July Supplement 2015
The
'
Tax Advisers'
Voice
July 2015


Year End Supplement
The NTAA
2014/15
Year End
Supplement
Voice
Page 1
Voice
2014/15 Supplement
Index
Capital Gains Tax – Improvement Thresholds, Indexation Factors.......................... 17-18
Cars – Per Kilometre Claims for Car Deductions/Depreciation Cost Limit............... 16
Client Details – 2015 Individual Income Tax Return Checklist................................. 23-28
Depreciation – Prime Cost and Diminishing Value Rates (150% and 200%)........... 20-21
Fringe Benefits Tax – 2016 & 2015......................................................................... 22
Genuine Redundancy Payments – Tax-free Amounts.............................................. 4
Higher Education Loan Programme (HELP) Repayment Thresholds – 2014/15...... 8
Income-producing Building Write-off Rates............................................................. 19
Medicare Levy – 2014/15........................................................................................ 5-6
Medicare Levy Surcharge – 2014/15....................................................................... 7
Rates of Tax 2014/15 – Companies ...................................................................... 8
– Non-resident Individuals................................................... 3
– Non-resident Minors – Unearned (Division 6AA) Income.. 4
– Resident Individuals......................................................... 3
– Resident Minors – Unearned (Division 6AA) Income........ 3
– S.99 Assessment – Resident Deceased Estate................ 4
– S.99A Assessment – No Beneficiary Presently Entitled.... 5
– Superannuation Funds..................................................... 9
Superannuation Guarantee Rate............................................................................. 11
Superannuation Thresholds – 2014/15.................................................................... 10-11
Tax-free Threshold – Pro-Rated Tax-Free Threshold for Non-residents................... 4
Tax Offsets 2014/15 – Dependant Tax Offsets...................................................... 12
– Low Income Tax Offset...................................................... 14
– Net Medical Expenses Tax Offset...................................... 13
– Private Health Insurance Tax Offset.................................. 15
– Senior and Pensioner Tax Offset....................................... 14
– Zone Tax Offset................................................................. 16
Trading Stock – Valuation of Natural Increase/Goods Taken for Private Use........... 18
DISCLAIMER
This publication has been prepared for the members of the National Tax & Accountants' Association Ltd. Many of the comments
contained in Voice are general in nature and anyone intending to apply the information to practical circumstances should independently
verify their interpretation and the information's applicability to their particular circumstances.
Page 2
July Supplement 2015
July Supplement 2015
Rates of Tax – 2014/15
Resident Individuals
The following rates apply to individuals who are residents of Australia for tax purposes for the entire income
year.
Taxable Income1
$
0 – 18,200
18,201 – 37,000
37,001 – 80,000
80,001 – 180,000
180,001+
Tax Payable2,3
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 + 47%4 of excess over $180,000
1 The tax-free threshold may effectively be higher for taxpayers eligible for the low-income tax offset, the Seniors and
Pensioners Tax Offset and/or certain other tax offsets.
2 The above rates do not include the Medicare Levy (2% from 1 July 2014, previously 1.5%).
3 As part of the 2015/16 Federal Budget, the government announced that, with effect from 1 July 2015, individual taxpayers
with business income from an unincorporated business that has an aggregate annual turnover of less than $2 million will
be eligible for a small business tax discount. The discount will be 5% of the income tax payable on the business income
received from an unincorporated small business entity. The discount will be capped at $1,000 per individual for each
income year and will be delivered as a tax offset.
4 This rate includes the 2% 'Temporary Budget Repair Levy' which applies from 1 July 2014 until 30 June 2017 on that part
of a person's taxable income that exceeds $180,000.
Non-resident Individuals
The following rates apply to individuals who are not residents of Australia for tax purposes for the entire
income year:
Taxable Income
$
0 – 80,000
80,001 – 180,000
180,001+
1
2
3
Tax Payable1,2
32.5% of the entire amount
$26,000 + 37% of excess over $80,000
$63,000 + 47%3 of excess over $180,000
Medicare Levy is not payable by non-residents.
As part of the 2015/16 Federal Budget, the government announced that, with effect from 1 July 2015, individual taxpayers
with business income from an unincorporated business that has an aggregate annual turnover of less than $2 million will
be eligible for a small business tax discount. The discount will be 5% of the income tax payable on the business income
received from an unincorporated small business entity. The discount will be capped at $1,000 per individual for each
income year and will be delivered as a tax offset. At the time of writing, no information was available regarding if and how
this proposal applies to non-resident individuals.
This rate includes the 2% 'Temporary Budget Repair Levy' which applies from 1 July 2014 until 30 June 2017 on that part
of a person's taxable income that exceeds $180,000.
Resident Minors – Unearned (Division 6AA) Income
The following rates apply to the income of certain minors (e.g., persons under 18 years of age on the last
day of the income year who are not classed as being in a full-time occupation) that is not excepted income
(e.g., employment income):
Division 6AA Income
$
0 – 416
417 – 1,307
1,308+
1
2
3
Tax Payable1,2,3
Nil
68% of excess over $416
47% of the entire amount
The 2% Medicare levy is not included but may apply.
Resident minors are not entitled to the low-income tax offset in respect of 'unearned' income.
The effect of the 2% 'Temporary Budget Repair Levy' which applies from 1 July 2014 until 30 June 2017 has been included
in the above table.
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Voice
Non-resident Minors – Unearned (Division 6AA) Income
The following rates apply to the income of certain non-resident minors (e.g., non-resident persons under 18
years of age on the last day of the income year who are not classed as being in a full-time occupation) that
is not excepted income (e.g., employment income):
Division 6AA Income
$
0 – 416
417 – 663
664+
1
2
Tax Payable1,2
34.5% of the entire amount
$143.52 + 68% of excess over $416
47% of the entire amount
The Medicare Levy is not payable by non-residents.
The effect of the 2% 'Temporary Budget Repair Levy' which applies from 1 July 2014 until 30 June 2017 has been included
in the above table.
Pro-Rated Tax-Free Threshold – Non-residents
The tax-free threshold that applies to residents ($18,200 per annum in 2013/14 and 2014/15) is effectively
pro-rated in an income year in which a taxpayer either ceased to be, or became, a resident for tax purposes.
For the 2014/15 income years the pro-rated threshold will be calculated using the following formula:
$13,464 + ($4,736 x number of months taxpayer was resident for the year ÷ 12)
Genuine Redundancy Payments
The tax-free amount of a genuine redundancy payment in 2014/15 is $9,514 plus $4,758 for each
completed year of service.
S.99 Assessment – Resident Deceased Estate
The following rates apply where a trustee is assessed under S.99 of the ITAA 1936 in respect of a resident
deceased estate. Where the date of death is less than 3 years before the end of the income year, the trustee
is assessed as a resident individual.
Taxable Income
$
Less than 3 years since death
0 – 18,200
18,201 – 37,000
37,001 – 80,000
80,001 – 180,000
180,001+
3 years or more since death
0 – 416
417 – 670
671 – 37,000
37,001 – 80,000
80,001 – 180,000
180,001+
1
2
Rate1
%
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 + 47%2 of excess over $180,000
Nil
50% of excess over $416
$127.30 + 19% of excess over $670
$7,030 + 32.5% of excess over $37,000
$21,005 + 37% of excess over $80,000
$58,005 + 47%2 of excess over $180,000
Medicare Levy does not apply to S.99 assessments of deceased estate trustees.
This rate includes the 2% 'Temporary Budget Repair Levy' which applies from 1 July 2014 until 30 June 2017 to the extent
taxable income exceeds $180,000.
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July Supplement 2015
July Supplement 2015
S.99A Assessment – No Beneficiary Presently Entitled
The following rate applies where there is no beneficiary entitled to the income of a resident trust.
