THE TAX INSTITUTE. Tax Rates Table. taxinstitute.com.au

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1 THE TAX INSTITUTE Tax Rates Table taxinstitute.com.au

2 Individual income tax rates Residents Taxable income Marginal rate Tax on this income $0 $18,200 Nil Nil $18,201 $37,000 19% 19c for each $1 over $18,200 $37,001 $80, % $80,001 $180,000 37% $180,001 and over 45% $3,572 plus 32.5c for each $1 over $37,000 $17,547 plus 37c for each $1 over $80,000 $54,547 plus 45c for each $1 over $180,000 Does not include the Medicare levy of 1.5% of taxable income, subject to low income thresholds. Does not include the Medicare levy surcharge for persons without private health insurance Taxable income Marginal rate Tax on this income $0 $18,200 Nil Nil $18,201 $37,000 19% 19c for each $1 over $18,200 $37,001 $80, % $3,572 plus 32.5c for each $1 over $37,000 $80,001 $180,000 37% $17,547 plus 37c for each $1 over $80,000 $180,001 and over 47%* $54,547 plus 47c for each $1 over $180,000 Does not include the Medicare levy of 2% of taxable income, subject to low income thresholds. Does not include the Medicare levy surcharge for persons without private health insurance. *Includes the Budget Repair levy of 2% of taxable income over $180,000 from 1 July 2014 until 30 June Individual income tax rates Non-residents Taxable income Marginal rate Tax on this income $0 $80, % 32.5c for each $1 $80,001 $180,000 37% $180,001 and over 45% $26,000 plus 37c for each $1 over $80,000 $63,000 plus 45c for each $1 over $180,000 Non-residents are not required to pay the Medicare levy

3 Taxable income Marginal rate Tax on this income $0 $80, % 32.5c for each $1 $80,001 $180,000 37% $180,001 and over 47%* $26,000 plus 37c for each $1 over $80,000 $63,000 plus 47c for each $1 over $180,000 Non-residents are not required to pay the Medicare levy. *Includes the Budget Repair levy of 2% of taxable income over $180,000 from 1 July 2014 until 30 June Medicare levy Individuals Taxpayer Taxable income Medicare levy If eligible for the seniors and pensioners tax offset (SAPTO)* $0 $32,279 $32,280 $37,975 $37,976+ Nil 10% of excess over $32, % on total taxable income All other individual taxpayers $0 $20,542 $20,543 $24,167 $24,168+ Nil 10% of excess over $20, % on total taxable income *Even if a taxpayer meets all the eligibility conditions for the seniors and pensioners tax offset, they may not get it as the of the tax offset is based on their individual taxable income, not their combined taxable income if they had a spouse. If they do not get it, they will not get a Medicare levy reduction. Families Family with following children or students No levy payable if family income does not exceed Where family income within range, 10% of the by which family income exceeds in second column Ordinary Medicare levy payable where family income equal to or exceeds 0 $34,367 $ 34,368 $40,431 $40,432 1 $37,523 $37,524 $44,144 $44,145 2 $40,679 $40,680 $47,857 $47,858 3 $43,835 $43,836 $51,570 $51,571 4 $46,991 $46,992 $55,283 $55,284 5 $50,147 $50,148 $58,996 $58,997 6 $53,303* $53,304* $62,709# $62,710# + Not applicable to those eligible for seniors and pensioners tax offset *Where there are more than six, add $3,156 for each extra child or student # Where there are more than six, add $3,713 for each extra child or student taxinstitute.com.au

