Tax Rates & Thresholds Handy Guide

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1 Tax Rates & Thresholds Handy Guide 2014/15 Income Year Issued August 2014

2 Taxation of Superannuation Benefits Superannuation benefits from a taxed source Age of recipient Lump Sum Income stream 60 and over Not assessable not exempt Not assessable not exempt Preservation age No tax on amount below the Taxed at marginal rates, but to age 59 low rate cap* eligible for tax offset Under preservation age Taxed at a maximum rate of on amount over the low rate cap Taxed at maximum rate of 20% * Low rate cap amount: $185,000 (2014/15) Taxed at marginal rates, with no tax offset ( tax offset available if a disability superannuation benefit) Superannuation benefits from an untaxed source Age of recipient Lump sum Income stream 60 and over Taxed at a maximum rate of on amount up to the untaxed plan cap* Preservation age to age 59 Taxed at 45% on amount over the untaxed plan cap* Taxed at maximum rate of on amount up to the low rate cap** Taxed at maximum rate of on amount above the low rate cap amount up to the untaxed plan cap Taxed at marginal rates but eligible for a 10% tax offset Taxed at marginal rates, with no tax offset Under preservation age Taxed at 45% on amount over the untaxed plan cap Taxed at a maximum rate of on amount up to the untaxed plan cap Taxed at marginal rates, with no tax offset Taxed at 45% on amount over the untaxed plan cap * Untaxed plan cap amount: $1.355m (2014/15) ** Low rate cap amount: $185,000 (2014/15)

3 Taxation of Superannuation Death Benefits Payments to dependants Age of deceased Superannuation death benefit Age of recipient Tax treatment Any age Lump sum Any age Tax-free (not assessable, not exempt income) Aged 60 and above Income stream Any age Taxable component: element taxed in the fund is tax-free element untaxed in the fund is taxed at marginal rates. Recipient entitled to a 10% tax offset on this amount Below age 60 Income stream Above age 60 Taxable component: element taxed in the fund is tax-free element untaxed in the fund is taxed at marginal rates. Recipient entitled to a 10% tax offset on this amount Below age 60 Income stream Below age 60 Taxable component: Payments to non-dependants Age of deceased Superannuation death benefit Age of recipient element taxed in the fund is taxed at marginal rates. Recipient entitled to a tax offset on this amount element untaxed in the fund is taxed at marginal rates Tax treatment Any age Lump sum Any age Taxable component: element taxed in the fund is taxed at a maximum rate of element untaxed in the fund is taxed at a maximum rate of Any age Income stream Any age Death benefit cannot be paid as income stream Income streams that commenced before 1 July 2007 are taxed as if received by a dependant (see above) Tel

4 Assets held longer than 12 months Capital Gains Tax Purchase date CGT event happens CGT Calculation Before 20/9/1985 Any time Nil 20/9/ /9/1999 After 20/9/1999 Indexed cost base method* or discount method** After 20/9/1999 Any time Discount method** * Indexation of cost base frozen as at 30 September 1999 (68.7). ** 50% discount (individuals and trusts); 33 1/3% discount (complying superannuation entities, FHSA trust and life insurance companies for complying superannuation/fhsa assets). Note that from 8 May 2012, the CGT discount no longer applies to non-residents but remains available for capital gains accrued before this time where non-residents choose to obtain a market valuation of assets as at 8 May FBT rate (2014/15) Fringe Benefits Tax Fringe benefit taxable amount - gross-up rate 47 % - Type 1 benefits Type 2 benefits The SG rate is 9.5% for 2014/15. The government proposes to delay the increase in the SG rate so that it will remain at 9.5% until 2017/18, and then increase by 0.5% on 1 July of each year from 2018/19 to 2022/23, when the SG rate will be 12%. Maximum contribution base Year Superannuation Guarantee Charge Amount in a quarterly contribution period 2014/15 $49,430 The maximum contribution base acts as a ceiling on an employee s earnings for each quarter in a financial year effectively limiting the amount of superannuation support that the employer is required to provide for the employee for the quarter, and the amount of the SG shortfall (and consequent SG charge) payable in respect of the employee. Crowe Horwath is the largest provider of practical accounting, audit, tax, business and financial advice to individuals and businesses from a network of over 80 offices throughout the country.

