.a.*
Nil
* Add $1,500 for each additional child after the first
Ordinary rate
of levy payable
where taxable
income (or
family income)
exceeds…
Single
$20,542
$20,543 - $24,166
$24,167
Married
(without child)
$33,693
$33,694-$39,637
$39,638
dependency Offsets 2012-13
Medicare Levy Surcharge 2012-13
A three tiered Medicare levy surcharge came into effect on 1 July 2012.
MLS INCOME
RANGE
SINGLE
COUPLES/FAMILIES
(NO DEPENDENTS)
Tier 1
$84,001 - $97,000 p.a.
$168,001 - $194,000 p.a.*
Tier 2
$97,001 - $130,000 p.a.
$194,001 - $260,000 p.a.*
Tier 3
$130,001 and over p.a.
$260,001 and over p.a.*
* Add $1,500 for each additional child after the first
LEVY
PAYABLE
1%
1.25%
1.5%
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70 AND OVER
40%
30%
20%
Nil
40%
30%
20%
Nil
CODE
DETAILS
MAXIMUM
OFFSET
LOWER
THRESHOLD
UPPER
THRESHOLD
A
Single, Widowed,
Separated
COMBINED
TAXABLE
INCOME
$2,230
$32,279
$50,119
N/A
$2,040
$31,279
$47,599
$95,198
$2,040
$31,279
$47,599
$95,198
$1,602
$28,974
$41,790
$83,580
$1,602
$28,974
$41,790
$83,580
B
C
D
CALCULATION OF OFFSET
$445
$445 – [(TI – 37,000) x 1.5%]
NIL
Zone and Overseas Forces Rebate 2012-13
ZONE
Special Zone A
Ordinary Zone A
Special Zone B
Ordinary Zone B
Overseas Forces
Single SAPTO
$32,279
$32,280-$37,974
$37,975
Married SAPTO
$46,000
$46,001 - $54,116
$54,117
*Note The Married rates have not been passed at the time of going to print.
> For each additional dependant add $3,094 to lower limit.
>The figures applicable to married taxpayers also apply to taxpayers who would be entitled to
a sole parent, child-housekeeper or housekeeper rebate if entitlements to such rebates had
not been restricted from 1 July 2000.
>Where there are more than six dependent children or students, add $3,640 for each extra
child or student to the upper limit.
SENIOR AND PENSIONER OFFSETS AND SELF-FUNDED RETIREES 2012-13
65-69
35%
25%
15%
Nil
35%
25%
15%
Nil
Low Income earners tax Offset 2012-13
INCOME THRESHOLD
0 - $37,000
$37,001 - $66,667
Over $66,667
Medicare Levy Thresholds 2012-13
NO LEVY
PAYABLE IF
INCOME IS <
STATUS
Single
E
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
Medical expenses offset 2012-13
From 1 July 2012, the medical expenses offset will be means tested on a two-tier income basis
and given on assessment.
AMOUNT
$1,173 + 50% of the relevant offset amount
$338 + 50% of the relevant offset amount
$1,173 + 50% of the relevant offset amount
$57 + 20% of the relevant offset amount
$338 + 50% of the relevant offset amount
INCOME
RANGE
SINGLE
Tier 1
$84,000
Tier 2
$84,001
Additional child increment $1,500
class of dependant
Rebate
Maximum
ATI
Dependent Spouse (without child)
It is proposed that the following 8 Other dependant rebates be
replaced with a single non-refundable rebate for a dependant who
is genuinely unable to work
Child-housekeeper (without child)
Child-housekeeper (with child)
Housekeeper (without child)
Housekeeper (with child)
Invalid relatives of both taxpayer and spouse
Invalid spouse
Carer spouse
Parents/Parents-in law of both taxpayer and spouse
Notional offsets
Dependent Spouse (with child)
Sole Parent
Student
First child under 21 years – not a student
Each other child under 21 years not a student
* Limited to dependent spouse born before 1 July 1952
$2,423
$9,974
$1,975
$2,366
$1,975
$2,366
$889
$2,423
$2,423
$1,776
$8,182
$9,746
N/A
N/A
$3,838
$9,974
$9,974
$7,386
$2,815
$1,607
$376
$376
$282
$11,541
N/A
$1,786
$1,786
$1,410
FAMILY
CLAIM
THRESHOLD
LEVY
PAYABLE
$168,000
$168,001
$2,120
$5,000
20%
10%
MATURE AGE WORKER TAX OFFSET 2012-13
INCOME THRESHOLD
$1 - $9,999
$10,000 - $53,000
$53,001 - $62,999
Over $63,000
TAX OFFSET AMOUNT
Calculated at 5 cents in the dollar
$500
Reduced by 5 cents in the dollar
NIL
supervisory levy - self-managed super funds
On lodgment of the 2012-13 Self-managed superannuation fund annual return (SAR), the
SMSF will be required to pay 100% of the 2012-13 supervisory levy ($191) and 50% of 2013-14
supervisory levy ($130 rounded up).
YEAR
BASIC LEVY
LEVY
ADJUSTMENT
LEVY PAYABLE
RETURN LABEL L
LEVY PAYABLE
RETURN LABEL M
2012 - 2013
$191
$130
$321
$130
2013 - 2014
$129
$259
$388
$259
2014 - 2015
$259
N/A
On lodgment of the 2013-14 SAR the SMSF will be required to pay 50% of the 2013-14
supervisory levy ($129 rounded down) and 100% of the 2014-15 supervisory levy ($259).
On lodgment of the 2014-15 SAR the SMSF will be required to pay 100% of the 2015-16
supervisory levy ($259).