Taxable Income
Rate1,2
%
$
1+
1
2
47% of the entire amount
Medicare Levy is not included but does apply (except in relation to deceased estates).
Note that from 1 July 2014 until 30 June 2017, the rate includes the 2% 'Temporary Budget Repair Levy'.
General Rate
Medicare Levy – 2014/15
Taxpayer
Rate
%
2015
2% of taxable income
Low-income Thresholds – Individuals
The 2014/15 Medicare Levy low-income thresholds for individuals are as follows:
Threshold
Amount1
$
Phase-in Limit2
$
2% at or
Above3
$
Not eligible for Seniors and Pensioners Tax Offset
20,896
20,897 – 26,120
26,121
Eligible for Seniors and Pensioners Tax Offset
33,044
33,045 – 41,305
41,306
Single Taxpayer
1
2
3
No Medicare Levy is payable on taxable income levels at or below the Threshold Amount.
Where taxable income falls within the Phase-in Limit, the Medicare Levy is payable at 10% of the excess over the Threshold
Amount.
The Medicare Levy of 2% (increased from 1.5%) applies to the entire amount of taxable income.
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Family Thresholds – 2014/15
A taxpayer may be eligible to pay no (or a reduced) Medicare Levy if their family income is within the
thresholds set out below, and the taxpayer:
♦ has a spouse (including de facto and same-sex) on the last day of the income year;
♦ has not remarried after their spouse died during the income year; or
♦ is eligible for the notionally retained sole parent rebate, the housekeeper or the child-housekeeper
rebates (or would be entitled if they did not qualify for the Family Tax Benefit Part B).
The 2014/15 Medicare Levy thresholds for families are as follows:
No. of Dependent
Children/Students
$
Family Income
1
Threshold
$
Reduced Levy2
$
2%
at or above3
$
Taxpayer Not eligible for Seniors and Pensioners Tax Offset
0
35,261
35,262 – 44,076
44,077
1
38,499
38,500 – 48,123
48,124
2
41,737
41,738 – 52,171
52,172
3
44,975
44,976 – 56,218
56,219
4
48,213
48,214 – 60,266
60,267
5
51,451
51,452 – 64,313
64,314
6
54,689
54,690 – 68,361
68,362
Extra child
3,238
4,048
Taxpayer Eligible for Seniors and Pensioners Tax Offset
1
2
3
0
46,000
46,001 – 57,500
57,501
1
49,238
49,239 – 61,547
61,548
2
52,476
52,477 – 65,595
65,596
3
55,714
55,715 – 69,642
69,643
4
58,952
58,953 – 73,690
73,691
5
62,190
62,191 – 77,737
77,738
6
65,428
65,429 – 81,785
81,786
Extra child
3,238
4,048
Family Income is the combined taxable income of a taxpayer and their spouse. If the taxpayer does not have a spouse,
Family Income is the taxpayer’s taxable income only. No Medicare Levy is payable on taxable income levels at or below
the Family Income Threshold.
There is no ‘phase-in limit’ stated for families as there is with individuals since the figures change with the number of
dependants. However, where family income exceeds the threshold, the levy payable is shaded-in, with the general
effect that the levy payable cannot exceed 10% of the excess of the family income over the family income threshold. The
‘reduction formula’ used varies depending on the circumstances of the family in question.
Further note that, if a taxpayer’s family income is above the threshold but the taxpayer’s taxable income is below the
individual threshold, special rules apply so that they are entitled to a reduction.
The levy payable by the relevant taxpayer is 2% (increased from 1.5%) of their entire taxable income.
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July Supplement 2015
July Supplement 2015
Medicare Levy Surcharge – 2014/15
The Medicare levy surcharge (‘MLS’) may apply in respect of a resident taxpayer where the taxpayer, their
spouse and/or dependent children (if any) did not have the appropriate level of private patient hospital cover
(subject to certain exceptions for ‘prescribed persons’) and the applicable ‘income test’ threshold is exceeded.
From 1 July 2012, the rate at which the MLS is applied is determined under a tiered income system whereby a
taxpayer’s level of ‘income for surcharge purposes’ (on a spouse inclusive basis, where relevant) is classified
as either ‘Base Tier’, ‘Tier 1’, ‘Tier 2’ or ‘Tier 3’.
Income tier thresholds
The following table sets out the income thresholds and MLS rates that apply in respect of:
• Taxpayers who were single for the whole income year; and
• Taxpayers who were ‘married’ (including de facto, same, or opposite sex partners) and/or had at least
one ‘dependent child’ (children) for the whole income year.
The MLS only applies in respect of periods in which private patient hospital cover was not held for the
taxpayer, their spouse and dependants (if relevant).
Medicare Levy Surcharge Thresholds – 2014/15
Singles1
Base Tier
$
Tier 1
$
Tier 2
$
Tier 3
$
90,000 or less
90,001 – 105,000
105,001 – 140,000
140,001+
Families and Couples
1,2,3
0 dependants
180,000 or less
180,001 – 210,000
210,001 – 280,000
280,001+
1 dependant
180,000 or less
180,001 – 210,000
210,001 – 280,000
280,001+
2 dependants
181,500 or less
181,501 – 211,500
211,501 – 281,500
281,501+
3 dependants
183,000 or less
183,001 – 213,000
213,001 – 283,000
283,001+
4 dependants
184,500 or less
184,501 – 214,500
214,501 – 284,500
284,501+
5 dependants
186,000 or less
186,001 – 216,000
216,001 – 286,000
286,001+
1,500
1,500
1,500
1,500
1.0%
1.25%
1.5%
Each extra child
Medicare levy surcharge rate
Rate
0.0%
4
1
Based on the law applying at the time of writing, the MLS income thresholds will remain at 2015 rates for the next three
years.
2 For a couple, their combined income for surcharge purposes is generally applied against the family surcharge threshold
(but levied against each of the taxpayer’s own taxable income, reportable fringe benefits and on any amounts on which
family trust distribution tax has been paid). However, if the income for surcharge purposes of one of the couple does not
exceed the applicable Medicare levy low income threshold that member is not liable for the MLS.
3 A taxpayer’s child is a ‘dependant’ child for these purposes where the child is a resident, aged less than 21 years (or
between 21 years and less than 25 years and receiving full-time education at a school, college or university) and the
taxpayer contributed to the maintenance of the child.
4 If the MLS applies, it is levied on the taxpayer’s taxable income, reportable fringe benefits and on any amounts on which
family trust distribution tax has been paid.
Note that, where a taxpayer’s circumstances change during the income year, for example, if the taxpayer
marries, or ceases to be married, during the income year, the MLS is calculated separately for each of these
periods (based broadly on the rules set out above).
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HELP Repayment Thresholds – 2014/15
The Higher Education Loan Programme ('HELP') offers Commonwealth loans to eligible students to assist
them with paying their higher education fees and to study overseas. A HELP debt is repaid through the
taxation system, based on a taxpayer's HELP 'repayment income'. HELP repayment income is the sum of
the taxpayer's:
–
taxable income;
–
total net investment loss;
–
reportable fringe benefits;
–
exempt foreign employment income; and
–
reportable superannuation contributions.
HELP Repayment Income Thresholds and Rates
Rate of Repayment
%
Nil
4
4.5
5
5.5
6
6.5
7
7.5
8
HELP Repayment Income
$
0 – $53,344
$53,345 – $59,421
$59,422 – $65,497
$65,498 – $68,939
$68,940 – $74,105
$74,106 – $80,257
$80,258 – $84,481
$84,482 – $92,970
$92,971 – $99,069
$99,070+
Note that, as part of the 2015/16 Federal Budget, the government announced that it will extend the HELP
repayment framework to debtors residing overseas for six months or more if their worldwide income exceeds
the minimum repayment threshold. This measure is proposed to apply from 1 July 2017.