5 Contribution caps Superannuation Contributions Contributions cap type 2014/15 Concessional contributions cap $30,000 Concessional contributions cap aged 49 years or more on $35, June 2014 Non-concessional contributions cap* $180,000 Non-concessional contributions - CGT cap amount $1.355m * A bring forward rule allows individuals aged under 65 to make non-concessional contributions of up to three times their non-concessional contributions cap over a three-year period. The bringforward cap is three times the non-concessional contributions cap of the first year in which the rule applies. Government co-contribution (2014/15) Maximum co-contribution payable Lower income threshold Higher income threshold $500* $34,488 $49,488 Low income superannuation contribution 2012/13 Individual s adjusted taxable income: LISC amount payable is: $0 - $37, 000 (i) ECC x (except where (ii) or (iii) applies) (ii) $500 where the amount worked out in (i) exceeds $500 (iii) $10 where the amount worked out in (i) is less than $10 An individual is entitled to a low income superannuation contribution (LISC), based on of the individual s total eligible concessional contributions (ECC), up to a maximum of $500. However, the government proposes to abolish the LISC with effect from 1 July Spouse contributions tax offset Receiving spouse s assessable income* (AI) Maximum contributions entitled to tax offset (MC) Maximum tax offset (18% of the lesser of) $0 - $10,800 $3,000 MC or actual contributions $10,801 - $13,799 $3,000 - (AI - $10,800) MC or actual contributions $13,800 + Nil Nil * AI is the sum of the person s assessable income, reportable fringe benefits total and reportable employer superannuation contributions. DISCLAIMER The information provided in this guide is believed to be accurate as at August However, the publisher and authors expressly disclaim all and any liability and responsibility to any person, of the consequences of anything done or omitted to be done by any such person in reliance of the contents of this publication. For all your taxation information, refer to the CCH Australian Master Tax Guide - the essential reference guide for tax professionals. Information is correct at time of printing. Tel

6 Individuals (2014/15) Residents Income Tax Rates 2014/15 Taxable income (column 1) Tax on column 1 % on excess (marginal rate) $18,200 Nil 19 $37,000 $3, $80,000 $17, $180,000* $54,547* 45* * For taxable incomes exceeding $180,000, the 2% budget repair levy applies for that part of the taxable income exceeding $180,000. Non-refundable tax offsets cannot be used to offset the budget repair levy; only the foreign income tax offset can be used to offset against the levy. Medicare levy/medicare levy surcharge For 2014/15, the rate of Medicare levy is 2% of a resident individual s taxable income for the income year. No Medicare levy is payable where a resident individual s taxable income does not exceed a certain threshold amount (not yet known; $20,542 for 2013/14). Further, where a resident individual is not covered by private patient hospital insurance and their income for surcharge purposes for the year is more than $90,000, an additional Medicare levy surcharge of 1% to 1.5% is payable depending on their level of income and age. The table below indicates how the Medicare levy surcharge rules apply in conjunction with the private health insurance rebate rules. Income Singles $0 $90,000 $90,001 $105,001 $140,001 and $105,000 $140,000 over Families* $0 $180,000 $180,001 $210,001 $280,001 and $210,000 $280,000 over Private health insurance rebate Tier 1 Tier 2 Tier 3 Under 65 years of age 29.04% 19.36% 9.68% 0% years of age 33.88% 24.2% 14.52% 0% 70 years of age and over 38.72% 29.04% 19.36% 0% Medicare levy surcharge Percentage rate 0% 1% 1.25% 1.5% * The families threshold is increased by $1,500 for each dependent child after the first. Families include couples and single parent families. The private health insurance rebate is indexed annually by a rebate adjustment factor on 1 April each year. Accordingly, these rebate figures are only applicable from 1 July 2014 to 31 March Non-residents 2014/15 Taxable income (column 1) Tax on column 1 % on excess (marginal rate) Nil Nil 32.5 $ 80,000 $26, $180,000 $63, * For taxable incomes exceeding $180,000, the 2% budget repair levy applies for that part of the taxable income exceeding $180,000. Non-refundable tax offsets cannot be used to offset the budget repair levy; only the foreign income tax offset can be used to offset against the levy.

