Tax Year |
Financial Year ending 30th June | 2013 |
Financial Year Start Date | 01/07/2012 |
Financial Year End Date | 30/06/2013 |
Baby Bonus Tax Offset |
From 1 July 2009, Baby Bonus Tax Offset no longer applies. For babies born on or after 1 July 2004, Family Assistance Office has a separate payment called 'Baby Bonus' (previously known as 'Maternity Payment').
Beneficiary Tax Offset |
If receiving a Beneficiary payment or allowance, possible entitlement to a payment calculated on a percentage of the Beneficiary payment that is over the tax free threshold.
Rate over Tax Free Threshold % | 15.00 % |
Child Care Tax Rebate |
Since 1 July 2006, Child Care Tax Rebate from the ATO has been replaced by payments from the Family Assistance Office.
Child Housekeeper Tax Offset |
Must have maintained child-housekeeper. Not eligible if claiming dependent spouse tax offset, or if receiving FTB Part B, or if Dependent Separate Net Income (SNI) over Cut-off.
Offset Reduction Factor for Excess SNI | 0.25 |
With no other dependent child or student
Maximum Tax Offset | $ 1,919 |
Daily Rate | $ 5.24 |
Child-housekeeper's SNI Limit | $ 282 |
Child-housekeeper's SNI Cut-off | $ 7,958 |
With another dependent child or student
Maximum Tax Offset | $ 2,299 |
Daily Rate | $ 6.28 |
Child-housekeeper's SNI Limit | $ 282 |
Child-housekeeper's SNI Cut-off | $ 9,478 |
Dependent Relative Tax Offset |
Tax offset limits are shown for a full year, pro rata for part year maintenance of dependants.
Dependant Sep. Net Income Limit | $ 282 |
Max Offset for Parent/Spouse's Parent | $ 1,726 |
Max Offset for Invalid Relative | $ 864 |
Offset Reduction Factor for Excess SNI | 0.25 |
Dependent Spouse Tax Offset |
Spouse Separate Net Income Limit | $ 282 |
Maximum Tax Offset | $ 2,355 |
Offset reduction factor for excess SNI | 0.25 |
Since 1 July 2008, income test applies. No tax offset if taxable income is over the income cut-off.
Taxable Income Cut-off | $ 150,000 |
Employer Lump Sum Payments |
Lump sum payments for unused annual leave or unused long service leave is subject to tax depending on accrual dates, type of and reason for payment.
Normal termination is voluntary resignation, employment terminated due to inefficacy, retirement.
Other termination is genuine redundancy, invalidity or early retirement scheme.
Lump Sum A
Long service leave
Normal termination accrual date 16 Aug 1978 to 17 Aug 1993.
Other termination accrual date post 16 Aug 1978.
Annual leave
Normal termination accrual date pre 18 Aug 1993.
Other termination any accrual date.
Lump Sum A Rate | 31.50 % |
Lump Sum B
All types of long service leave payments with accrual date pre 16 Aug 1978.
Lump Sum B Rate | 5.00 % |
Marginal Tax Rates
All Normal Termination payments accrual date post 17 Aug 1993 are subject to tax at the marginal rate and are included as part of salary/wages income.
Employment Termination Payments |
Rates and threshold below only relate to the Taxable component of an ETP. Excludes Medicare Levy.
ETP Cap Amount | $ 175,000 |
Life Benefit
Invalidity or pre-July 1983 amounts are tax free. Tax rates on remaining taxable component amounts are :
Amt within ETP Cap - under Pres Age | 30.00 % |
Amt within ETP Cap - over Pres Age | 15.00 % |
Amt over ETP Cap - any age | 45.00 % |
Death Benefit
Non-dependent
Tax Rate for Amount within ETP Cap | 30.00 % |
Tax Rate for Amount over ETP Cap | 45.00 % |
Dependent
Tax Rate for Amount within ETP Cap | 0.00 % |
Tax Rate for Amount over ETP Cap | 45.00 % |
Transitional
Lower Cap Amount | $ 165,000 |
Upper Cap Amount | $ 1,000,000 |
Under preservation age max tax rates
Payment within Upper Cap | 30.00 % |
Payment over Upper Cap | 45.00 % |
At preservation age or over max tax rates
Payment within Lower Cap | 15.00 % |
Payment over Lower Cap to Upper Cap | 30.00 % |
Payment over Upper Cap | 45.00 % |
Bona Fide Redundancy/Early Retirement Scheme Payments
Base Limit | $ 8,806 |
For each year of service | $ 4,404 |
All Other ETPs
Amt within ETP Cap - under Pres Age | 30.00 % |
Amt within ETP Cap - over Pres Age | 15.00 % |
Amt over ETP Cap | 45.00 % |
Entrepreneurs Tax Offset |
Entrepreneurs Tax Offset is calculated at 25% of the income tax liability attributed to the business income of small business with an aggregated turnover of less than the cut-off.