MYOBTaxSeminars2013
Stay one step ahead
Motor Vehicle per Km Rates 2012-13
ETP caps 2012-13 (indexed annually)
ORDINARY CAR –
ENGINE CAPACITY
ROTARY ENGINE CAR –
ENGINE CAPACITY
CENTS PER KM
1600cc (1.6 litre) or less
1601-2600cc (1.601-2.6 litre)
2601cc (2.601 litre) and over
800cc (0.8 litre) or less
801-1300cc (0.801-1.3 litre)
1301cc (1.301 litre) and over
63 cents
74 cents
75 cents
Income Test Thresholds 2012-13
OFFSET
INCOME TEST
INCOME THRESHOLD
Spouse without child
1. Spouse ATI < $9,974
$9,974
2. Taxpayer Adjusted
Taxable Income
$150,000
Other dependants (Invalid
and Carer)
Combined Adjusted Taxable
Income
$150,000
Employee Share Schemes
Adjusted Income
$180,000
Non-commercial Business
Losses
Adjusted Income
$250,000
HECS Repayments 2012-13
INCOME
THRESHOLD
TAX RATE %
INCOME
THRESHOLD
TAX RATE %
0 - $49,095
$49,096 - $54,688
$54,689 - $60,279
$60,280 - $63,448
$63,449 - $68,202
0%
4%
4.5%
5%
5.5%
$68,203 - $73,864
$73,865 - $77,751
$77,752 - $85,564
$85,565 - $91,177
$91,178 and above
6%
6.5%
7%
7.5%
8%
SFSS Repayments 2012-13
INCOME THRESHOLD
0 - $49,095
$49,096 - $60,279
$60,280 - $85,564
$85,565 and above
TAX RATE %
0%
2%
3%
4%
ETP and Superannuation Lump Sums – Preservation Age
FOR A PERSON BORN…
PRESERVATION AGE
Before 1 July 1960
1 July 1960-30 June 1961
1 July 1961-30 June 1962
1 July 1962-30 June 1963
1 July 1963-30 June 1964
After 30 June 1964
55
56
57
58
59
60
Government super Co-Contribution Rates 2012-13
TYPE OF CAP
CAP
Employment termination payment ($175,000 applies for each
termination of different employment).
$175,000
THRESHOLDS
Whole of income (not indexed)
$180,000
Death Benefit ETP. The cap is reduced for any death benefit termination
payment previously received as a result of the same termination,
$175,000
whether in an earlier income year or the year of receipt.
Superannuation Lump Sum Caps 2012-13 (indexed annually)
TYPE OF CAP
CAP
Superannuation lump sum (life-time cap)
Superannuation Untaxed plan cap
$175,000
$1.255 million
AMOUNT
Lower Threshold
$31,920
Upper Threshold
$46,920
Maximum Contribution
$500
Note 1 To be eligible the taxpayer must earn 10% or more of their total income from
employment, carrying on a business or a combination of both.
Note 2 The offset decreases by 3.333 cents in the dollar for each dollar of income over the
lower threshold.
Note 3 The Government proposes to reduce the maximum payment amount and the
matching rate.
Low Income Superannuation Contributions (LISC) 2012-13
There is no tapering of the ATI threshold of $37,000
Superannuation Contributions on Behalf of Spouse 2012-13
THRESHOLDS
AMOUNT
INCOME THRESHOLD
AMOUNT
Maximum Offset
$540
Maximum Contributions
$3,000
Adjusted taxable income
Maximum Contribution Payable
Minimum Contribution Payable
Payment Rate
$37,000
$500
$20
15%
Lower Threshold
$10,800
Interest Rates - Early Payments and Overpayments
Upper Threshold
$13,800
PERIOD
Note Reduction rate is 18% over the Lower Threshold.
Superannuation Contributions 2012-13
TYPE
CAPPED AT
Concessional contributions cap*
Non-concessional contributions cap**
Non-concessional contributions - CGT cap amount
Bring-forward cap for individuals aged under 65**
$25,000
$150,000
$1.255m
$450,000
* From 1 July 2014 it is proposed that the concessional contributions cap will be increased
to $50,000 for individuals aged 50 years and over who have total superannuation
balances less than $500,000 (this is not yet Law).
** A bring forward rule allows individuals under 65 years of age to make non-concessional
contributions of up to three times their non-concessional contributions cap over a three
year period and is based on the cap of the first year in which the rule applies.
Superannuation Guarantee Charge
YEAR
SG RATE
INCREASE
YEAR
2012-2013
9%
0.25%
2016-2017
2013-2014
9.25%
0.25%
2017-2018
2014-2015
9.50%
0.50%
2018-2019
2015-2016
10%
0.50%
2019-2020
Note Amount in a quarterly contribution period is $45,750
SG RATE
INCREASE
10.5%
11%
11.5%
12%
0.50%
0.50%
0.50%
INTEREST RATE
July-September 2012
3.660%
October-December 2012
3.620%
January-March 2013
3.240%
April-June 2013
2.950%
July-September 2013
2.950%
October-December 2013
2.950%
January-March 2014
2.950%
Until the rates beyond June 2013 are published, overpayments interest and Credit for
No-TFN offset will be calculated using the latest published rate of 2.950%.
Luxury Car Limit (DCL)
INCOME YEAR
CAR LIMIT
2011-2013
2009, 2010
2008
$57,466
$57,180
$57,123
Fringe benefits tax 2012-13
FBT RATE
Fringe benefits taxable amount – gross-up rate
46.5%
Type 1 benefits – 2.0647
Type 2 benefits – 1.8692
Disclaimer: All information contained herein has been sourced from Australian Master
Tax Guide 2013 (CCH) and/or the Australian Tax Office. MYOB has made every effort
to ensure the accuracy and completeness of this information, however MYOB, its staff
and agents will not be liable for any errors or omissions.
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1300 555 666
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