Financial Year ending 30th June
| 2012
|
Financial Year Start Date
| 01/07/2011
|
Financial Year End Date
| 30/06/2012
|
Resident Adult Income Tax Rates
|
Taxable Income
| Tax Payable
|
$0 - $6,000
| Nil
|
$6,001 - $37,000
| $0 + 15c for each $1 in excess of $6,000
|
$37,001 - $80,000
| $4,650 + 30c for each $1 in excess of $37,000
|
$80,001 - $180,000
| $17,550 + 37c for each $1 in excess of $80,000
|
Over $180,000
| $54,550 + 45c for each $1 in excess of $180,000
|
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
|
Non Residents Income Tax Rates
|
Taxable Income
| Tax Payable
|
$0 - $37,000
| 29c for each $1
|
$37,001 - $80,000
| $10,730 + 30c for each $1 in excess of $37,000
|
$80,001 - $180,000
| $23,630 + 37c for each $1 in excess of $80,000
|
Over $180,000
| $60,630 + 45c for each $1 in excess of $180,000
|
Superannuation Fund Tax Rate
| 15.00 %
|
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 B
All types of long service leave payments with accrual date pre 16 Aug 1978.
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.
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
| $ 160,000
|
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
For each year of service
| $ 4,064
|
All Other ETPs
Amt within ETP Cap - under Pres Age
| 30.00 %
|
Amt within ETP Cap - over Pres Age
| 15.00 %
|
ABN 71107714241 ACN 107714241
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