MEDICARE LEVY – 2012–13 THRESHOLDS
LOW INCOME TAXPAYERS OFFSET 2012–13
Taxable income (TI) $
0–37,000
37,001–66,666
66,667+
The general rate of the Medicare levy is 1.5% of taxable income, subject to
exclusions and reduced levy as per table below.
Taxpayer
2013–2014 DESKTOP
TAX RATES & TABLES
Updated as at 25 July 2013
Individual
Taxpayer with spouse and:
0 dependants
1 dependant
2 dependants
3 dependants
4 dependants
5 dependants
Each additional
Senior and pensioner Australians1
Senior Australian w/spouse and 0 dependants
Each additional dependant
No levy $
20,542
(family income)
33,693
36,787
39,881
42,975
46,069
49,163
+3,094
32,279
46,000
+3,094
1. Entitled to Senior and Pensioner Tax Offset (SAPTO). Eligible seniors will not pay Medicare levy until they
begin to incur an income tax liability.
INDIVIDUAL RATES/MEDICARE LEVY
Note: the thresholds for 2013-14 are unlikely to be known until May 2014 (usually announced as a part of the
Budget)
Tax payable $
Nil
Nil + 19% of excess over 18,200
3,572 + 32.5% of excess over 37,000
17,547 + 37% of excess over 80,000
54,547 + 45% of excess over 180,000
RESIDENT TAX RATES – 2013–14
Taxable income $
0–18,200
18,201–37,000
37,001–80,000
80,001–180,000
180,001+
Tax payable $
Nil
Nil + 19% of excess over 18,200
3,572 + 32.5% of excess over 37,000
17,547 + 37% of excess over 80,000
54,547 + 45% of excess over 180,000
MEDICARE LEVY SURCHARGE – 2013–141
Tier 1
Tier 2
Tier 3
$
$
$
$
Singles
0–88,000
88,001–102,000
102,001–136,000
136,001+
Families1
0–176,000
176,001–204,000 204,001–272,000
272,001+
Medicare levy surcharge
Rates
0.0%
1.0%
1.25%
1.5%
1
For families with 2 dependants who are children, the surcharge thresholds
to tiers 1, 2 and 3 are increased by $1,500. The thresholds then increase by
$1,500 for each additional child.
Surcharge amount depends on the taxable income/reportable fringe benefits of
the taxpayer, spouse and all dependants. However, a member of a couple does
not pay surcharge if his/her taxable income/reportable fringe benefits total
does not exceed (for 2012–13) $20,542 (2013-14 figure not known).
DTRT_2013-14 Oct_2013.indd 1
SUPERANNUATION/TERMINATION
SUPER GUARANTEE – QUARTERLY REGIME 2013–141+
Quarter ending
HEALTH INSURANCE TAX OFFSET – 2013–14
Tier 3
Tier 1
Tier 2
$
$
$
$
Singles
0–88,000
88,001–102,000
102,001–136,000
136,001+
Families1
0–176,000 176,001–204,000 204,001–272,000
272,001+
Employer1
contribution due
28 October
28 January
28 April
28 July
30 September
31 December
31 March
30 June
SGC statement
and payment due
28 November
28 February
28 May
28 August
1. An employer can offset SGC against a "late" contribution made by the 28th day after the second month after
the end of the quarter.
SUPERANNUATION GUARANTEE – SUPPORT LEVELS
Rebate
Aged
under 65
30%
20%
10%
0%
Year
Aged
65–69
35%
25%
15%
0%
2003–12
2013–14
Aged 70
or over
40%
30%
20%
0%
Prescribed
support
9%
9.25%
Year
Prescribed
support
9.5%
10%
2014–15
2015–16
Maximum contribution base for an individual employee for each quarterly
contribution period is $48,040 for 2013–14 ($45,750 for 2012–13).