7 Company rates (2014/15) The following table shows the rates of tax applicable to companies in relation to their income for the 2013/14 income year. Type of company Tax Rate Private companies (other than life insurance companies) Public companies (other than life insurance companies) Companies (other than life insurance companies) that are RSA providers Standard component of taxable income RSA component of taxable income FHSA component of taxable income (if any) Life insurance companies: Ordinary class of taxable income Complying superannuation/fhsa class of taxable income Superannuation funds (2014/15) Type of fund Tax rate Complying superannuation funds: (i) Assessed on income, including realised capital gains and assessable contributions* (ii) Assessed on non-arm s length income, private company dividends and certain trust distributions 47% Non-complying superannuation funds Assessed on income, including realised capital gains and assessable contributions* 47% Complying ADFs: (i) Assessed on income, including realised capital gains and assessable contributions (ii) Assessed on non-arm s length income, private company dividends and certain trust distributions 47% Non-complying ADFs: Assessed on income, including realised capital gains and assessable contributions 47% PSTs (i) Assessed on income, including realised capital gains and assessable contributions transferred to the PST (ii) Assessed on non-arm s length income, private company dividends and certain trust distributions. 47% Additional tax at the rate of 34% (complying funds) and 4% (non-complying funds) is payable on no-tax File Number (TFN) contributions income that is included in assessable contributions. A tax offset is available if a TFN is provided to the fund within four years. Tel

8 Personal tax offsets Personal tax offsets and rebates (2014/15) Personal tax offsets and rebates (2014/15) Maximum amount Cut-out when (adjusted) taxable income reaches Dependant spouse (with no dependant children) Proposed to be abolished from 2014/15 Dependant (Invalid and Carer) $2,535 $10,422 Mature age worker Proposed to be abolished from 2014/15 Medical expenses Depending on taxpayer s and/ or family s adjusted taxable income, 20% of excess of net medical expenses over $2,218 or 10% of excess over $5,233. Note that transitional criteria apply Private health insurance (see above) Dependent on age of person(s) covered by policy and income level(s) Zone rebates Ordinary Zone A Ordinary Zone B Special Zone A or B Defence Force Income arrears Medicare levy surcharge lump sum arrears $ % of dependent (invalid and carer) tax offset (proposed) $ % of dependent (invalid and carer) tax offset (proposed) $1, % of dependent (invalid and carer) tax offset (proposed) Same as for Ordinary Zone A Applicable to lump sum payments of income paid in arrears Low income earner s tax offset (2014/15) Taxable income Amount of offset $0 - $37,000 $445 $37,000-$66,667 $445 - [(taxable income - $37,000) x 1.5%] > $66,667 Nil Senior Australians and Pensioners Tax Offset (2014/15) Family situation Maximum offset Shade-out threshold Cut-out threshold Single $2,230 $32,279 $50,119 Couple (each) $1,602 $28,974 $41,790 Illness separated couple $2,040 $31,279 $47,599 For further information on the availability and application of tax offsets, see Chapter 15 of the CCH Australian Master Tax Guide.

9 Taxation of Employment Related Payments Life benefit employment termination payments Component Tax treatment Tax free component Tax-free Taxable component Preservation age and over amount up to ETP cap* taxed at a maximum rate of amount over ETP cap* taxed at 45% Below preservation age amount up to ETP cap* taxed at a maximum rate of amount over ETP cap* taxed at 45% * ETP cap amount: $185,000 (2014/15). For certain ETPs, the ETP cap works in conjunction with a whole-of-income cap ($180,000). Preservation age Date of birth Preservation age Before 1 July July June July June July June July June On or after 1 July Tel

10 Death benefit employment termination payments Component Tax free component Taxable component Tax treatment * ETP cap amount: $185,000 (2014/15) Tax-free Payment to a dependant amount up to ETP cap tax-free amount over ETP cap taxed at 45% Payment to a non-dependant amount up to ETP cap taxed at a maximum rate of amount over ETP cap taxed at 45% Payment to trustee of deceased estate taxed in the hands of the trustee, based on whether the beneficiary is a dependant or non-dependant (see above) Genuine redundancy and early retirement scheme payments Income year Base amount Plus for each complete year of service 2014/15 $9,514 $4,758 Unused annual leave payment rules Period of accrual of leave General retirement or termination: accrual before 18 August 1993 accrual on or after 18 August 1993 Genuine redundancy amount, early retirement scheme amount or invalidity amount paid on or after 18 August 1993 Assessable portion Maximum rate Marginal Unused long service leave payment rules Period of accrual of leave General retirement or termination: accrual before 16 August 1978 accrual 16 August 1978 to 17 August 1993 accrual on or after 18 August 1993 Genuine redundancy amount, early retirement scheme amount or invalidity amount: accrual before 16 August 1978 accrual on or after 16 August 1978 Assessable portion 5% 5% Maximum rate Marginal Marginal Marginal Produced by

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