2 Tax Individual resident tax rates 1 Taxable income Tax % Tax on excess $18,200 Nil 19.0% $37,000 $3, % $80,000 $17, % $180,000 $54, % 2 Individual non-resident tax rates Taxable income Tax % Tax on excess Nil Nil 32.5% $80,000 $26, % $180,000 $63, % 2 Medicare levy thresholds ( ) No levy Reduced levy Full levy payable on income payable if taxable in range (2.0%) income Single <$20,542 $20,543- >$24,167 $24,167 Family <$34,367 $34,368- >$40,431 (no children) $40,431 Seniors and pensioners Single <$32,279 $32,280- >$37,975 $37,975 Couple <$46,000 $46,001- >$54,117 $54,117 Medicare levy surcharge Surcharge applies for singles and families with taxable income above the threshold who do not have adequate private health insurance. Nil 1% 1.25% 1.5% Single <$90,000 $90,001- $105,001- >$140,000 $105,000 $140,000 Family <$180,000 $180,001- $210,001- >$280,000 $210,000 $280,000 Other tax rates Complying Insurance bonds 30% superannuation fund 15% Companies 30% Non-complying superannuation fund 45% Friendly society bonds 30% 1 Excludes Medicare levy. 2 Includes the 2% temporary budget repair levy, which applies from 1 July 2014 to 30 June 2017.
3 Tax offsets Seniors and pensioners tax offset (SAPTO) ( ) Shade-out Cut-out Offset threshold threshold Single $2,230 $32,279 $50,119 Couple (each) $1,602 $28,974 $41,790 Illness separated couple (each) $2,040 $31,279 $47,599 Offset reduces by 12.5 cents per $1 of rebate income 3 above the shade-out threshold. Low income tax offset (LITO) Shade-out Cut-out Offset threshold threshold $445 $37,000 $66,667 Offset reduces by 1.5 cents per $1 of taxable income above $37,000. Spouse contribution tax offset Shade-out Cut-out Offset threshold threshold $540 $10,800 $13,800 Offset is 18% of the lesser of: $3,000 reduced by $1 per $1 of spouse s income 4 above $10,800, and total contribution for spouse. Mature age worker tax offset (MAWTO) 5 Net income from working 6 Offset Up to $10,000 Income 6 x 0.05 $10,000 $53,000 $500 $53,001 $62,999 $500 (Income 6 $53,000) x 0.05 $63,000 or more Nil Net medical expenses tax offset ( ) 7 Adjusted taxable income 3 Offset Up to $88,000 (single), 20% of medical expenses $176,000 (couple) over $2,162 Over $88,000 (single), 10% of medical expenses $176,000 (couple) over $5,100 3 Taxable income plus adjusted fringe benefits plus reportable superannuation contributions plus net investment losses. 4 Assessable income plus reportable fringe benefits plus reportable employer superannuation contributions. 5 Only available for taxpayers born before 1 July The Government has proposed to abolish the tax offset from 1 July Assessable income that is mainly reward for personal effort or skills plus reportable fringe benefits plus reportable employer superannuation contributions, less any related deductions. 7 The Government will phase out the net medical expenses tax offset from 1 July Transitional arrangements are to apply for certain taxpayers.
4 Superannuation Contributions caps Concessional contributions cap Under age 49 on 30 June 2014 $30,000 Age 49 and over on 30 June 2014 $35,000 Non-concessional contributions cap $180,000 Non-concessional contributions cap bring forward option 8 $540,000 CGT cap $1,355,000 Division 293 tax High income threshold $300,000 Tax rate 15% Superannuation Guarantee levels Rate 9.5% Maximum contributions base $49,430 p.q. Tax-free amount of bona fide redundancy and approved early retirement payment $9,514 + ($4,758 x completed years of service) Government co-contribution Total income 9 Maximum co-contribution Up to $34,488 $500 $34,489-$49,487 $500 [(Income 9 $34,488) x ] $49,488 or more $0 Preservation age Date of birth Preservation age Before 1 July July June July June July June July June After 30 June Those aged 64 or less at 1 July can contribute up to $540,000 over a three-year period. 9 Assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.