Aggregated Turnover Threshold | $ 50,000 |
Aggregated Turnover Cut-off | $ 75,000 |
Income Tax Reduction | 25.00 % |
As from 1 July 2008, access to offset is further restricted by family tests.
Single Income Threshold | $ 70,000 |
Family Income Threshold | $ 120,000 |
Flood Levy |
Applies to 2011-12 financial year only.
Not payable if taxable income is less than Threshold 1.
Flood Levy Threshold 1 | $ 0 |
Flood Levy Threshold 2 | $ 0 |
Flood Levy Rate 1 | 0.00 % |
Flood Levy Rate 2 | 0.00 % |
Levy payable at rate 1 for taxable income over Threshold 1 and less than threshold 2.
Levy payable at rate 2 for taxable income over Threshold 2.
Franking Tax Offset |
Calculated automatically from franking credits included in dividends as part of assessable income.
Higher Education Loan Program (HELP) |
A single compulsory repayment rate is based on HELP Repayment Income (Taxable income plus any net investment or rental loss, reportable fringe benefits, reportable super contributions and exempt foreign income).
HELP Repayment Income Threshold | Repayment Income | Repayment Rate |
Below Threshold 1 | $ 49,096 | 0.00 % |
Below Threshold 2 | $ 54,689 | 4.00 % |
Below Threshold 3 | $ 60,280 | 4.50 % |
Below Threshold 4 | $ 63,449 | 5.00 % |
Below Threshold 5 | $ 68,203 | 5.50 % |
Below Threshold 6 | $ 73,865 | 6.00 % |
Below Threshold 7 | $ 77,752 | 6.50 % |
Below Threshold 8 | $ 85,565 | 7.00 % |
Below Threshold 9 | $ 91,178 | 7.50 % |
Threshold 9 and Over | $ 91,178 | 8.00 % |
Balance of debt at financial year start is indexed by CPI
CPI Rate for HELP Debt | 2.90 % |
Voluntary Repayments over $500 reduces balance by an additional rate.
Voluntary Repayment Bonus Rate | 5.00 % |
Housekeeper Tax Offset |
Must have maintained a full time housekeeper who cared for child under 21 or a dependent invalid relative.
If single, not eligible if claiming child-housekeeper tax offset or if receiving FTB Part B.
If couple and spouse received disability support pension, not eligible.
If couple and spouse not receiving disability support pension, not eligible if claiming child-housekeeper tax offset or dependent spouse tax offset, or if receiving FTB Part B.
No dependent child or student
Maximum Tax Offset | $ 1,919 |
Daily Rate | $ 5.24 |
Dependent child under 21 or student under 25
Maximum Tax Offset | $ 2,299 |
Daily Rate | $ 6.28 |
Low Income Tax Offset |
Tax offset is reduced by withdrawal rate for each $ over Income Threshold.
Maximum Tax Offset | $ 445 |
Income Threshold | $ 37,000 |
Income Maximum | $ 66,667 |
Withdrawal Rate for Income over Thres | 1.50 % |
Mature Age Tax Offset |
Tax offset is calculated at 5 cents for every income dollar when under the Income Threshold.
Eligible Age | 55.00 |
Maximum Mature Age Tax Offset | $ 500 |
Income Threshold | $ 10,000 |
Maximum Income for full Tax Offset | $ 53,000 |
Tax offset reduced by 5 cents for every dollar over the Maximum Income threshold.
Reduction Rate over Threshold | 0.05 |
Maximum Income for Part Tax Offset | $ 63,000 |
Phased out from 1 July 2012
No longer available from 1 July 2012 for individuals born after a certain date (subject to Royal Assent).
