Benchmark interest rate for the purposes of Division 7A. It is the Indicator Lending Rates – Bank variable housing loans interest rate last published by the Reserve Bank of Australia before the start of the income year.
For the year ended 30 June |
% |
Additional reference (refer to TD below) |
2017 |
5.40 |
TD 2016/11 |
2016 |
5.45 |
TD 2015/15 |
2015 |
5.95 |
TD 2014/20 |
2014 |
6.20 |
TD 2013/17 |
2013 |
7.05 |
TD 2012/15 |
2012 |
7.80 |
TD 2011/20 |
2011 |
7.40 |
TD 2010/18 |
2010 |
5.75 |
TD 2009/16 |
2009 |
9.45 |
TD 2008/19 |
2008 |
8.05 |
TD 2007/23 |
2007 |
7.55 |
TD 2006/45 |
2006 |
7.30 |
TD 2005/31 |
2005 |
7.05 |
TD 2004/28 |
2004 |
6.55 |
TD 2003/19 |
2003 |
6.30 |
TD 2002/15 |
2002 |
6.80 |
TD 2001/20 |
(not including Medicare levy)
Taxable Income | Tax rate % |
$0 to $18,200 |
0% |
$18,201 to $37,000 |
19% |
$37,001 to $80,000 |
32.5% |
$80,001 to $180,000 |
37% |
Greater than $180,000 | 47% |
(not including Medicare levy)
Taxable Income | Tax rate % |
$0 to $18,200 |
0% |
$18,201 to $37,000 |
19% |
$37,001 to $87,000 |
32.5% |
$87,001 to $180,000 |
37% |
Greater than $180,000 | 45% |
(not including Medicare levy)
Taxable Income | Tax rate % |
$0 to $18,200 |
0% |
$18,201 to $37,000 |
19% |
$37,001 to $80,000 |
32.5% |
$80,001 to $180,000 |
37% |
Greater than $180,000 | 47% |
(not including Medicare levy)
Taxable Income | Tax rate % |
$0 to $18,200 |
0% |
$18,201 to $37,000 |
19% |
$37,001 to $80,000 |
32.5% |
$80,001 to $180,000 |
37% |
Greater than $180,000 | 47% |
(not including Medicare levy)
Taxable Income | Tax rate % |
$0 to $18,200 |
0% |
$18,201 to $37,000 |
19% |
$37,001 to $80,000 |
32.5% |
$80,001 to $180,000 |
37% |
Greater than $180,000 | 45% |
(not including Medicare levy)
Taxable Income | Tax rate % |
$0 to $18,200 |
0% |
$18,201 to $37,000 |
19% |
$37,001 to $80,000 |
32.5% |
$80,001 to $180,000 |
37% |
Greater than $180,000 | 45% |
(not including Medicare levy)
Taxable Income | Tax rate % |
$0 to $6,000 |
0% |
$6,001 to $37,000 |
15% |
$37,001 to $80,000 |
30% |
$80,001 to $180,000 |
37% |
Greater than $180,000 | 45% |
The concessional contributions can be made and claim as a tax deduction in the individual tax return. A notice of intention to claim a tax deduction with the super fund and acknowledge must be received before tax return can be lodged.
Please note the concessional cap of $25,000 is for everybody and it includes SG contributions and salary scacrifice arrangement.
Income Year | Under 50 | 50 to 59 yrs | 60 yrs and over |
2017/2018 | $25,000 |
$25,000 | $25,000 |
2016/2017 | $30,000 |
$35,000 | $35,000 |
2015/2016 | $30,000 |
$35,000 | $35,000 |
2014/2015 | $30,000 |
$35,000 | $35,000 |
2013/2014 | $25,000 |
$25,000 | $35,000 |
2012/2013 | $25,000 |
$25,000 | $25,000 |
The rate of the tax offset has reduced for higher income earners with effective from 1st July 2017.
The income used for means tested is adjusted (adjusted fringe benefits plus reportable super contributions plus total investment loss plus tax free government pensions less deductiable child support expenses). Details follows;
Tier | Income | Private health insurance rebate |
||
<65 yrs | 65-69 yrs | >70 yrs | ||
Un-changed | Single: <$90,000 Family: <$180,000 |
25.934% | 30.256% | 34.579% |
1 | Single: <$90,001-$105,000 Family: <$180,001-$210,000 |
17.289% | 21.612% | 25.934% |
2 | Single: <$105,001-$140,000 Family: <$210,001-$280,000 |
8.644% | 12.966% | 17.289% |
3 | Single: >$140,001 Family: >$280,001 |
0% | 0% | 0% |
Taxable Income | Tax rate % |
$0 to $87,000 |
32.50% |
$80,001 to $180,000 |
37% |
$180,001 & over |
45% |
Taxable Income | Tax rate % |
$0 to $80,000 |
32.50% |
$80,001 to $180,000 |
37% |
$180,001 & over |
47% |
Taxable Income | Tax rate % |
$0 to $80,000 |
32.50% |
$80,001 to $180,000 |
37% |
$180,001 & over |
47% |
Taxable Income | Tax rate % |
$0 to $80,000 |
30% |
$80,001 to $180,000 |
37% |
$180,001 & over |
47% |
Taxable Income | Tax rate % |
$0 to $80,000 |
32.5% |
$80,001 to $180,000 |
37% |
$180,001 & over |
45% |
Taxable Income | Tax rate % |
$0 to $80,000 |
30% |
$80,001 to $180,000 |
37% |
$180,001 & over |
45% |
Taxable Income | Tax rate % |
$0 to $37,000 |
29% |
$37,001 to $80,000 |
$10,730 plus 30c for each $1 over $37,000
|
$80,001 to $180,000 |
$23,600 plus 37c for each $1 over $80,000
|
$180,001 & over |
$60,630 plus 45c for each $1 over $180,000
|