Company Rates of Tax – 2014/15
General Company Tax Rate1
Rate
%
Description of Taxpayer
Private companies (except life insurance companies, RSA Providers & PDFs)
30
Public companies (except life insurance companies, RSA Providers & PDFs)
Corporate Unit Trusts
Corporate Limited Partnerships
Public Trading Trusts
Strata Title Bodies Corporate
30
30
30
30
30
1 As part of the 2015/16 Federal Budget, the government announced that, with effect from the 2016 income year, it will
deliver a tax cut to small businesses by reducing the company tax rate to 28.5% (i.e., a reduction of 1.5%) for companies
with aggregated annual turnover of less than $2 million.
Non-profit Company Tax Rates
Taxable Income
$
0 – 416
417 – 915
916+
Page 8
Rate
%
Nil
55% of excess over $416
30% of the entire amount
July Supplement 2015
July Supplement 2015
Superannuation Funds – 2014/15
Complying Superannuation Fund
Type of Receipt
Earnings (other than non-arm's length income)
Income received including realised capital gains
Discount capital gains (asset held for 12 months or more)1
Employer Contributions2,3
Portion covered by S.295-180 choice4
SGC shortfall component
All other employer contributions (no S.295-180 choice)
Employee and Self-employed Contributions2
Portion covered by S.290-170 notice (of intention to claim a deduction)3
All other employee and self-employed contributions (no S.290-170 notice)
Contributions – other person (excluding trustee of exempt life assurance fund or of complying
superannuation fund, ADF or PST)
Portion covered by S.295-180 choice4
Spouse contributions
Contributions for minor (not by an employer)
Government Co-contributions
First Home Saver Account
All other contributions (no S.295-180 choice)
Roll-overs5
Originating from taxable source (e.g., another complying fund)
– tax-free component
– taxable component (taxed element)
– taxable component (untaxed element)5
Non-arm's Length Component
Non-arm's length income (less attributable deductions) – S.295-550
Transfer from Foreign Superannuation Funds
– amount specified in a choice under S.305-80
Transfer from Superannuation Holding Accounts (SHA) special account6
All
Change of Status
Foreign fund to complying fund
– market value of assets less member contributions
1
2
3
4
5
6
Rate of Tax
%
15
10
0
15
15
15
0
0
0
0
0
0
15
0
0
15
47
15
15
15
Effective tax rate when the 15% complying superannuation fund rate is applied to two-thirds of the discount capital gain.
Where a superannuation contribution has been made in respect of an individual who has not provided their TFN to the
superannuation fund by the end of the year then these contributions will be subject to additional tax of 34% (calculated as
49% less the ordinary rate of the tax paid by the fund (i.e., 15 %) for the period 1 July 2014 to 30 June 2017). However,
a tax offset is generally available if the TFN is provided to the fund in any of the three years after the year of contribution.
From 1 July 2012, subject to certain exceptions, the tax rate on concessional contributions made by, or on behalf of an individual
with 'income' (as defined) plus 'low tax contributions' greater than $300,000 increased from 15% to 30%. The additional 15%
(known as Division 293 tax) is assessed to the individual, who has the option of having the fund pay. If an individual's 'income'
(excluding their concessional contributions) is less than $300,000 but the inclusion of their contributions pushes them over this
threshold, then the 30% tax rate will only apply to the amount of the contributions that are in excess of $300,000.
The choice applies to contributions made to a public sector superannuation scheme (other than one that came into existence
after 5 September 2006) and the contributor must consent to the choice.
The rollover benefit will be taxed in the receiving fund to the extent it is not an 'excess untaxed rollover amount'. If the
rollover amount exceeds the untaxed plan cap amount, the excess is taxed to the member (and not the fund) at 49% for
the 2015 income year (which is the top marginal rate of 45% plus the 2% 'Temporary Budget Repair Levy' and the 2%
Medicare levy), with the tax withheld by the fund that makes the rollover payment. Refer to 9.06.02 for the 'untaxed plan
cap amounts'.
The 'superannuation holding accounts (SHA) special account' (previously known as the superannuation holding accounts
reserve) was closed to employer deposits after 30 June 2006.
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Non-complying Superannuation Fund
Rate of Tax1
%
Type of Receipt
Earnings
Income received including realised capital gains
Discount capital gains (asset held for 12 months or more)2
Contributions (Australian fund)3
Employee and self employed
Employer (excluding trustee of exempt life assurance fund, complying superannuation
fund, complying ADF or PST)
Change of Status
Complying to non-complying
– market value of assets less undeducted contributions and
contributions segment
Foreign fund to Australian fund
– market value of assets less member contributions
1
2
3
47
23.5
0
47
47
47
Before 1 July 2014, the tax rate that generally applied to non-complying superannuation funds was 45%. For the period
1 July 2014 to 30 June 2017, the rate includes the 2% 'Temporary Budget Repair Levy'.
Effective tax rate when the 47% superannuation fund rate is applied to one-half of the discount capital gain.
Where a superannuation contribution has been made in respect of an individual who has not provided their TFN by the
end of the year, then these contributions will be subject to additional tax of 2% (calculated as 49% less the ordinary rate
of tax paid by the fund (i.e., 47%) for the period 1 July 2014 to 30 June 2017). However, a tax offset is generally available
if the TFN is provided to the fund in any of the three years after the year of contribution.
Superannuation Thresholds – 2014/15
Concessional Contributions Caps
Concessional contributions include employer contributions (including contributions made under a salary
sacrifice arrangement) and personal contributions claimed as a tax deduction by a self-employed person.
Year
Age at year-end
Amount of Cap
2015
50+
<50
$35,000
$30,000
Non-concessional Contributions Caps
Non-concessional contributions include personal contributions for which taxpayers do not claim an
income tax deduction. A person is liable to pay excess contributions tax if their non-concessional
contributions exceed the cap1.
1
Income Year
Amount of Cap
2014/15
$180,000 or $540,0001 over 3 years
There is a ‘bring-forward’ option under which taxpayers can contribute greater than $150,000 ($180,000 from 1 July 2014)
in an income year as long as the total contributions for that year and the next 2 years do not exceed $450,000 ($540,000
from 1 July 2014). This option only applies to taxpayers who are under 65 at any time in the year that they want to 'bringforward' their contributions.
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July Supplement 2015
July Supplement 2015
Government Co-contribution Table for Low Income Employees
The superannuation co-contribution was initially introduced by the Government from 1 July 2003 as an
incentive to encourage low income earners to save for their own retirement.
If an individual's satisfies the income test for the co-contribution, and they make personal (non-concessional)
superannuation contributions, the Government will match their contribution with a 'co-contribution'.
For the 2013 and later income years, the government will contribute $0.50 for every $1 an eligible individual
contributes into superannuation, up to the maximum co-contribution outlined in the following table for these
years.
Income Year
2014/15
1
Total Income1,2
$
Calculation of Maximum Co-contribution
$
0 – 34,488
$500
34,489 – 49,488
$500 – [3.333% x (Total income – $34,488)]
49,489+
Nil
Total Income is calculated as the sum of assessable income, the reportable fringe benefits total and reportable employer
superannuation contributions.
2 For the 2015 income year, the maximum entitlement remains at $500, whilst the lower income threshold increases to
$34,488 and the higher income threshold increases to $49,488.