1
RESIDENT TAX RATES – 2012–13
Taxable income $
0–18,200
18,201–37,000
37,001–80,000
80,001–180,000
180,001+
Rebate $
445
445 – [(TI – $37,000) x 1.5%]
Nil
TAX OFFSETS
For families with 2 dependants who are children, the surcharge thresholds
to tiers 1, 2 and 3 are increased by $1,500. The thresholds then increase by
$1,500 for each additional child.
ACCRUED LEAVE
Payment type
DEPENDANT/CONCESSIONAL OFFSETS – 2012–13
Taxpayer
Dependent (invalid and carer)1
Dependent spouse2,3
Child-housekeeper (no dep chd/stud)2
Child-housekeeper (with dep chd/stud)2
Invalid relative
Parent (of taxpayer or spouse)
Student (notional only)5
Child under 21 years (non-student)
– first child (notional only)5
– each additional child (notional only)5
Sole parent (notional only)5
Housekeeper
– no dependent child/student2
– with dependent child/student2
Maximum
rebate7 $
2,423
2,4234
1,9754
2,3664
8894
1,7764
376
Maximum
ATI6 $
9,973
9,973
8,181
9,745
3,837
7,385
1,785
376
282
1,607
1,785
1,409
N/A
1,975
2,366
N/A
N/A
MEDICAL EXPENSES OFFSET – 2013–141
Where medical expenses paid during the tax year exceed $2,162, net of
reimbursements, offset is 20¢ for each $1 in excess of $2,162. For taxpayers with
adjustable taxable income above the relevant Medicare levy surcharge threshold
the offset is 10c for each $1 in excess of $5,100.
1. The figure has been calculated according to indexation, the official figure has not been released by the ATO.
SENIOR AND PENSIONER TAX OFFSET (SAPTO)
Maximum offset1
$
Status 2012–13
1. Dependant (invalid and carer) offset replaced dependant offsets (but not spouse offset) from 2012-13, except
for taxpayers eligible for zone, overseas forces or civilian offset. Taxpayers can only receive the offset if they
contribute to the maintenance of their spouse, relative or spouse's relative who is genuinely unable to work
due to invalidity or carer obligations.
2. Dependant (invalid and carer), spouse (including invalid spouse and carer spouse) and housekeeper offsets
generally not available for any part of the year during which taxpayer (or spouse) is eligible for Family Tax
Benefit Part B, although they are notionally retained for calculating zone offsets/Medicare levy.
3. Spouse offset not available where spouse born on or after 1 July 1952. Invalid spouse and carer spouse offsets
may be available instead. Spouse offsets are the same irrespective of whether the taxpayer has dependent
children under 21 or students under 25. For calculating zone offsets/Medicare levy, the higher spouse (with
dep) offset is notionally retained.
4. Reduced by $1 for every $4 by which adjusted taxable income (ATI) of dependant exceeds $282.
5. Notionally retained for calculating zone offset/Medicare levy.
6. ATI of dependant at which offset is reduced to zero.
7. Spouse, invalid spouse and carer spouse offsets not available if taxpayer's ATI exceeds $150,000; dependant
(invalid and carer), child housekeeper, parent, parent-in-law and housekeeper offsets not available if
combined ATI of taxpayer and spouse exceeds $150,000.
Assessable
portion
Below age pension age1
– Single
– Couple (each)
– Couple (illness separated)