5 Tax on lump sum withdrawals from superannuation 10 Taxed element Untaxed element Taxable component Withdrawn prior to 20% 30% to untaxed preservation age plan cap amount 11 47% 12 on balance Withdrawn from preservation age-59 first $185,000 0% 15% over $185,000 15% 30% to untaxed plan cap amount 11 47% 12 on balance Withdrawn age 60+ 0% 15% to untaxed plan cap amount 11 47% 12 on balance Tax-free component 0% Tax on superannuation lump sum payments made on death 10 Taxed Untaxed Taxable component element element Paid to dependant 0% 0% Paid to non-dependant 15% 30% Tax-free component 0% Tax on life benefit employment termination payments paid as a result of resignation or retirement 10 Taxable component Withdrawn prior to preservation age Up to lesser of: $185,000 and $180,000 less taxable income 30% Amounts over 47% 12 Withdrawn at preservation age or over Up to lesser of: $185,000 and $180,000 less taxable income 15% Amounts over 47% 12 Tax-free component 0% 10 Medicare levy should be added to these rates except where tax rate is nil. 11 Untaxed plan cap $1,355, Includes the 2% temporary budget repair levy which applies from 1 July 2014 to 30 June 2017.
6 Tax on life benefit employment termination payments paid as a result of genuine redundancy, invalidity and employment-related disputes 13 Taxable component Withdrawn prior to preservation age Up to $185,000 30% Over $185,000 47% 14 Withdrawn at preservation age or over Up to $185,000 15% Over $185,000 47% 14 Tax-free component 0% Tax on death benefit employment termination payments 13 Taxable component Paid to dependant first $185,000 0% over $185,000 47% 14 Paid to non-dependant first $185,000 30% over $185,000 47% 14 Tax-free component 0% Pay-in-lieu of long service leave and annual leave paid as a result of resignation or retirement 13 Reason for Accrued % Taxable Tax payment rate Long service Prior to 16 Aug % MTR 15 leave 16 Aug Aug % 30% Post 17 Aug % MTR 15 Annual leave Prior to 18 Aug % 30% Post 17 Aug % MTR 15 Pay-in-lieu of long service and annual leave paid as a result of bona fide redundancy or approved early retirement 13 Reason for Accrued % Taxable Tax payment rate Long service Prior to 16 Aug % MTR 15 leave Post 15 Aug % 30% Annual leave Full service period 100% 30% 13 Medicare levy is added to rates except where tax rate is nil. 14 Includes the 2% temporary budget repair levy which applies from 1 July 2014 to 30 June Marginal tax rate.
7 Life expectancy ( Life Tables 16 ) (Pension purchased from 1 January 2010) Age M F Age M F Account-based pension Minimum drawdown 17 Age % of account balance Under 65 4% % % % % % % 16 These tables are for technical calculations only. They underestimate actual life expectancy as they are historical statistics and do not take into account mortality improvements. 17 A maximum limit of 10% of the account balance applies to transition to retirement pensions.