Not available to persons born on/after | 01/07/1957 |
Medicare Levy |
Medicare Levy Rate | 1.50 % |
Low Income Phase in Rate | 0.10 % |
No levy payable if income is less than Lower Threshold.
May be entitled to levy reduction if income is between Lower and Upper Threshold.
Single
Income Lower Threshold | $ 20,542 |
Income Upper Threshold | $ 24,167 |
Single Senior Australian
Income Lower Threshold | $ 32,279 |
Income Upper Threshold | $ 36,100 |
Pensioner
Income Lower Threshold | $ 30,451 |
Income Upper Threshold | $ 35,824 |
Family
Income Lower Threshold | $ 32,743 |
Income Upper Threshold | $ 38,521 |
Family Senior Australians
Income Lower Threshold | $ 46,000 |
Income Upper Threshold | $ 54,117 |
Child Additional Threshold
Minimum Threshold per child | $ 3,007 |
Maximum Threshold per child | $ 3,538 |
Medicare Levy Surcharge |
Additional levy payable if no private health insurance and income over thresholds.
Medicare Surcharge | Income Threshold | Medicare Levy Surcharge Rate |
Single | $ 80,000 | 1.00 % |
Family | $ 160,000 | 1.00 % |
Extra Income Threshold per child | $ 1,500 |
Resident Minors Income Tax Rates |
Taxable Income | Tax Payable |
$0 - $416 | Nil |
$417 - $1,307 | 66c for each $1 in excess of $416 |
Over $1,307 | 45% of the total income that is not excepted income |
Motor Vehicle Deductions |
If claiming using the 'Cents per kilometre' method, rates as follows:
Maximum business kms per year | 5,000 |
Cents per business kilometre
1600cc or less engine capacity | 63 |
1601 to 2600cc engine capacity | 74 |
2601cc or more engine capacity | 75 |
Net Medical Expenses Tax Offset |
Tax offset is calculated as a percentage of net medical expenses over a threshold amount.
Net Medical Expenses Threshold | $ 2,000 |
Rate of Tax Offset over Threshold | 20.00 % |
Income Test
From 1 July 2012 income will apply which increase the expenses threshold and rate of tax offset. (subject to Royal Assent)
Adjusted Taxable Income - Single | $ 84,000 |
Adjusted Taxable Income - Family | $ 168,000 |
New Net Medical Expenses Threshold | $ 5,000 |
New Rate of Tax Offset over Threshold | 10.00 % |
Non Individual Tax Rates |
GST Rate | 10.00 % |
Company Tax Rate | 30.00 % |
Superannuation Fund Tax Rate | 15.00 % |
Trust Tax Rate | 30.00 % |
Non Residents Income Tax Rates |
Taxable Income | Tax Payable |
$0 - $80,000 | 33c for each $1 |
$80,001 - $180,000 | $26,000 + 37c for each $1 in excess of $80,000 |
$180,001 - $99,999,999 | $63,000 + 45c for each $1 in excess of $180,000 |
Over $99,999,999 | $44,982,000 + 45c for each $1 in excess of $99,999,999 |
Pensioner Tax Offset |
As from 1 Jul 2012, replaced by Seniors and Penioners Tax Offset (SAPTO).
Tax offset is reduced when income is over Income Threshold and zero when income is at the Maximum Income or higher.
Single
Maximum Tax Offset | $ 2,732 |
Income Threshold | $ 24,214 |
Maximum Income | $ 46,700 |
Couple
Maximum Tax Offset | $ 1,905 |
Income Threshold | $ 18,700 |
Maximum Income | $ 33,940 |
Illness Separated
Maximum Tax Offset | $ 2,577 |
Income Threshold | $ 23,180 |
Maximum Income | $ 43,796 |
Private Health Insurance Tax Offset |
Tax offset is calculated as a percentage of the premium paid to a complying private health insurance agency.
Amount of Rebate
Oldest Person under 65 | 30.00 % |
Oldest Person 65 to under 70 | 35.00 % |
Oldest Person 70 or over | 40.00 % |
Resident Adult Income Tax Rates |
Taxable Income | Tax Payable |
$0 - $18,200 | Nil |
$18,201 - $37,000 | $0 + 19c for each $1 in excess of $18,200 |
$37,001 - $80,000 | $3,572 + 33c for each $1 in excess of $37,000 |
$80,001 - $180,000 | $17,547 + 37c for each $1 in excess of $80,000 |
Over $180,000 | $54,547 + 45c for each $1 in excess of $180,000 |
Student Financial Supplement Scheme |
A single compulsory repayment rate is based on SFSS Repayment Income (Taxable income plus any net investment or rental loss, reportable fringe benefits, reportable super contributions and exempt foreign income).