2,230
1,602
2,040
Offset cuts
out at $
50,119
41,790
47,599
1. Offset entitlement reduces by 12.5% for each dollar of income until it reaches the cut out point.
SHORTFALL INTEREST CHARGE
Period
Oct-Dec 2012
Jan-Mar 2013
SIC rate%
6.62
6.24
Period
Apr-Jun 2013
Jul-Sep 2013
SIC rate%
5.95
5.82
GENERAL INTEREST CHARGE
Period
Oct-Dec 2012
Jan-Mar 2013
GIC rate%
10.62
10.24
Period
Apr-Jun 2013
Jul-Sep 2013
GIC rate%
9.95
9.82
Long service leave
– Pre-16/8/78
– 16/8/78 to 17/8/93
– Post-17/8/93
Annual leave
– Pre-18/8/93
– Post-17/8/93
Maximum rate of tax1
Redundancy
Resignation
invalidity and early
retirement
retirement scheme
payments
5%
100%
100%
Marginal rate
30%
Marginal rate
Marginal rate
30%
30%
100%
100%
30%
Marginal rate
30%
30%
1. Only applies to payments on termination. Table excludes Medicare levy.
GENUINE REDUNDANCY/EARLY RETIREMENT – 2013–14
Tax-free
Excess
9,246 + ($4,624 x completed years of service)
Taxed as Employment Termination Payment
SUPER CONTRIBUTIONS – 2013–14
Contributions above the annual contributions caps will be subject to excess
contributions tax levied on the individual.
Type of contribution Annual contribution cap Excess contributions tax
– per person ($)
(%)
Concessional
25,0004
31.53
Non-concessional
150,0002
46.5
TFN not quoted1
N/A
46.5
1. Where a member's TFN has not been quoted to a super fund by 30 June each year, this "no-TFN contributions
income" is taxed at 46.5% in the hands of the receiving fund. A super fund must return non-concessional
contributions within 30 days where the member has not quoted a TFN.
2. Individuals under 65 may bring forward the non-concessional cap for the next two years (ie $450,000 over
three years).
3. Excess concessional contributions tax of 31.5% is levied on the individual (on top of the original 15%
contributions tax paid by the fund).
4. Note the concessional contributions cap increased to $35,000 for 2013-14 financial year for individuals 59
years or over on 30 June 2013.
14/11/2013 3:26:11 PM
SUPERANNUATION LUMP SUMS – 2013–14
Lump sum paid from taxed fund1
Tax-free component2
Taxable component3
Tax-free5
Tax-free5,6
Tax-free5
0% – $0–$180,000
15% – $180,001+
Tax-free5
20%
Age of recipient
60+
554–59
0–544
1. Separate tax treatment applies for lump sums paid from an untaxed source (ie an element untaxed in fund)
depending on the lump sum amount and recipient's age.
2. Includes the crystallised pre-July 1983 segment, undeducted contributions, CGT-exempt component and
contributions not included in fund’s assessable income.
3. Determined by subtracting tax-free component from total value of lump sum.
4. Preservation age of 55 phasing to age 60 for those born after 1 July 1960.
5. Non-assessable, non-exempt income (ie not counted in working out tax payable on taxpayer’s other
assessable income).
6. Table excludes Medicare levy.
DEPRECIATION/CARS
SMALL BUSINESS ENTITIES – 2013–14
• Immediate deduction for depreciating assets costing less than $6,500.
• Other depreciating assets allocated to general small business pool.
• Deduction (on diminishing value basis) is generally opening pool balance x
30% for general pool. Half pool rate (ie 15%) for new acquisitions.
• Immediate deduction is also available for the first $5,000 of the cost of any
motor vehicle.
• Certain depreciating assets are excluded, eg buildings.
UNIFORM CAPITAL ALLOWANCE SYSTEM – 2013–14
Decline in value of assets worked out using Prime Cost (PC) method or
Diminishing Value (DV) method:
EMPLOYMENT TERMINATION PAYMENTS – 2013–14
Age of recipient
55+
0–54
Employment termination payment1
Tax-free component2
Taxable component3
15% – $0–$180,0003
Tax-free
45% – $180,001+3
30% – $0–$180,000
Tax-free
45% – $180,001+3
1. Payment must be received within 12 months of taxpayer’s termination of employment. Cannot be rolled over
to a superannuation fund. Separate transitional rules apply where entitlement to termination payment
established as at 9 May 2006 and payment made before 30 June 2012.
2. Includes the pre-July 1983 segment and invalidity segment.
3. Table excludes Medicare levy.
SUPER CONTRIBUTIONS – SPOUSE REBATES
Spouse assessable
income and reportable
fringe benefits (SAI)3 $
0–10,800
10,801–13,799
13,800 +
Maximum rebatable
contributions (MRC) $
Maximum rebate $1
3,000
3,000 – [SAI – 10,800]
Nil
5402
MRC x 18%2
Nil
4%
5%
6%
7%
9%
11%
1. Base value is either the cost of the asset (in the first income year) or the opening adjustable value for that year
(in later income years).
