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Tax Update




Statutory Declaration for PAYG payment Summary


If your PAYG Payment Summary (Group Certificate) has been lost or has not received from your payer (employer), please download the form, complete and lodge it together with your tax return.

  • Statutory Declaration (for missing PAYG payment Summary)


  • Benchmark Interest Rates

    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)

    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



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    Resident income tax rates from 1st July 2016

    (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%


    Resident income tax rates from 1st July 2015

    (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%


    Resident income tax rates from 1st July 2014

    (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%


    Resident income tax rates from 1st July 2013

    (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%


    Resident income tax rates from 1st July 2012

    (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%


    Resident income tax rates from 1st July 2011

    (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%


    Resident income tax rates from 1st July 2010

    (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%




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    Super concessional contributions with effective from 1st July 2016
    (not including Medicare levy)

    If you are self-employed (income from employer less than 10%), or not employed, then 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 $30000 (or $350000 if over 50 yo) includes SG contributions and salary scacrifice arrangement.

     

     

    Income Year Under 50 50 to 59 yrs 60 yrs and over
    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



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    Private health insurance tax offset from 1st July 2016
    (not including Medicare levy)

    The rate of the tax offset has reduced for higher income earners with effective from 1st July 2016.

     

    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

    26.791% 31.256%

    35.722%

    1

    Single: <$90,001-$105,000

    Family: <$180,001-$210,000

    17.861% 22.326%

    26.791%

    2

    Single: <$105,001-$140,000

    Family: <$210,001-$280,000

    8.93% 13.395%

    17.861%

    3

    Single: >$140,001

    Family: >$280,001

    0% 0%

    0%


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    Non-resident income tax rates from 1st July 2016

     

    Taxable Income

    Tax rate %

    $0 to $80,000

    32.50%

    $80,001 to $180,000

    37%

    $180,001 & over

    47%


    Non-resident income tax rates from 1st July 2015

     

    Taxable Income

    Tax rate %

    $0 to $80,000

    32.50%

    $80,001 to $180,000

    37%

    $180,001 & over

    47%


    Non-resident income tax rates from 1st July 2014

     

    Taxable Income

    Tax rate %

    $0 to $80,000

    30%

    $80,001 to $180,000

    37%

    $180,001 & over

    47%

     

    Non-resident income tax rates from 1st July 2013

     

    Taxable Income

    Tax rate %

    $0 to $80,000

    32.5%

    $80,001 to $180,000

    37%

    $180,001 & over

    45%


    Non-resident income tax rates from 1st July 2012

     

    Taxable Income

    Tax rate %

    $0 to $80,000

    30%

    $80,001 to $180,000

    37%

    $180,001 & over

    45%



    Non-resident income tax rates from 1st July 2011

     

    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

     



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    Deductions for Business Professionals

    We have been constantly asked regarding the work related deductions for various occupation including business professionals, the following link will provide information that will be able to help you better understand what claims that you may be entitled when preparing your taxation returns...
    Details


    Foreign Exchange Rate

    All foreign income, deductions and foreign tax paid must be first be converted to Australian dollars before including it in your tax return. From 1 July 2003, these require amounts to be converted at the exchange rate prevailing at the time of a transaction, or at an average rate...
    Details



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    Deductions for Business Professionals

    We have been constantly asked regarding the work related deductions for various occupation including business professionals, the following link will provide information that will be able to help you better understand what claims that you may be entitled when preparing your taxation returns...
    Details


    Foreign Exchange Rate

    All foreign income, deductions and foreign tax paid must be first be converted to Australian dollars before including it in your tax return. From 1 July 2003, these require amounts to be converted at the exchange rate prevailing at the time of a transaction, or at an average rate...
    Details


    Record Keeping Evaluation Tool

    If you are thinking of starting a business and or already in business and would like to know more about record keeping, this Record Keeping Evaluation Tool would be a great help to you...
    Details


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    Deductions for Mechanical, Automotive and Electrical Trades persons

    ATO will be reviewing claims for work-related deductions for various occupation including the Mechanical, Automotive and Electrical Trade persons, the following link will provide information that will be able to help you to better understand what claims that you may be entitled when preparing your taxation returns...
    Details



    Deductions for information technology professionals

    ATO will be reviewing claims for work-related deductions for various occupation including the information technology professionals, the following link will provide information that will be able to help you to better understand what claims that you may be entitled when preparing your taxation returns...
    Details


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