Superannuation Spouse Contribution Tax Offset
The tax offset applies to contributions made by a taxpayer to a Complying Superannuation Fund or Retirement
Savings Account in respect of their low-income earning, or non-working, spouse (married or de facto). The
amount of the offset is as follows:
Spouse's Assessable
Income (AI)1
$
0 – 10,800
Maximum Rebatable
Contributions (MRC)
$
$3,000
10,801 – 13,799
$3,000 – [AI – $10,800]
MRC x 18%
13,800+
Nil
Nil
Maximum Offset
Amount2
$
$540
1 Including reportable fringe benefits and reportable employer superannuation contributions.
2 The offset is calculated as 18% of the actual contributions if this results in a lower amount.
Lump Sum Superannuation Benefits – Low Rate Cap Amount
The application of the low rate threshold for superannuation lump sum payments is capped. The low
rate cap amount is reduced by any amount previously applied to the low rate threshold.
Income Year
2014/15
Cap Amount
$185,000
Superannuation Guarantee Rate
Employers who provide less than a prescribed level of superannuation support (the 'charge percentage',
generally applied to the employee's ordinary time earnings) for their employees are liable to pay a superannuation
guarantee charge based on the shortfall (calculated with reference to 'salary and wages') plus an interest
component and an administration charge.
Income Year
2014/15
2013/141
1
Charge Percentage (%)
9.5
9.25
From 1 July 2013, the SG age limit no longer applies.
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Tax Offsets – 2014/15
Dependant Tax Offsets
From 1 July 2012 (i.e., for the 2013 and later income years), the Dependant (Invalid and Carer) Tax Offset
(DICTO) replaced eight dependent rebates (namely, the invalid spouse, carer spouse, housekeeper, child
housekeeper, child housekeeper (with child), invalid relative and parent/parent-in-law tax offsets). However,
for the 2014 income year, these offsets remain relevant for taxpayers who are eligible for the zone or overseas
forces tax offsets.
The DICTO is a non-refundable tax offset and is only available where the dependant who is being maintained
by the taxpayer is genuinely unable to work due to invalidity or carer obligations during an income year. Note
that, for the 2014 income year, the DICTO did not replace the dependent spouse tax offset ('DSTO'), which
continued to be available, but only in respect of a spouse that was born before 1 July 1952.
However, as part of the 2014/15 Federal Budget, the government announced that the DSTO will be abolished
for all taxpayers from 1 July 2014 (i.e., from the 2015 income year). At the time of writing, this measure is
awaiting Royal Assent. The ATO has recommended that taxpayers should not claim this offset for the 2015
income year and has removed the DSTO label from the 2015 individual tax return accordingly.
2014/15
Max
Offset
$
Description
DICTO1
Max
ATI1
$
2,535 10,422
N/A
N/A
Spouse/de facto (no dependent child/student) or invalid spouse/carer spouse
(whichever is applicable)
N/A
N/A
Child-housekeeper (no dependent child/student)
N/A
N/A
Child-housekeeper (with dependent child/student)
N/A
N/A
Invalid relative
N/A
N/A
Parent or parent-in-law
N/A
N/A
Housekeeper (no dependent child/student)
N/A
N/A
Housekeeper (with dependent child/student)
N/A
N/A
Spouse/de facto (with dependent child/student) – higher tax offset
N/A
N/A
First child under 21 (not being a student)
376
1,785
282
1,409
376
1,785
1,607
N/A
Spouse/de facto (no dependent child/student)
2
Tax offset/rebate available where taxpayer entitled to claim ZTO, OFTO or
OCTO3:
Tax offset/rebate ‘notionally’ used for other purposes:
4
Each other child under 21 (not being a student)
Student
4
Sole parent
1
4
4
If the taxpayer is claiming an offset in respect of a dependant other than a spouse, the combined Adjusted Taxable Income
(‘ATI’) of the taxpayer and their spouse must not exceed $150,000. If claiming for a spouse, the taxpayer’s ATI must not
exceed $150,000. In addition, the amount of the dependant offset reduces by $1 for every $4 by which the dependant's
ATI exceeds $282.
A taxpayer's ATI includes their
– taxable income;
– adjusted fringe benefits total;
– tax-free pensions or benefits;
– target foreign income;
– reportable superannuation contributions;
– total net investment losses;
Less Deductible child maintenance expenditure (i.e., child support paid).
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July Supplement 2015
July Supplement 2015
2
3
4
For the 2014 income year, this offset could be claimed by taxpayers who have a spouse born before 1 July 1952 where
certain conditions were met. If a DSTO claim was made, a claim could not be made for the same spouse under the DICTO.
For the 2014 income year, taxpayers eligible for the Zone Tax Offset (‘ZTO’), the Overseas Forces Tax Offset (‘OFTO’) or
the Overseas Civilian Tax Offset (‘OCTO’) continued to be entitled to claim (where eligible) the other eight dependent tax
offsets (e.g., the housekeeper tax offset) set out in the table above rather than the DICTO.
However, in its 2014/15 Federal Budget announcement, the government indicated that, from 1 July 2014 (i.e., from the 2015
income year), any retained entitlement to any of these eight other dependent tax offsets, as part of the ZTO, OFTO and
OCTO will be removed (the DICTO is available, where eligible). Note that at the time of writing, legislation to implement
this measure is awaiting Royal Assent.
These dependant tax offsets have been abolished or replaced, however they have been notionally retained for various
purposes (e.g., calculating the ZTO, OFTO, OCTO and entitlement to other tax offsets).
Medical Expenses Tax Offset
As part of the May 2013 Federal Budget, the former federal government announced that it would phase out
the Net Medical Expenses Tax Offset ('NMETO') by the end of the 2019 income year.
Legislative amendments to give effect to this measure were enacted by the Tax and Superannuation Laws
Amendment (2014 Measures No. 1) Act 2014. However, transitional arrangements apply whereby claims
for the NMETO can only be made as follows, subject to satisfying the income test set out below:
u For the 2014 income year, the NMETO can be claimed in respect of the full range of eligible out-ofpocket medical expenses if the offset was claimed in the 2013 year;
u For the 2015 income year, the NMETO can be claimed in respect of the full range of eligible out-ofpocket medical expenses if the offset was claimed in both the 2013 and 2014 income years;
u In all other cases, the NMETO can only be claimed in respect of out-of-pocket medical expenses
relating to disability aids, attendant care or aged care, up to and including the 2019 income year; and
u From 1 July 2019 (i.e., from the 2020 income year), the NMETO is abolished for all taxpayers.
The NMETO has been income tested since 1 July 2012.
For the 2015 income year, the NMETO is claimed as follows:
Status
Adjustable taxable income
for rebates1,2
$90,000 or less
Single
Greater than $90,000
$180,000 or less
Family3,4
Greater than $180,000
1
2
3
4
Medical expenses
$2,218 or less
Greater than $2,218
$5,233 or less
Greater than $5,233
$2,218 or less
Greater than $2,218
$5,233 or less
Greater than $5,233
Rate of Offset
0
20
0
10
0
20
0
10
'Adjusted taxable income for rebates’ is calculated as the taxpayer's taxable income + adjusted fringe benefits total +
reportable super contributions + target foreign income + total net investment loss + any tax free pension or benefit –
deductible child maintenance expenditure.
A taxpayer will be eligible for the family threshold if they are married on the last day of the income year or have a dependant
on any day of the income year.
The threshold is increased by $1,500 for each dependant child after the first.
Where the taxpayer is married it is the combined total of the taxpayer's and their spouse's ‘adjusted taxable income for
rebates’ that is compared to the threshold.
Voice
Page 13
Voice
Low Income Tax Offset
Resident individuals (including trustees assessed under S.98 ITAA 1936 in respect of presently entitled
resident beneficiaries) are entitled to the low-income tax offset1.
In the 2014/15 and 2013/14 income years, the maximum offset of $445 is reduced by 1.5 cents for every
dollar of taxable income over $37,000. The offset is not automatically indexed.