SFSS Repayment Income Threshold | Repayment Income | Repayment Rate |
Below Threshold 1 | $ 47,196 | 0.00 % |
Below Threshold 2 | $ 57,947 | 2.00 % |
Below Threshold 3 | $ 82,253 | 3.00 % |
Threshold 3 and Over | $ 82,253 | 4.00 % |
Senior and Pensioner Tax Offset |
As from 1 Jul 2012, replaces Penioner Tax Offset and Senior Australians Tax Offset. Abbreviation is SAPTO.
Tax offset is reduced when income is over Income Threshold and zero when income is at the Maximum Income or higher.
Single
Maximum Tax Offset | $ 2,230 |
Income Threshold | $ 32,279 |
Maximum Income | $ 50,119 |
Couple
Maximum Tax Offset | $ 1,602 |
Income Threshold (each) | $ 28,974 |
Maximum Income (each) | $ 41,790 |
Maximum Income (combined) | $ 83,580 |
Illness Separated
Maximum Tax Offset | $ 2,040 |
Income Threshold (each) | $ 31,279 |
Maximum Income (each) | $ 47,599 |
Maximum Income (combined) | $ 95,198 |
Senior Australians Tax Offset |
As from 1 Jul 2012, replaced by Seniors and Penioners Tax Offset (SAPTO).
Tax offset is reduced when income is over Income Threshold and zero when income is at the Maximum Income or higher.
Single
Maximum Tax Offset | $ 2,230 |
Income Threshold | $ 30,685 |
Maximum Income | $ 48,525 |
Couple
Maximum Tax Offset | $ 1,602 |
Income Threshold (each) | $ 26,680 |
Maximum Income (each) | $ 39,496 |
Maximum Income (combined) | $ 78,992 |
Illness Separated
Maximum Tax Offset | $ 2,040 |
Income Threshold (each) | $ 29,600 |
Maximum Income (each) | $ 45,920 |
Maximum Income (combined) | $ 91,840 |
Super Income Stream Tax Offset |
Australian superannuation income streams recipients may be entitled to a tax offset dependent on age or if a death/disability benefit applies.
Taxable Component - Taxed Element
Eligible Age | Preservation Age |
Tax Offset Rate | 15.00 % |
Taxable Component - Untaxed Element
Eligible Age | 60.00 |
Tax Offset Rate | 10.00 % |
Super Lump Sum Tax Offset |
Australian superannuation lump sum recipients may be entitled to a tax offset dependent on age or if a death/disability benefit applies.
Refer to the Superannuation - Super Lump Sum Tax for tax rates.
Spouse Contribution Tax Offset |
A tax offset may apply if superannuation contributions are made on behalf of your spouse to a complying super fund, or retirement savings account (RSA).
Tax Offset Rate on Super Contribution | 18.00 % |
Super Contribution Limit | $ 3,000 |
Maximum Tax Offset | $ 540 |
Tax offset reduced by $1 for every dollar spouse assessable income plus reportable benefits exceed threshold.
Spouse Assessable Income Threshold | $ 10,800 |
Zone Tax Offset |
Lived or worked in remote or isolated area of Australia or served overseas as a member of the Australian Defence Force or a United Nations armed force.
Offset is reduced by any Remote Area Allowance payments.
Single, no dependent children
Max Zone A Tax Offset | $ 338 |
Max Zone B Tax Offset | $ 57 |
Max Special Area Tax Offset | $ 1,173 |
Max Overseas forces Tax Offset | $ 338 |
Couple, no children, with max spouse tax offset
Max Zone A Tax Offset | $ 1,460 |
Max Zone B Tax Offset | $ 506 |
Max Special Area Tax Offset | $ 2,295 |
Max Overseas forces Tax Offset | $ 1,460 |
Additional offset for each dependent child
Each Student under 25 | $ 376 |
First Non Student under 21 | $ 376 |
Other Non Student under 21 | $ 282 |