4 Medicare levy surcharge and private health insurance rebates No surcharge & maximum rebate Tier 1 Tier 2 Tier 3 Singles $88,000 or less $88,001- $102,000 $102,001- $136,000 $136,001 or more Families* $176,000 or less $176,001- $204,000 $204,001- $272,000 $272,001 or more Rebate Aged under 65 Aged Aged 70 or over 30%/ %^ 35%/ %^ 40%/ %^ 20%/ %^ 25%/ %^ 30%/ %^ Medicare levy surcharge 10%/ 9.680%^ 15%/ %^ 20%/ %^ 0% 0% 0% Rate 0.0% 1.0% 1.25% 1.5% No surcharge & maximum rebate Tier 1 Tier 2 Tier 3 Singles $90,000 or less $90,001- $105,000 $105,001- $140,000 $140,001 or more Families* $180,000 or less $180,001- $210,000 $210,001- $280,000 $280,001 or more Rebate Aged under %^^ %^^ 9.680%^^ 0%^^ Aged %^^ %^^ %^^ 0%^^ Aged 70 or over %^^ %^^ %^^ 0%^^ Medicare levy surcharge Rate 0.0% 1.0% 1.25% 1.5% *The family income threshold is increased by $1,500 for each Medicare levy surcharge dependent child after the first child. ^The first percentage is relevant for premiums paid during 1 July 2013 to 1 April The second percentage is relevant for premiums paid during 1 April 2014 to 30 June ^^The first percentage is relevant for premiums paid during 1 July 2014 to 1 April The percentages for 1 April 2015 to 30 June 2015 are still to be advised by the Department of Health in early The Medicare levy surcharge is a percentage of taxable income and reportable fringe benefits, and is in addition to the Medicare levy. It is paid by taxpayers who do not have the relevant private patient hospital cover for any period of the year. Income for surcharge purposes is the sum of taxable income (including the net on which family trust distribution tax has been paid); exempt foreign employment income; reportable fringe benefits; total net investment losses; and, reportable super contributions; less, if aged years old, any taxed element of a super lump sum, other than a death benefit, that does not exceed the low rate cap

5 Low income taxpayer s offset Taxable income Rebate $0 $37,000 $445 $37,001 $66,666 $445 less 1.5 cents for every $1 of the (if any) by which the taxpayer s taxable income of the year of income exceeds $37,000. $67,667 and over Nil From 1 July 2011, minors (children under 18 years of age) will no longer receive the low income tax offset to reduce tax payable on their unearned income (for example, distributions from discretionary trusts, dividends, interest, rent, royalties and other income from property). Seniors and Pensioners Tax Offset (SAPTO) Maximum offset per taxpayer Shade-out threshold (rebate income)* Cut-out threshold (rebate income) Single $2,230 $32,279 $50,119 Couple (combined rebate income) Illness separated couple (combined rebate income) $1,602 $57,948 $83,580 $2,040 $62,558 $95,198 *Maximum offset reduced by 12.5 cents for each dollar of rebate income in excess of shade-out threshold. Rates for other taxpayers Entity Rate Company 30% Corporate unit trust and public trading trust 30% Complying superannuation fund (other than non-arm s length income) 15%+ Complying superannuation fund (non-arm s length income) 47%* Non-complying superannuation fund 47%* Trustee (under s 99A) (excluding Medicare levy) 47%* + Tax and Superannuation Laws Amendment (Increased Concessional Contributions Cap and Other Measures) Act 2013 and Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 together impose a 15% tax on individuals with combined income and concessionally taxed contributions exceeding $300,000 in an income year. The tax is 15% on those contributions exceeding the $300,000 threshold. *From 1 July 2014, rates aligned with the top marginal rate are increased by the 2% Budget Repair levy. taxinstitute.com.au

6 Other rates Division 7A benchmark interest rate Year of income ended 30 June % Year of income ended 30 June % Reference TD 2013/17 Reference TD 2014/20 If the interest rate on a loan made by a private company to one or more of its shareholders (or their associates) for each year after the year in which the loan was made is equal to or greater than the benchmark interest rate for each year, and other conditions are satisfied, Div 7A ITAA 1936 will not treat the loan as a dividend in the income year in which the loan is made. Cents per kilometre method: Rates per business kilometre Engine capacity Cents per kilometre Ordinary car Rotary engine car income year 1600cc (1.6 litre) or less 800cc (0.8 litre) or less 65 cents 1601cc cc 801cc cc (1.601 litre litre) (0.801 litre litre) 76 cents 2601cc (2.601 litre) 1301cc (1.301 litre) and over and over 77 cents A taxpayer can use this method to claim up to a maximum of 5,000 business kilometres per car even if the taxpayer has travelled more than 5,000 business kilometres. Car limit Year of income ended 30 June 2014 $57,466 Year of income ended 30 June 2015 $57,466 Reference TD 2013/15 Reference TD 2014/17 The car limit is used to work out decline in value deductions of certain cars under the income tax law. Note that the luxury car threshold for is $61,884 - see Luxury Car Tax Determination LCTD 2014/2. CPI Index Numbers Year March qtr June qtr September qtr December qtr *Cost base indexation is frozen as at 30 September Note that the Australian Bureau of Statistics changed the index reference base in September As a result, all CPI rates have been reset and the previous rates no longer apply