1
Taxable Income
$
Tax Offset
0 – 37,000
37,001 – 66,666
66,667+
$445
$445 – [(Taxable Income – $37,000) x 1.5%]
Nil
Minors who are not classified as an 'excepted person' are not eligible to apply the low-income tax offset to reduce tax
payable on their unearned (i.e., Division 6AA) income.
Seniors and Pensioners Tax Offset
Maximum
Offset
$
Shade-out
Threshold2
$
Cut-out
Threshold2
$
Single, separated or widowed
$2,230
$32,279
$50,119
Each member of a couple (married or de facto, whether
of the same or opposite sex)3
$1,602
Each member of a couple (married or de facto, whether
of the same or opposite sex) separated due to illness or
because one was in a nursing home3
$2,040
Family Situation1
$57,948
($28,974 each)
$62,558
($31,279 each)
$83,580
($41,790
each)
$95,198
($47,599
each)
1 For a taxpayer who is a member of a couple, eligibility is established by halving the combined 'rebate' income of the
taxpayer and their spouse and comparing this amount against the relevant Cut-out Threshold – if this figure reaches the
Cut-out Threshold (meaning the combined rebate income of the taxpayer and their spouse is equal to or greater than
double the relevant Cut-out Threshold in the above table), then neither person is eligible for SAPTO. If this figure is below
the Cut-out Threshold, then the amount of each person’s SAPTO entitlement depends on their own rebate income and
their eligibility for any unused portion of their spouse’s SAPTO.
An individual's 'rebate' income for a year of income is the sum of the individual's:
(a)
taxable income for the year;
(b)
reportable superannuation contributions for the year;
(c)
total net investment loss for the year; and
(d)
the individual's adjusted fringe benefits total for the income year.
2 The maximum offset reduces by 12.5 cents for every dollar of rebate income over the Shade-out Threshold and reduces
to nil for rebate income levels at or above the Cut-out Threshold.
3 The transfer of any unused portion of a spouse’s SAPTO may occur if both the taxpayer and their spouse are eligible for
SAPTO, the spouse’s tax offset entitlement exceeds their tax payable, and tax payable by the taxpayer exceeds their tax
offset entitlement.
3 The transfer of any unused portion of a spouse’s SAPTO may occur if both the taxpayer and their spouse are eligible for
SAPTO, the spouse’s tax offset entitlement exceeds their tax payable, and tax payable by the taxpayer exceeds their tax
offset entitlement.
Page 14
July Supplement 2015
July Supplement 2015
Private Health Insurance Rebate
The private health insurance (PHI) rebate is an amount that the government contributes towards the cost of
PHI premiums. The rebate is only available in relation to a 'complying PHI policy' (basically, a policy offered
by a registered health insurer that provides hospital cover, general treatment cover or both), excluding 'lifetime
health cover loading' applied to the cost of a policy from 1 July 2013.
From 1 July 2012, the PHI rebate is income tested. As a result, higher income earners now receive less
PHI rebate or, if they do not have the appropriate level of private patient hospital cover, the Medicare levy
surcharge may increase (as set out in table 3.03.04).
The income tier thresholds
The PHI rebate is income tested against the income tier thresholds, as set out below.
Furthermore, from 1 April 2014, PHI rebate percentages are adjusted downwards by a single rebate adjustment
factor. This means that in each year, two separate PHI rebate percentages will be applied in calculating a
taxpayer's PHI rebate - one for the period 1 July to 31 March, and a separate percentage for the period 1
April to 30 June (as outlined in the following table for the 2015 income year).
Base Tier
$
Tier 1
$
Tier 2
$
Tier 3
$
90,000 or less
90,001 – 105,000
105,001 – 140,000
140,001+
0 dependants
180,000 or less 180,001 – 210,000 210,001 – 280,000
280,001+
1 dependant
180,000 or less 180,001 – 210,000 210,001 – 280,000
280,001+
2 dependants
181,500 or less 181,501 – 211,500 211,501 – 281,500
281,501+
3 dependants
183,000 or less 183,001 – 213,000 213,001 – 283,000
283,001+
4 dependants
184,500 or less 184,501 – 214,500 214,501 – 284,500
284,501+
5 dependants
186,000 or less 186,001 – 216,000 216,001 – 286,000
286,001+
Singles1,2
Singles
Families/Couples
1,3
Each extra child
1,500
Aged under 654
29.040%
1,500
1,500
1,500
Rebate 1 July 2014 to 31 March 2015
Aged 65 - 69
4
Aged 70 or over4
19.360%
9.680%
0%
33.88%
24.20%
14.52%
0%
38.720%
29.040%
19.360%
0%
Rebate 1 April 2015 to 30 June 2015
Aged under 65
27.820%
18.547%
9.273%
0%
Aged 65 - 694
32.457%
23.184%
13.910%
0%
Aged 70 or over4
37.094%
27.820%
18.547%
0%
4
1 Based on law applying at the time of writing, from 1 July 2015 to 30 June 2018, the PHI income thresholds will not be
indexed (i.e., they will remain at 2014/15 rates for the next three years).
2 A 'single' taxpayer is someone who is not married and does not have any dependent children.
3 A person will generally be assessed under the 'families/couples' tier thresholds if the person:
– is married on the last day of the income year (including a de facto couple) – in this case, it is the combined income
for surcharge purposes (i.e., the Base Tier) of the taxpayer and their spouse which is included; or
– at any time during the year, contributes in a substantial way to the maintenance of at least one dependent child who
is either the person's 'child' (as defined in S.995-1 of the ITAA 1997) or their 'sibling' who is dependent on them for
economic support.
4 This is a reference to the age of the oldest person covered by the policy.
Voice
Page 15
Voice
Zone Tax Offset
Taxpayers who live in remote areas of Australia may be entitled to a Zone Tax Offset depending on the
amount of time spent in the relevant zones. Generally speaking, taxpayers qualify as residents of a zone
where they reside in the zone (not necessarily continuously) for 183 days or more. Remote areas do not
include offshore rigs.
To find out whether a location is currently in a zone or special area, refer to the 'Australian Zone List', which
can be found on the ATO website.
The 2014/15 zone rebate levels remain unchanged from 2013/14 and are set out below:
Maximum Offset2
$
Description1
Special Area in Zone A
$1,173 + 50% of the relevant rebate amount3
Special Area in Zone B
$1,173 + 50% of the relevant rebate amount3
Zone A
$338 + 50% of the relevant rebate amount3
Zone B
$57 + 20% of the relevant rebate amount3
1 The Zone A offset applies to a taxpayer who is a resident of Zone A during the year of income but has not resided or
actually been in the special area of either zone (these areas are particularly isolated) during any part of the year. The
Zone B offset applies to a taxpayer who is a resident of Zone B during the year of income but has not resided or actually
been in Zone A, or the special area of either zone during any part of the year. Where a taxpayer does not fall into any of
the previous categories but resided in a zone area for some of the year, the Commissioner can determine a reasonable
amount of tax offset to allow in the circumstances.
2 The zone offset amount noted in the table is increased by the full amount of the dependant spouse tax offset to which the
taxpayer would be entitled assuming the relevant age restriction for that rebate did not apply (and provided also that the
taxpayer is not otherwise already eligible to claim the offset).
Note that in the 2014/15 Federal Budget, the government announced that it would abolish the dependant spouse tax
offset from 1 July 2014, for all taxpayers. The government also announced that it would abolish the claiming of other
dependant-related tax offsets (e.g., the parent/parent-in-law tax offset) as part of the zone or overseas forces tax offsets
from 1 July 2014. However, eligible taxpayers may claim both the DICTO and the zone or overseas forces tax offset. At
the time of writing, legislation to enact this is awaiting Royal Assent.
