Tax Guide
Medicare levy—1% surcharge 2011-12
Individual rates / Medicare levy
Resident tax rates—2012-13
Taxable Income ($)
0 - 18,200
18,201 - 37,000
37,001 - 80,000
80,001 - 180,000
180,001 and over
Tax Payable ($)
Nil
Nil + 19% of excess over 18,200
3,572+ 32.50% of excess over
37,000
17,547 + 37% of excess over 80,000
54,547 + 45% of excess over 180,000
Non - resident tax rates—2012-13
Taxable Income ($)
0 - 80,000
80,001 - 180,000
180,001 and over
Single (no children)
Flood Levy on this taxable income
Nil
Half a cent for each $1 over $50,000
$250 plus 1 cent for each $1 over
$100,000
Note: Exemptions apply to certain individuals in receipt of an
Australian Government Disaster Recovery Payment for a flood
event or individuals who were affected by an event that
occurred during 2010-11 and that was declared as a natural
disaster under the Natural Disaster Relief and Recovery
Arrangements.
Medicare levy—2012-13 thresholds
The general rate of the Medicare levy is 1.5% of taxable
income, subject to exclusions and reduced levy as per
table below.
Taxpayer
Individual
Taxpayer with spouse and:
0 dependents
1 dependent
2 dependents
3 dependents
Each additional
Pensioner below age pension age1
Senior Australian2
Senior Australian w/spouse and 0
dependents
1
2
Tier
Couple (no children)
$160,000
Single/couple with children $160,000 (+$1,500 per child
after 1st)
Tier
No levy ($)
19,404
(family income)
32,743
35,750
38,757
41,764
3,007
30,451
30,685
Surcharge
rates
1
1%
2
Single
97,001 to 130,000
Couple/Families 194,001 to 260,000
1.25%
Single
Single
Couple/Families
Single
Couple/Families
Single
Couple/Families
Single
Couple/Families
1
2
Single
84,001 to 97,000
Couple/Families 168,001 to 194,000
3
Rebate
0 to 84,000
0 to 168,000
84,001 to 97,000
168,001 to 194,000
97,001 to 130,000
194,001 to 260,000
130,001 and over
260,001 and over
30%
20%
10%
0%
Super guarantee—quarterly regime 2012-13+
Quarter ending
Employer
contribution due
SGC statement and
payment due1
30 September
31 December
31 March
30 June
28 October
28 January
28 April
28 July
28 November
28 February
28 May
28 August
130,001 and over
Couple/Families 260,001 and over
1.5%
Note: $1,500 for each additional child after the first.
1
An employer can offset SGC against a “late" contribution made by
the 28th day after the second month after the end of the quarter
from 1 January 2006.
Tax offsets/rebates
Low income taxpayer offset
Super guarantee—support levels 2012-13
The low income taxpayer offset for 2011-12 is provided on
assessment.
Taxable Income (TI) ($)
0—30,000
30,001—67,500
67,501 +
Rebate ($)
1,500
1,500—[(TI—$30,000) x 4%]
Nil
From 1 July 2011, minors (children under 18 years of age) will no
longer be able to access the low income tax offset to reduce tax
payable on their non-work income, such as dividends, interest,
rent, royalties and other income from property.
Medical Expenses—2011-12 thresholds
Where medical expenses paid during the tax year exceed
$2,060, net of reimbursements, offset is 20c for each $1
in excess of $2,060 (2010-11), and indexed annually to CPI
thereafter (the threshold was previously $2,000).
Medical Expenses —2012-13 thresholds
Tier
Taxpayer
44,500
Entitled to pensioner tax offset.
Entitled to SATO. Eligible seniors will not pay Medicare levy
until they begin to incur an income tax liability.
Taxable income and
reportable fringe
benefits ($)
Taxpayer
Taxable income and
reportable fringe
benefits ($)
Taxpayer
-
Surcharge is 1% of taxable income/reportable fringe benefits if
taxpayer, spouse and all dependents are not covered by private
hospital insurance and thresholds are exceeded.
3
100,000 and over
$80,000
Tax Payable ($)
32.50%
26,000 + 37% of excess over 80,000
63,000 + 45% of excess over
180,000
A temporary flood levy will apply to both resident and
non-resident individuals for the 2011-2012 income year
only.
0— 50,000
50,001—100,000
The 30% health insurance rebate will reduce for certain taxpayers
where they fall within the following 3 tiers:
Medicare levy— 1% surcharge 2012-13
Flood Levy
Taxable Income ($)
Surcharge threshold—
adjusted taxable income and
reportable fringe benefits
Status
Private health insurance Incentive amount 2012-13
1
Single
Couple/Family
Single
2
Couple/Family
Taxable
income and
reportable
fringe
benefits ($)
0 - 84,000
0 - 168,000
84,000 and
over
168,000 and
over
Nett
Amount
expenses
of
required rebate
$2060
onwards
20%
$5000
onwards
10%
Year
Prescribed Support1
2003+
9%
1
Maximum contribution base for an individual employee for each
quarterly contribution period is $43,820 for 2012-13.