• Apportionment is required in the year of acquisition or disposal and where
the asset is also used for non-taxable purposes.
• Pooling for low cost/low value depreciating assets (ie cost/value <$1,000) is
18.75% in the year of allocation and 37.5% pa thereafter.
• Pooling is also allowed for "in-house software" expenditure but it is
depreciated at a different rate to the low cost/low value pool.
• Immediate deduction for non-business taxpayers for assets costing $300
or less.
• Certain assets are excluded from uniform capital allowance system, eg
buildings, certain primary production assets, and some vehicles.
CAR DEPRECIATION COST LIMIT – 2013–14
PENSIONS AND ANNUITIES – % FACTORS 2013–14
0–64 65–74 75–79 80–84 85–89 90–94
95+
CAR EXPENSES – PER KILOMETRE RATES – 2012–13
Rotary engines
Conventional engines
Cents per km
0–800 cc
801–1,300 cc
1,301 cc +
0–1,600 cc
1,601–2,600 cc
2,601 cc +
63
74
75
14%
1. Pensions commenced under a transition to retirement income stream (age 55+) cannot withdraw more than 10%
of the account balance in any one year. The tax-free segment is tax-free regardless of age of pensioner. Taxable
component is tax-free from age 60, if paid from a taxed source (a 15% rebate applies for those aged 55–59).
SUPER – GOVERNMENT CO-CONTRIBUTION – 2013–143
1
Adjusted taxable income (AI) $
0–33,516
33,517 – 48,516
48,517+
2
Maximum Govt co-contribution $
500
500 – ([AI-33,516] x 0.03333)
NIL
1. Assessable income, reportable fringe benefits and reportable employer super contributions.
2. If amount payable < $20, minimum payment = $20.
3. Note the Government has reduced the maximum co-contributions to $500 from 2012-13 and later income years.
Assuming no further legislative changes, this will also apply to the 2013-14 and later income years.
Government co-contribution (up to max $500) is 50% of eligible personal
superannuation contribution made to a complying super fund or RSA during
income year. Must be under age 71 and lodge a tax return.
DTRT_2013-14 Oct_2013.indd 2
DV method
Base value1 x (days held/365) x
(200%/Assets effective life)
The 2013–14 motor vehicle depreciation cost limit is $57,466 (same as the
2012–2013 income year).
1. The rebate is not available if an employer deduction is allowed.
2. The actual amount of the contribution x 18% will be the maximum rebate where it is less than these figures.
3. Assessable income, reportable fringe benefits and reportable employer super contributions.
Age of beneficiary
Standard
percentage factor1
PC method
Asset's cost x (days held/365) x
(100%/Asset's effective life)
BUILDING WRITE-OFF
Type
Residential
Non-residential
Construction
commenced
18/7/85–15/9/87
16/9/87–26/2/92
27/2/92 onwards
Rate %
4
2.5
2.5 or 41
20/7/82–21/8/84
22/8/84–15/9/87
16/9/87–26/2/92
27/2/92 onwards
2.5
4
2.5
2.5 or 41
1. A 4% rate applies to short-term traveller accommodation and industrial buildings commenced to be
constructed after 26 February 1992. Structural improvements commenced to be constructed after