3 The 'relevant rebate amount' is the total of certain rebates or notional rebates to which the taxpayer is entitled or deemed
to be entitled.
Note that as part of the 2015/16 Federal Budget, the government announced that from 1 July 2015 (i.e., from
the 2016 income year), it will exclude 'fly-in fly-out' and 'drive-in drive-out' workers ('FIFO/DIDO workers')
from being able to claim the Zone Tax Offset where their normal residence is not within a particular zone.
Furthermore, for those FIFO/DIDO workers whose normal residence is in one zone, but who work in another
zone, they will retain the Zone Tax Offset entitlement associated with their normal place of residence. At
the time of writing no legislation has been introduced to implement these changes.
Per Kilometre Claims for Car Deductions
The 2014/15 cents per kilometre (km) rates for car deductions (up to a maximum of 5,000 business kms per
car), based on engine capacity, are as follows:
Engine Capacity (cc)
1
Rate per Km1
Ordinary Car
Rotary Engine Car
2014/15
$
0 – 1,600
1,601 – 2,600
2,601+
0 – 800
801 – 1,300
1,301+
0.65
0.76
0.77
Note that, as part of the 2015/16 Federal Budget, the government announced that from the 2016 income year, the three
current 'cents per km' rates will be replaced with one rate set (initially) at 66 cents per km for all cars. The Commissioner
will be responsible for updating the rate in following years.
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July Supplement 2015
July Supplement 2015
Car Depreciation Cost Limit1
The depreciation cost limit applies to the income year in which the car is acquired or first held.
1
Income Year
Cost Limit
$
2014/15
57,466
A hearse is not subject to the depreciation car limit.
CGT Improvement Thresholds
Certain improvements to pre-CGT assets will be deemed to be separate post-CGT assets where the cost
base of the improvement exceeds both the improvement threshold for the year and 5% of the consideration
for the sale of the asset.
Income Year
Improvement Threshold
$
2014/15
140,443
2013/14
136,884
CGT Indexation Factors
Indexation (based on movements in the Consumer Price Index or CPI) is only relevant in working out the
cost base of an asset acquired on or before 11.45am 21 September 1999. Changes to the tax law mean
that indexation is frozen to the September 1999 quarter.
However, the CPI rates are reported in the table below because they are relevant to some provisions in
tax and superannuation law including, among other things, calculating the taxable value of a fringe benefit
relating to the repurchase of remote area residential property.1
Year
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
Voice
Quarter Ending
31 March
106.8
105.4
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
Quarter Ending
30 June
Not available
105.9
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
Quarter Ending
30 September
Not available
106.4
104.0
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
Quarter Ending
31 December
Not available
106.6
104.8
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
Page 17
Voice
Year
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1
Quarter Ending
31 March
63.8
61.5
60.6
59.9
58.9
56.2
51.7
48.4
45.3
41.4
37.9
Quarter Ending
30 June
64.7
61.9
60.8
59.7
59.0
57.1
53.0
49.3
46.0
42.1
38.8
Quarter Ending
30 September
65.5
62.3
61.1
59.8
59.3
57.5
54.2
50.2
46.8
43.2
39.7
Quarter Ending
31 December
66.0
62.8
61.2
60.1
59.9
59.0
55.2
51.2
47.6
44.4
40.5
Note that the Australian Bureau of Statistics changed the index reference base in September 2012 from 1989/90 to 2011/12.
As a result all CPI rates have been reset and the previous rates no longer apply. The rates reported in the above table
are the reset rates.
Valuation of Natural Increase – Prescribed Cost Rates – 2014/15
1
Description
Rate per Head
$
Description
Rate per Head
$
Cattle
Deer
Emus
Goats
20.00
20.00
8.00
4.00
Horses1
Pigs
Poultry
Sheep
20.00
12.00
0.35
4.00
Where a service fee is incurred for insemination and a horse is acquired as a result, its cost is the greater of the cost (i.e.,
actual or as prescribed by the regulations) and the amount of the service fee attributable to the acquisition.
Goods Taken from Stock for Private Use
2014/15
Type of Business
Bakery
Butcher
Restaurant/cafe (licensed)
Restaurant/cafe (unlicensed)
Caterer
Delicatessen
Fruiterer/greengrocer
Take-away food shop
Mixed business (e.g., milk bar, convenience store)
1
2
Adult/Child
Over 16 years
$
Child2
4-16 years
$
1,330
790
4,490
3,460
3,740
3,460
780
3,350
4,170
665
395
1,730
1,730
1,870
1,730
390
1,675
2,085
2
These amounts are taken from TD 2015/9 which is the current determination and which applies for the 2014/15 income
year.
Amounts are GST-exclusive.
Page 18
July Supplement 2015
July Supplement 2015
Income-producing Building Write-off Rates
Use of Building
Non-residential buildings
Industrial
Non-industrial buildings
Research & Development buildings
Residential buildings
Short-term traveller accommodation
Residential income-producing buildings
Structural improvements
Environment protection earthworks
1
Capital Works Commenced
Write-off
Rate
%
27/2/1992+1
20/7/1982 – 21/8/1984
22/8/1984 – 15/9/1987
16/9/1987+
21/11/1987+
4
2.5
4.0
2.5
2.5
22/8/1979 – 21/8/1984
22/8/1984 – 15/9/1987
16/9/1987 – 26/2/1992
27/2/1992+
18/7/1985 – 15/9/1987
16/9/1987+
27/2/1992+
19/8/1992+
2.5
4.0
2.5
4.0
4.0
2.5
2.5
2.5
For an industrial building constructed before 27 February 1992, the rates for non-industrial non-residential buildings are
applied.
Voice
Page 19
Voice
Prime Cost and Diminishing Value Rates (150% and 200%)
For most items of plant and equipment acquired* on or after 10 May 2006, the diminishing value method
(DVM) rate was increased from 150% to 200%. This means that the DVM depreciation rate is twice the
prime cost (PC) rate of depreciation for such assets.
Note(*): For these purposes, a taxpayer acquires an asset when they commence to hold it (e.g., on settlement
of a contract). Therefore, a taxpayer may acquire an asset on or after 10 May 2006 under a contract entered
into before 10 May 2006, and still use the 200% DVM rate.
The 200% DVM depreciation rates apply to new and second-hand assets, including those with statutory
caps (e.g., trucks). The rates also apply to both business assets and investment assets (e.g., assets used
in a rental property).
However, the 200% DVM depreciation rates do not apply to taxpayers using the SBE rules and assets classes
for which there are special arrangements (e.g., new horticultural plants).
For the purposes of the 200% DVM depreciation rates, specific assets are also excluded. The types of
assets excluded from the 200% DVM depreciation rates are:
u
In-house software
u
Intellectual property assets (except copyrights in a film)
u
Spectrum licences
u
Datacasting transmitter licences
u
Telecommunications site access rights
The following table sets out the effective PC and DVM rates of depreciation that apply to an asset based
on its effective life.
For example, a taxpayer may choose to use the Commissioner’s effective life of 10 years for a particular
asset. In that case, the PC rate of depreciation would be 10% (i.e., 100% divided by 10 (years)).
The equivalent DVM rate of depreciation would be either 15% (at 150% DVM rates) or 20% (at 200% DVM
rates) depending on whether the depreciating asset was acquired before 10 May 2006 or on or after 10
May 2006.