7 FBT FBT rate and gross up rates The FBT rate for the year commencing 1 April 2013 is 46.5%. The FBT rate for the year commencing 1 April 2014 is 47%. The FBT rate for the year commencing 1 April 2015 is 49%. For the year ending 31 March 2014 The gross up rate for Type 1 benefits (employer entitled to ITC) is The gross up rate for Type 2 benefits (other) is For the year ending 31 March 2015 The gross up rate for Type 1 benefits (employer entitled to ITC) is The gross up rate for Type 2 benefits (other) is Statutory fraction The statutory fraction for the operating cost method of valuing car fringe benefits in respect of a car made available or for which there was a pre-existing commitment before 7.30pm (AEST) 10 May 2011: Annualised number of kilometres Statutory fraction <15, ,000 24, , >40, For cars made available after 7.30pm (AEST) 10 May 2011, the rates for the: FBT year are: 0.20 (up to but not exceeding 25,000kms), 0.17 (25,001-40,000kms) and 0.13 (over 40,000kms) FBT year are: 0.20 (up to but not exceeding 40,000kms), 0.17 (over 40,000kms) FBT year are: 0.20 Key FBT data Year commencing 1 April 2013 Year commencing 1 April 2014 Car parking threshold $8.03 (TD 2013/9) $8.26 (TD 2014/11) Living away from home allowances: Reasonable food components (a) General reasonable food components within Australia: 1 adult (ie. persons aged 12 or older) 2 adults 3 adults 1 adult & 1 child 2 adults & 1 child 2 adults & 2 children 2 adults & 3 children 3 adults & 1 child 3 adults & 2 children 4 adults (b) Larger family groupings: $233 per week $350 per week $467 per week $292 per week $409 per week $468 per week $527 per week $526 per week $585 per week $584 per week A food component based on the figures in (a), plus $117 for each additional adult and $59 for each additional child (TD 2013/4) $236 per week $354 per week $472 per week $295 per week $413 per week $472 per week $531 per week $531 per week $590 per week $590 per week A food component based on the figures in (a), plus $118 for each additional adult and $59 for each additional child (TD 2014/9) taxinstitute.com.au

8 Rates to be applied on a cents-per-kilometre basis when calculating the taxable value of a fringe benefit arising from the private use of a motor vehicle other than a car: Engine capacity cc Over 2500cc Motorcycles Non-remote area housing indexation factors: New South Wales Victoria Queensland South Australia Western Australia Tasmania Northern Territory Australian Capital Territory Year commencing 1 April cents 59 cents 15 cents (TD 2013/7) (TD 2013/5) Year commencing 1 April cents 60 cents 15 cents (TD 2014/6) (TD 2014/3) Benchmark interest rate 6.45% (TD 2013/8) 5.95% (TD 2014/5) Minor benefits $300 value $300 value In-house benefits Record-keeping exemption threshold First $1,000 taxable value per employee per year is exempt First $1,000 taxable value per employee per year is exempt $7,779 (TD 2013/6) $7,965 (TD 2014/4) Superannuation and ETPs Key superannuation data Concessional Contributions Cap for individuals aged 59 years or over on 30 June $35,000 $35, Concessional Contributions Cap for individuals not aged 59 years or over on 30 June 2013, but aged 49 years or over on 30 $25,000 $35,000 June 2014 Concessional Contributions Cap for other individuals $25,000 $30,000 Non-Concessional Contributions Cap $150,000 $180,000 CGT Cap Amount $1,315,000 $1,355,000 Low Rate Cap Amount/ETP Cap Amount $180,000 $185,000 Untaxed Plan Cap Amount $1,315,000 $1,355,000 ETP Life Benefit Cap Amount $180,000 $185,000 ETP Life Benefit Whole of Income Cap Amount $180,000 $180,000 ETP Death Benefit Cap Amount $180,000 $185,000 Based Tax-Free Area of a Bona-Fide Redundancy $9,246 $9,514 For Each Completed Year of Service $4,624 $4,758 Superannuation guarantee percentage 9.25% 9.5% Maximum Contribution Base (per quarter) $48,040 $49,430 Co-Contribution Lower Income Threshold $33,516 $34,488 Co-Contribution Upper Income Threshold $48,516 $49,