8 Social security Age Pension rates (20 September 2014) Fortnightly Annual Single $ $22, Couple combined $1, $33, Illness separated combined $1, $44, Includes Pension and Clean Energy Supplement. Pension Assets Test For full pension /allowance Disqualifying asset limits Homeowners Single $202,000 $771,750 Couple combined $286,500 $1,145,500 Illness separated $286,500 $1,426,000 Non-homeowners Single $348,500 $918,250 Couple combined $433,000 $1,292,000 Illness separated $433,000 $1,572,500 Pension Income Test For full pension Disqualifying income limits Fortnightly Annual Fortnightly Annual Single $ $4, $1, $48, Couple combined $ $7, $2, $74, Illness separated $ $7, $3, $96, Deeming thresholds and rates Single Rate Couple First $48, % First $79,600 Over $48, % Over $79,600 Age Pension qualifying age Year born Age 1 January 1949 to 30 June July 1952 to 31 December January 1954 to 30 June July 1955 to 31 December On or after 1 January
9 Residential aged care (Entry from 1 July 2014) Daily means-tested amount (Income-tested amount + asset-tested amount)/364 Income-tested amount Single (Annual assessable income $25,118.60) x 50% Couples (each) (Annual assessable income $24,650.60) x 50% Asset-tested amount 17.5% of assets between $45,500 and $155, % of assets between $155, and $376, % of assets above $376, Accommodation payments Home cap 18 $155, Maximum accommodation supplement $53.04 Minimum assets after paying Refundable Accommodation Deposit $45,500 Interest charge on outstanding RAD (from 1 Jul 2014 to 30 Sep 2014) 6.69% Interest charge on outstanding RAD (from 1 Oct 2014 to 31 Dec 2014) 6.63% Ongoing care fees Basic daily care fee $47.15 Daily means-tested care fee 19 (Daily means-tested amount maximum accommodation supplement) Annual cap $25, Lifetime cap $60, Applies separately to both members of a couple. 19 Cannot exceed the recipient's cost of care.
10 Home care (From 1 July 2014) Basic daily fee $9.70 Income-tested care fee 20 Assessable income (single) Full pensioner Annual income-tested care fee Part pensioner (Annual assessable income $25,118.60) x 50% up to maximum of $5, Non-pensioner Assessable income (couple living together) Full pensioner Nil $5,000 + (Annual assessable income $48,583.60) x 50% up to maximum of $10, Annual income-tested care fee Part pensioner (Annual assessable income $19,492.20) x 50% up to maximum of $5, Non-pensioner Assessable income (couple illness separated) Full pensioner Nil $5,000 + (Annual assessable income $37,180.00) x 50% up to maximum of $10, Annual income-tested care fee Part pensioner (Annual assessable income $24,650.60) x 50% up to maximum of $5, Non-pensioner Nil Lifetime cap $60, $5,000 + (Annual assessable $48,115.60) x 50% up to maximum of $10, Cannot exceed the recipient's cost of care.
11 Residential aged care (Entry before 1 July 2014) Accommodation bond (low level care/extra services places) Minimum assets after paying bond $45,500 Annual retention amount 21,22 Bonds in excess of $40,860 $4,086 Bonds no more than $21,120 $2,112 Interest charge on periodic payment (from 1 Jul 2014 to 30 Sep 2014) 6.69% Interest charge on periodic payment (from 1 Oct 2014 to 31 Dec 2014) 6.63% Accommodation charge (nursing homes) Individual total assets Max daily charge Up to $45,500 Nil $45,500 to $116,636 (Assets $45,500)/2,080 Above $116,636 $34.20 Ongoing care fees Basic daily care fee $47.15 Daily income-tested fee 23 Maximum $74.89 Singles (Annual assessable income $25,118.60) x 5/12 Couples (each) (Annual assessable income $24,650.60) x 5/12 21 Maximum retention amount for residents transferring between 1 July 2014 and 30 June Where the bond is between the two thresholds, the maximum monthly retention amount can be calculated by taking 10% of the bond and dividing the result by Cannot exceed the recipient's cost of care.
12 1st Floor, 7-9 Franklin Wharf HOBART TAS This information is current as at 20 September 2014 unless otherwise stated and is provided by Accurium Pty Limited ABN (Accurium). It is general information only and is not intended to be tax or legal advice and should not be relied upon as such. The information is based on Accurium s understanding of current law and regulatory practices at the time of writing, which may change in the future. While all care has been taken to ensure the information is correct, Accurium does not take any responsibility for any error or omission and is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. The information is intended for use by financial services professionals and we recommend that investors seek appropriate professional advice before making any financial decisions /CG1000/1014
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