26 February 1992 also eligible for write-off (at 2.5% rate).
CPI NUMBERS
Year
Quarter ending
31 March
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
30 June
102.4
99.9
98.3
95.2
92.5
90.3
86.6
84.5
82.1
80.2
78.6
76.1
73.9
69.7
67.8
67.0
67.1
66.2
63.8
61.5
60.6
59.9
58.9
56.2
51.7
48.4
45.3
41.4
37.9
102.8
100.4
99.2
95.8
92.9
91.6
87.7
85.9
82.6
80.6
78.6
76.6
74.5
70.2
68.1
67.4
66.9
66.7
64.7
61.9
60.8
59.7
59.0
57.1
53.0
49.3
46.0
42.1
38.8
FBT – BENCHMARK INTEREST RATE
The statutory benchmark interest rate for the 2013–14 FBT year is 6.45%
FBT – CAR STATUTORY PERCENTAGES
30 September
31 December
101.8
99.8
96.5
93.8
92.7
88.3
86.7
83.4
80.9
79.1
77.1
74.7
72.9
68.7
67.5
66.6
66.9
65.5
62.3
61.1
59.8
59.3
57.5
54.2
50.2
46.8
43.2
39.7
102.0
99.8
96.9
94.3
92.4
89.1
86.6
83.8
81.5
79.5
77.6
75.4
73.1
69.1
67.8
66.8
67.0
66.0
62.8
61.2
60.1
59.9
59.0
55.2
51.2
47.6
44.4
40.5
Note: Indexation is not relevant for CGT assets acquired after 11.45am AEST on 21 September 1999. Where a CGT event happens to
an asset acquired before that date the taxpayer has a choice of paying tax on the net gain worked out using indexation frozen at
30 September 1999 or paying tax on 50% of the net capital gain without indexation. Companies are not eligible for the 50% CGT
discount.
From the September 2012 quarter, the index numbers have been calculated on
a new index reference period of 2011-12. This has resulted in the index numbers
for each index series being reset to 100.0 for the 2011-12 financial year.
According to the ABS, the differences do not constitute a revision. The figures
shown in the above table are the reset index numbers.
FRINGE BENEFITS TAX
Contracts existing at 7.30pm (AEST) on 10 May 2011
Total kilometres
0–14,999
15,000–24,999
25,000–40,000
40,001 +
Taxable value as % of original cost
26
20
11
7
New contracts entered into after 7.30pm (AEST) on 10 May 2011
Distance travelled
From
From
From
From
(km)
10 May 2011 1 April 2012 1 April 2013 1 April 2014
0–14,999
20%
20%
20%
20%
15,000–24,999
20%
20%
20%
20%
25,000–40,000
14%
17%
20%
20%
40,001 +
10%
13%
17%
20%
COMPANIES
TAX RATE 30% – 2001–14+
PRIVATE COMPANY LOANS – BENCHMARK INTEREST
Income year
2013-14
2012-13
2011-12
Interest rate %
6.20
7.05
7.80
PAYG QUARTERLY INSTALMENTS 1
Instalment
1st instalment
2nd instalment
3rd instalment
4th instalment
Due dates2,3,4
28/10/2013
28/2/2014
28/4/2014
28/7/2014
1. Applicable to 30 June balancers.
2. Entities that report and pay GST on a quarterly basis or who are not registered for GST but are required to
report another BAS obligation quarterly.
3. Certain individuals pay only two instalments (due at end of 3rd and 4th instalment quarters).
4. If due date falls on a Saturday, Sunday or public holiday, due date is next business day.
PAYG ANNUAL INSTALMENTS – 2013–14 DUE DATES
30 June balancers – 21 October 2014. SAPs – 21st day of fourth month after end
of year.
FBT RATE AND GROSS-UP FORMULA
Rate of fringe benefits tax for the year commencing 1 April 2013 is 46.5%.
Fringe benefit type
Type 1 – input tax credit available
Type 2 – all other cases
FBT gross-up rate
2.0647
1.8692
Phone:
1300 304 195
Email:
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Website: www.thomsonreuters.com.au
© 2013 Thomson Reuters (Professional) Australia Limited ABN 64 058 914 668. The 2013-2014 Desktop
Tax Rates & Tables is compiled from legislation and is intended as a guide only. Information given is current
at time of going to press. These tables are not a substitute for professional advice and the Publisher and
Brentnalls expressly exclude, in so far as legislation permits, liability for any errors or omissions.
14/11/2013 3:26:30 PM