Proposed change
1.
2.
Increase in SGC from 9% to 12% by 2019/20. The charge will
increase in increments (0.25% to 0.50% p.a.) from the
2012/13 year.
The maximum age limit for compulsory SGC will increase from
70 to 75 years of age from 2013/14.
Superannuation—Co Contribution thresholds
Year
Maximum
entitlement
Matching
rate
Lower
threshold
Maximum
threshold
20112012
1000
100%
31,920
61,920
20122013
500
50%
31,920
46,920
Tax Guide
HECS Repayments thresholds—2011-12
Fringe benefits tax
Super contributions - 2012-13
Tax rate
Tax rate
Income threshold
Income threshold
%
%
FBT rate and gross-up formula
Contribution cap
Age of member
Under age 50 on Age 50 or over on
30 June 2012: 30 June 2012:
$25,000
$25,000
Non-concessional
Under age 65 at Age 65 or over for
contribution cap
any time during all of 2012-13:
$150,000
Individual rates2012-13:
/ Medicare levy
Concessional
contribution cap
Tax Guide 2012/2013
Resident tax rates—2012-13
$150,000 or Up
0 - $47,195
$47,196 - $52,572
0%
4%
$65,564 - $71,066
$71,007 - $74,743
6%
6.5%
$52,573 - $57,947
4.5%
$74,744 - $82,253
7%
$57,948 - $60,993
5%
$82,254 - $87,649
7.5%
$60,994 - $65,563
5.5%
$87,650 & above
8%
FBT gross-up rate
2.0647
1.8692
FBT - benchmark interest rate
The statutory benchmark interest rate for the 2012-13
FBT year is 7.40% (was 7.80% for 2011-12)
FBT - car statutory percentages
Excess Contributions Tax—2012-13
Contribution type
Within cap
Exceeding type
Concessional
Non-concessional
15%
0%
Additional 31.5%
Additional 46.5%
Note:
1. Concessional contribution amounts exceeding both
concessional and nonconcessional caps are effectively taxed at
93%
2. 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.
Superannuation lump sums– 2011-12
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
Depreciation/cars
Car depreciation cost limit 2011-12
The 2011-12 motor vehicle depreciation cost limit is $57,466
Car expenses - per kilometer rates - 2011-12
Rotary engines Conventional engines
60
554-59
Tax-free 5
Tax-free5
0-544
Tax-free5
Tax-free5 ,6
0% - $0-$165,000
15%-$165,001+
20%
Redundancy / early retirement – 2011-12
New contacts
From
From
10.5.11 1.4.12
26%
20%
20%
20%
20%
20%
20%
20%
20%
20%
11%
14%
17%
20%
20%
7%
10%
13%
17%
20%
25,000 40,000
Over 40,000
Shortfall interest charge
GIC rate= SIC rate plus four percentage points.
63
74
Companies
1,301 cc +
2,601 cc +
75
Tax rate 30% - 2012-13 onwards
Non-residential
From
1.4.14
15,000 24,999
0-1,600 cc
1,601 - 2,600 cc
Type
From
1.4.13
0-14,999
Cents per km
Private company loans - benchmark interest
Building write-off
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 56 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.
Kilometres
Travelled
Existing
contacts
0-800 cc
801-1,300 cc
Residential
Taxable component3
Statutory rate (x cost of car to determine FBT)
1
Lump sum paid from taxed fund1
Tax free component2
Tax-free
Excess
Fringe benefit type
Type 1 - input tax credit available
Type 2 - all other cases
ETP and Superannuation lump sums preservation age
to $450,000
over a threeyear period
under bring
forward
provisions.
Age of
recipient
Rate of fringe benefits tax for the year commencing 1
April 2011 is 46.5%
Construction commenced
Rate %
18.7.85-15.9.87
16.9.87-26.2.92
27.2.92 onwards
20.7.82 - 21.8.84
22.8.84 - 15.9.87
16.9.87 - 26.2.92
27.2.92 onwards
4
2.5
2.5 or 41
2.5
4
2.5
2.5 or 41
1
A 4% rate applies to short-term traveler accommodation and
industrial buildings where construction commenced after 26
February 1992. Structural improvements where construction
commenced after 26 February 1992 also eligible for write-off.
Interest rate
30 September
2011-12
2010-11
2009-10
28 October
7.801
7.40
5.75
PAYG quarterly instalments1
Instalment
Deferred BAS
payers2
Other quarterly
payers2
1st instalment
2nd instalment
3rd instalment
4th instalment
28.10.12
28.02.13
28.04.13
28.07.13
21.10.12
21.01.13
21.04.13
21.07.13
1
2
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Income year
Applicable to 30 June balancers.
If due date falls on a Saturday, Sunday or public holiday, due date
is next business day.
PAYG annual instalments - 2012-13 due dates
30 June balancers - 21 October 2012.
$8,435 + ($4,218 x years of service)
Taxed as Employment Termination Payment
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