Effective Life
(years)
0.5
1
1.5
2
3
3.33
3.5
4
4.5
5
5.5
6
6.67
7
7.5
Page 20
Prime cost rate
%
Diminishing value rate
(150%)
%
Diminishing value rate
(200%)
%
*
100
66.67
50
33.33
30
28.57
25
22.22
20
18.18
16.67
15
14.29
13.33
*
*
100
75
50
45
42.86
37.5
33.33
30
27.27
25
22.5
21.43
20
*
*
*
100
66.67
60
57.14
50
44.44
40
36.36
33.33
30
28.57
26.67
July Supplement 2015
July Supplement 2015
Effective Life
(years)
8
8.33
9
10
11
12
12.5
13
13.33
15
16
16.67
17
17.5
18
20
23
25
30
33
33.33
35
40
45
47.5
50
80
100
Prime cost rate
%
Diminishing value rate
(150%)
%
Diminishing value rate
(200%)
%
12.5
12
11.11
10
9.09
8.33
8
7.69
7.5
6.67
6.25
6
5.88
5.71
5.56
5
4.35
4
3.33
3.03
3
2.86
2.5
2.22
2.11
2
1.25
1
18.75
18
16.67
15
13.64
12.5
12
11.54
11.25
10
9.375
9
8.82
8.57
8.33
7.5
6.52
6
5
4.55
4.5
4.29
3.75
3.33
3.16
3
1.88
1.5
25
24
22.22
20
18.18
16.67
16
15.38
15
13.33
12.5
12
11.76
11.43
11.11
10
8.70
8
6.67
6.06
6
5.71
5
4.44
4.21
4
2.5
2
Note: Where assets are acquired during the year, depreciation must be calculated on a per day basis. Therefore a 100% or
higher depreciation rate does not equate to an immediate write-off unless the asset is held for (up to) a full year.
* In the first year, the depreciation claim cannot be greater than the original cost and, over the life of the asset, total depreciation
claimed cannot exceed the asset's original cost.
Voice
Page 21
Voice
FBT Rate
Fringe Benefits Tax – 2016 & 2015
FBT is imposed on the grossed-up taxable value of the benefits provided. The FBT rate is as follows:
FBT Year Ended
Rate of Tax1
31 March 2016
49%
31 March 2015
47%
1 As a consequence of the introduction of the 2% 'Temporary Budget Repair Levy', the FBT rate has been temporarily
increased to 49% for the 2016 and 2017 FBT years. This change has also affected the gross-up rates and the FBT rebate
rate (which has also temporarily increased to 49% from 1 April 2015).
Gross-up Rates
Gross-up Rate1
1
FBT Year Ended
Type 1
Type 2
31 March 2016
2.1463
1.9608
31 March 2015
2.0802
1.8868
The FBT gross-up rates have been temporarily increased for the 2016 and 2017 FBT years as a result of the introduction of
the 2% 'Temporary Budget Repair Levy'.
Car Fringe Benefits – Statutory Formula Method – Statutory Fraction
Statutory Fraction
Annualised kilometres
Agreements in existence before
7.30pm 10 May 2011
Agreements entered into
from 7.30pm 10 May 2011
0 – 14,999
0.26
0.20
15,000 – 24,999
0.20
0.20
25,000 – 40,000
0.11
0.20
0.07
0.20
Engine Capacity
Cents per Km
2016 FBT Year
$
Cents per Km
2015 FBT Year
$
0 – 2,500cc
0.51
0.50
2,501cc+
0.61
0.60
Motorcycles
0.15
0.15
40,001+
Rates for Vehicles other than Cars1
1 These are residual fringe benefits.
Benchmark Interest Rate for Loan Fringe Benefits
FBT Year Ended 31 March
Rate
2016
5.65%
2015
5.95%
Car Parking Threshold
Page 22
FBT Year Ended 31 March
Threshold
2016
$8.37
2015
$8.26
July Supplement 2015
July Supplement 2015
2015 Individual income tax return checklist
Full Name
Tax File Number (TFN)
Has name changed
since last return?
Yes / No
If Yes, previous name :
Date of birth
Are you an Australian
resident?
Yes / No / Unsure
ABN (if applicable)
Address
Address (postal)
(Put ‘as above’ if the same)
Mobile:
Telephone contacts
Business Hours (work) :
After Hours (home):
Email
Electronic banking
details
BSB:
Account Number:
Account Name:
(for refund if applicable)
Main occupation
Spouse name and TFN
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Please circle YES or NO for each of the items listed below:
INCOME – Please provide evidence
1. Salary or wages ............................................................................................................................. YES/NO
2. Allowances, earnings, tips, director’s fees etc. ............................................................................... YES/NO
3. Employer lump sum payments ....................................................................................................... YES/NO
4. Employment termination payments ................................................................................................ YES/NO
5. Australian Government allowances and payments like Newstart, youth allowance and
Austudy payments ......................................................................................................................... YES/NO
6. Australian Government pensions and allowances .......................................................................... YES/NO
7. Australian annuities and superannuation income streams ............................................................. YES/NO
8.
Australian superannuation lump sum payments ............................................................................ YES/NO
9. Attributed personal services income .............................................................................................. YES/NO
10. Gross Interest ................................................................................................................................ YES/NO
11. Dividends ....................................................................................................................................... YES/NO
12. Employee share schemes .............................................................................................................. YES/NO
13. Distributions from partnerships and/or trusts .................................................................................. YES/NO
14. Personal services income (PSI) ..................................................................................................... YES/NO
15. Net income or loss from business (as a sole trader) ...................................................................... YES/NO
16. Deferred non-commercial business losses ..................................................................................... YES/NO
17. Net farm management deposits or repayments .............................................................................. YES/NO
18. Capital gains .................................................................................................................................. YES/NO
19. Foreign entities:
•
Direct or indirect interests in controlled foreign company.......................................................... YES/NO
• Transfer of property or services to a non-resident trust............................................................. YES/NO
20. Foreign source income (including foreign pensions) and foreign assets or property ...................... YES/NO
21. Rent ............................................................................................................................................ YES/NO
22. Bonuses from life insurance companies or friendly societies ......................................................... YES/NO
23. Forestry managed investment scheme income .............................................................................. YES/NO
24. Other income (please specify below).............................................................................................. YES/NO
..........................................................................................................................................................
..........................................................................................................................................................
..........................................................................................................................................................
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DEDUCTIONS – Please provide evidence
D1. Work related car expenses
− Cents per kilometre method (up to a maximum of 5,000 kms) .................................................. YES/NO
− Log book method ...................................................................................................................... YES/NO
− One-third of actual expenses method ....................................................................................... YES/NO
− 12% of actual cost method ....................................................................................................... YES/NO
D2. Work related travel expenses
Employee domestic travel with reasonable allowance .................................................................... YES/NO
− If the claim is more than the reasonable allowance rate, do you have receipts for
your expenses?......................................................................................................................... YES/NO
Overseas travel with reasonable allowance ................................................................................... YES/NO
− Do you have receipts for accommodation expenses? ............................................................... YES/NO
− If travel is for 6 or more nights in a row, do you have travel records? (e.g. a travel diary).......... YES/NO
Employee without a reasonable travel allowance ........................................................................... YES/NO
− Did you incur and have receipts for airfares?............................................................................ YES/NO
− Did you incur and have receipts for accommodation?............................................................... YES/NO
− Do you have receipts for hire cars (if applicable)? .................................................................... YES/NO
− Did you incur and have receipts for meals and incidental expenses? ....................................... YES/NO
− Do you have any other travel expenses? .................................................................................. YES/NO
Other work-related travel expenses (e.g., a borrowed car) (please specify).................................... YES/NO
..........................................................................................................................................................
D3. Work related uniform and other clothing expenses
Protective clothing ......................................................................................................................... YES/NO
Occupation specific clothing ........................................................................................................... YES/NO
Non-compulsory uniform ................................................................................................................ YES/NO
Compulsory uniform ....................................................................................................................... YES/NO
Conventional clothing ..................................................................................................................... YES/NO
Laundry expenses (up to $150 without receipts) ............................................................................ YES/NO
Dry cleaning expenses ................................................................................................................... YES/NO
Other claims such as mending/repairs, etc (please specify) ........................................................... YES/NO
..........................................................................................................................................................
