Use this page to find common Taxation Information, Centre Link Information and Superannuation Information.
| Personal Income Tax Rates (resident) | |
| 2009/2010 FInancial Year
|
Rate |
| $0 to $6,000 | 0% |
| $6,001 to $35,000 | 15% |
| $35,001 to $80,000 | 30% |
| $80,001 to $ $180,000 | 38% |
| $180,001 and over | 45% |
| Personal Income Tax Rates (resident) | |||||
From 1 July 2008 Threshold |
From 1 July 2008 Income |
From 1 July 2009 Threshold |
From 1 July 2009 Income |
From 1 July 2010 Threshold |
From 1 July 2010 Income |
| -$6,000 | 0% |
-$6,000 | 0% |
-$6,000 | 0% |
| -$30,000 | 15% |
-$35,000 | 15% |
-$37,000 | 15% |
| -$80,000 | 30% |
-$80,000 | 30% |
-$80,000 | 30% |
| -$180,000 | 40% |
-$180,000 | 38% |
-$180,000 | 37% |
| $180,000+ | 45% |
$180,000+ | 45% |
$180,000+ | 45% |
| Medicare Levy - 1.5% of taxable income | |
| Payable if income over | $16,740 (single) |
$28,247 (couple) |
|
| Threshold increases by $2,594 for each dependent child | |
| Medicare Levy Surcharge - 1% of taxable income. | |
| Payable if no Health cover & income over | $50,000 (single) |
$100,000 (couple) |
|
Low Income Earner Tax Offset
|
|||
| Offset reduces by 4% of Tax Income in excess of Minimum | |||
Offset |
Min |
Max for nil |
|
| Resident individuals | $750 |
$25,000 |
$43,750 |
| Resident minors | Effective threshold $1,667 |
||
Senior Australians Tax Offset
|
|||
| Offset reduces by 12.5% of Tax Income in excess of Min | |||
Offset |
Min |
Max for nil |
|
| Single | $2,230 |
$25,867 |
$43,707 |
| Married (each) | $1,602 |
$21,680 |
$34,496 |
Simplification of Superannuation - Changes to Superannuation from 1 July 2007
The Federal Government has introduced legislation into Parliament to significantly alter the Australian superannuation regime. The changes will affect all stages i.e. the tax treatment of initial contributions, taxation of earnings and withdrawals.
The majority of the changes are intended to apply from 1 July 2007. The legislation is due for debate in the Autumn sitting of Parliament at which time the old law should be repealed and the supporting regulations introduced. Whilst no material alterations are anticipated, it should be noted this outline was based on draft legislation only.
- Benefits paid from a taxed fund either as a lump sum or as an income stream such as a pension will be tax free for an individual aged 60 and over.
- Benefits paid to an individual under 60 years will still be taxed but the rules will be simplified and in additional tax concessions may apply.
- Benefits paid from an untaxed scheme (mainly affecting public servants) will still be taxed, although at a lower rate than they are now for an individual aged 60 and over.
- Reasonable Benefit Limits (RBLs) will be abolished.
- It will not be compulsory for superannuation funds to pay benefits to members. This took effect from 10 May 2006.
- Individuals will be able to decide when and how to draw down their superannuation after reaching a certain age. Individuals will still be able to access their superannuation once they reach the preservation age (currently 55 years) and have retired, and from the age of 65 years if they have not retired.
- The concessional tax treatment of superannuation contributions and earnings will remain. Age-based restrictions limiting tax deductible superannuation contributions will be replaced by a simpler system.
- The self‑employed will be able to claim a full deduction for their superannuation contributions as well as being eligible for the Government co‑contribution for their after-tax contributions.
- The ability to make deductible superannuation contributions will be extended up to age 75.
- It will be easier for people to find and transfer their superannuation between funds.
Super Numbers
| Concessional Contribution Caps | 2007/2008 |
| Age of Member | Annual cap* |
| Under 50 50 and over** |
$50,000 $100,000 |
* substantially self employed or unsupported persons can claim 100% of contribution and from 1 July 2007 persons can claim a deduction up to age 75
** transitional arrangements until 30 June 2012 for members who are 50 or over
Superannuation Splitting
With effect from 1 January 2006, accumulation fund members will be able to split personal and employer superannuation contributions with their spouse.
- 85% of the "deductible contributions" made in the financial year; and
- 100% of "personal contributions", eg. undeducted contributions.
Government Co-Contribution
A fund member who makes personal after-tax contributions may be entitled to a co-contribution from the Federal Government of up to 150% of the contribution. The co-contribution is available on personal contributions up to $1,500 per person per year. The maximum co-contribution is available where the individual's assessable income and reportable fringe benefits is less than $28,980. This reduces by 5 cents for every dollar of income in excess of $28,980, phasing out when the total reaches $58,980.
The eligibility requirements are:
- A personal contribution must be made to a complying super fund. Contributions made by an employer or spouse do not qualify.
- At least 10% of assessable income must be earned from eligible employments.
- Income tax return must be lodged.
- Member aged under 71.
- Must be an Australian citizen.