9 Superannuation lump sum tax table For payments made after 1 July Income component derived in the income year Age at the date payment is received Amount subject to tax Maximum rate of tax (including Medicare levy) Member Benefit taxable component taxed element Member Benefit taxable component untaxed element Death Benefit lump sum benefit paid to non-dependants taxable component taxed element Death Benefit lump sum benefit paid to non-dependants taxable component untaxed element Death Benefit lump sum benefit paid to dependants taxable component taxed and untaxed elements Under preservation age At or above preservation age and under 60 Aged 60 and above Under preservation age At or above preservation age and under 60 Aged 60 and above Whole 22% Amount up to the low rate cap Amount above the low rate cap Nil - payment is non-assessable non-exempt income Amount up to untaxed plan cap Amount above untaxed plan cap Amount up to the low rate cap Amount above the low rate cap and up to the untaxed plan cap Amount above the untaxed plan cap Amount up to the untaxed plan cap Amount above the untaxed plan cap Nil 17% N/A 32% 17% 32% 17% Any Whole 17% Any Whole 32% Any None Nil taxinstitute.com.au

10 Income component derived in the income year Rollover superannuation benefits taxable component taxed element Rollover superannuation benefits taxable component untaxed element Superannuation lump sum benefits less than $200 Super lump sum benefit (terminally ill recipient) Age at the date payment is received Any Any Amount subject to tax Nil - payment is not assessable income and is not exempt income Amount up to the untaxed plan cap is not assessable income and is not exempt income Amount above the untaxed plan cap Maximum rate of tax (including Medicare levy) N/A N/A Any None Nil Any None Nil *Note: From 1 July 2014 the Budget Repair levy of 2% applies to individuals earning taxable income over $180,000. Preservation age Date of birth Preservation age Before 1 July July June July June July June July June From 1 July Minimum annual payments for superannuation income streams Age For years 1 July 2008 to 30 June 2011* For years 1 July 2011 to 30 June 2013* Minimum % withdrawal (in all other cases) Under 65 2% 3% 4% % 3.75% 5% % 4.5% 6% % 5.25% 7% % 6.75% 9% % 8.25% 11% 95 or more 7% 10.5% 14% *The reduction in the minimum payment s applies to account-based annuities and pensions, allocated annuities and pensions, and market-linked annuities and pensions

11 0136MAR_07/14 Income stream tax table Element taxed in the fund Age of recipient Age 60 and over At or above preservation age and under 60 Under preservation age Income stream Not assessable, not exempt income Taxed at marginal tax rates* Tax offset of 15% is available Taxed at marginal tax rates, with no tax offset* Tax offset of 15% is available if a disability super benefit *The tax-free component is not included. This component is not assessable and not exempt income in all cases. Note from 1 July 2014: Medicare levy (2%) will apply if s are assessable. Budget Repair levy of 2% will apply to individuals with taxable income exceeding $180,000. ETP tax table For payments made after 1 July Income component derived in the income year Life Benefit ETP taxable component Payment is because of: golden handshakes gratuities payment in lieu of notice a payment for unused sick leave a payment for unused rostered days off Life Benefit ETP taxable component Payment is because of: early retirement scheme genuine redundancy invalidity certain compensation Death Benefit ETP paid to non-dependants taxable component Death Benefit ETP paid to dependants taxable component Age at the end of the income year in which the payment is received Under preservation age At or above preservation age All ages Under preservation age At or above preservation age All ages All ages All ages Component subject to tax Up to the lesser of: ETP Life Benefit Cap Amount and ETP Life Benefit Whole of Income Cap Amount reduced by non-etp taxable income Up to the lesser of: ETP Life Benefit Cap Amount and ETP Life Benefit Whole of Income Cap Amount reduced by non-etp taxable income Above the lesser of: ETP Life Benefit Cap Amount and ETP Life Benefit Whole of Income Cap Amount reduced by non-etp taxable income Up to ETP Life Benefit Cap Amount Up to ETP Life Benefit Cap Amount Amount above ETP Life Benefit Cap Amount Up to ETP Death Benefit Cap Amount Amount above ETP Death Benefit Cap Amount Up to ETP Death Benefit Cap Amount is not assessable income and is not exempt income Amount above ETP Death Benefit Cap Amount Maximum rate of tax (including Medicare levy) 32% 17% 32% 17% 32% Nil *Note: From 1 July 2014 the Budget Repair levy of 2% applies to individuals earning taxable income over $180,000. taxinstitute.com.au

12 TAX YEAR July August Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat September October Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat November December Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat January February Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat March April Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat May June Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat taxinstitute.com.au

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