D4. Work related self-education expenses
Course taken at educational institution:
− union fees ................................................................................................................................ YES/NO
− course fees .............................................................................................................................. YES/NO
− books, stationery ...................................................................................................................... YES/NO
− depreciation ............................................................................................................................. YES/NO
− travel ........................................................................................................................................ YES/NO
− other (please specify) ............................................................................................................... YES/NO
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..........................................................................................................................................................
D5. Other work related expenses
Home office expenses ................................................................................................................... YES/NO
Computer and software .................................................................................................................. YES/NO
Telephone/mobile phone ................................................................................................................ YES/NO
Tools and equipment ...................................................................................................................... YES/NO
Subscriptions and union fees ......................................................................................................... YES/NO
Journals/periodicals ....................................................................................................................... YES/NO
Depreciation .................................................................................................................................. YES/NO
Sun protection products (i.e., sunscreen and sunglasses) ............................................................ YES/NO
Seminars and courses not at an educational institution:
− Course fees .............................................................................................................................. YES/NO
− Travel ....................................................................................................................................... YES/NO
− Other (please specify) .............................................................................................................. YES/NO
Any other work related deductions (please specify) ....................................................................... YES/NO
..........................................................................................................................................................
..........................................................................................................................................................
Other types of deductions
D6. Low value pool deduction............................................................................................................... YES/NO
D7. Interest deductions ........................................................................................................................ YES/NO
D8. Dividend deductions ....................................................................................................................... YES/NO
D9. Gifts or donations ........................................................................................................................... YES/NO
D10.Cost of managing tax affairs .......................................................................................................... YES/NO
D11.Deductible amount of undeducted purchase price of a foreign pension or annuity ......................... YES/NO
D12.Personal superannuation contributions .......................................................................................... YES/NO
Full name of fund: ........................................................................................................................................
Account no: ..................................................................................................................................................
Fund ABN: ...................................................................................................................................................
Fund TFN: ....................................................................................................................................................
Do you pass the 10% test? ………………………………………………………………..…...YES/NO
Have you provided the fund a notice of intention to deduct the contribution?.................................. YES/NO
Has this notice been acknowledged by the fund?........................................................................... YES/NO
D13.Deduction for project pool .............................................................................................................. YES/NO
D14.Forestry managed investment scheme deduction .......................................................................... YES/NO
D15.Other deductions (please specify) ................................................................................................. YES/NO
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July Supplement 2015
L1. Tax losses of earlier income years .................................................................................................. YES/NO
Tax offsets/rebates – Please provide evidence
T1. Are you a senior Australian or a pensioner?.................................................................................... YES/NO
T2. Did you receive an Australian superannuation income stream? ..................................................... YES/NO
T3. Did you make superannuation contributions on behalf of your spouse? ......................................... YES/NO
T4. Did you live in a remote area of Australia or serve overseas with the Australian defence
force or the UN armed forces in 2015?........................................................................................... YES/NO
T5. Did you have net medical expenses in 2015?................................................................................. YES/NO
If so, do these medical expenses include expenses relating to disability aids, attendant
care or aged care expenses?.......................................................................................................... YES/NO
Did you claim for NMETO in 2013 and 2014?................................................................................. YES/NO
T6. Did you maintain a dependant who is unable to work due to invalidity or carer obligations?........... YES/NO
T7. Are you entitled to claim the landcare and water facility tax offset? ............................................... YES/NO
T8. Other non-refundable tax offsets (please specify)........................................................................... YES/NO
T9. Other refundable tax offsets (please specify).................................................................................. YES/NO
Other relevant information
A. Are you entitled to the Medicare levy exemption or reduction in 2015? ............................................. YES/NO
(If yes, please specify):........................................................................................................................................
..........................................................................................................................................................
B. Did you have private health insurance in 2015? ............................................................................. YES/NO
(If yes, please provide the annual statement received from your health fund)
C. Were you under the age of 18 on 30 June 2015?............................................................................ YES/NO
D. Did you become an Australian tax resident at any time during the 2015 income year?................... YES/NO
E. Did you cease to be an Australian tax resident at any time during the 2015 income year?.............. YES/NO
F. Did you make a non-deductible (non-concessional) personal super contribution?.......................... YES/NO
G.
Do you have a HECS/HELP liability or a student financial supplement loan debt?......................... YES/NO
I. Did a trust or company distribute income to you in respect of which Family Trust Distribution
Tax (FTDT) was paid by the trust or company?............................................................................... YES/NO
J. Do you have a loan with a private company or have such a loan amount forgiven?........................ YES/NO
(If yes, please specify) – (reviewer consider if deemed dividend in year under Division 7A):
..........................................................................................................................................................
..........................................................................................................................................................
K. Did you receive any benefit from an employee share acquisition scheme?........................................ YES/NO
L. Family Tax Benefit (‘FTB’):
– Did you have care of a dependent child in 2015?............................................................................. YES/NO
– Did you or your spouse receive FTB through DHS in 2015? ........................................................... YES/NO
M. Income tests information
–
Do you have any total reportable fringe benefits amounts in 2015?................................................ YES/NO
–
Do you have any reportable employer superannuation contributions in 2015?................................ YES/NO
–
Did you receive any tax-free government pensions in 2015?..........................................YES/NO
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–
Did you receive any target foreign income in 2015?........................................................YES/NO
–
Did you have a net financial investment loss in 2015?.................................................................... YES/NO
–
Did you have a net rental property loss in 2015?............................................................................ YES/NO
–
Did you pay child support in 2015?................................................................................................. YES/NO
–
Number of dependent children?
___________
N. Spouse details (if applicable)
– Did you have a spouse for the full year from 1 July 2014 to 30 June 2015?............ .................YES/NO
If you had a spouse for only part of the income year, please specify the dates
between 1 July 2014 to 30 June 2015 when you had a spouse:
From _____ / _____ / _________ to _____ / _____ / _________
– What was your spouse’s taxable income for the 2015 income year? $........................
– Does your spouse have a share of trust income on which the trustee is assessed
under Section 98 that has not been included in your spouse’s taxable income.......................... YES/NO
– Did a trust or company distribute income to your spouse in respect of which family trust
distribution tax was paid by the trust or company for the 2015 income year?............................ YES/NO
– Did your spouse have any reportable fringe benefits amounts for the 2015 income year?......... YES/NO
– Did your spouse receive any Australian Government pensions or allowances
(not including exempt pension income) in the 2015 income year?............................................. YES/NO
– Did your spouse receive any exempt pension income in the 2015 income year?....................... YES/NO
– Does your spouse have any reportable super contributions for the 2015 income year?............ YES/NO
– Did your spouse receive any tax-free government pensions paid under the Military
Rehabilitation and Compensation Act 2004?............................................................................. YES/NO
– Did your spouse receive any ‘target foreign income’ in the 2015 income year?......................... YES/NO
– Did your spouse have a total net investment loss (i.e., the total of any financial
investment loss and a rental property loss) for the 2015 income year?..................................... YES/NO
– Did your spouse pay child support during the 2015 income year?............................................. YES/NO
– If your spouse is 55 to 59 years old, did they receive a superannuation lump sum (other
than a death benefit) during the 2015 income year that included a taxed element that
does not exceed their low rate cap?.......................................................................................... YES/NO
Dated the …………..... day of ……………………………………………20….....
Signature of taxpayer ........................................................................................................................................
Name (print)
.......................................................................................................................................
Dated the …………..... day of ……………………………………………20….....
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