THE TAX INSTITUTE. Tax Rates Table

Size: px
Start display at page:

Download "THE TAX INSTITUTE. Tax Rates Table 2013-14"

Transcription

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. 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. Medicare Levy Individuals Taxpayer Taxable income Medicare Levy If eligible for the seniors and pensioners tax offset (SAPTO)* All other individual taxpayers $0 $32,279 $32,280 $37,975 $37,976+ $0 $20,542 $20,543 $24,167 $24,168+ Nil 10% of excess over $32, % on total taxable income 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 amount 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. Tel:

3 Families Family with following children or students No levy payable if family income does not exceed Where family income within range, 10% of the amount by which family income exceeds amount in second column Ordinary Medicare Levy payable where family income equal to or exceeds 0 $33,693 $33,694 $39,638 $39,639 1 $36,787 $36,788 $43,278 $43,279 2 $39,881 $39,882 $46,918 $46,919 3 $42,975 $42,976 $50,558 $50,559 4 $46,069 $46,070 $54,198 $54,199 5 $49,163 $49,164 $57,838 $57,839 6 $52,257* $52,258* $61,478# $61,479# + Not applicable to those eligible for seniors and pensioners tax offset *Where there are more than six, add $3,094 for each extra child or student # Where there are more than six, add $3,640 for each extra child or student Medicare Levy surcharge and private health insurance rebates No surcharge & maximum rebate Tier 1 Tier 2 Tier 3 Singles $84,000 or less $84,001- $97,000 $97,001- $130,000 $130,001 or more Families* $168,000 or less $168,001- $194,000 $194,001- $260,000 $260,001 or more Aged under 65 Rebate 30% 20% 10% 0% Aged % 25% 15% 0% Aged 70 or over 40% 30% 20% 0% Medicare levy surcharge Rate 0.0% 1.0% 1.25% 1.5% taxinstitute.com.au

4 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 Aged under 65 Rebate 30% 20% 10% 0% Aged % 25% 15% 0% Aged 70 or over 40% 30% 20% 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 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 private patient hospital cover for any period of the year. Income for surcharge purposes is the sum of taxable income (including the net amount 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. 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 amount (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). Tel:

5 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) Complying superannuation fund (non-arm s length income) 15% + 45% Non-complying superannuation fund 45% Trustee (under s 99A) (excluding Medicare levy) + 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. Other rates Division 7A benchmark interest rate Year of income ended 30 June 2013 Year of income ended 30 June % 6.20% Reference TD 2012/15 Reference TD 2013/17 45% 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. taxinstitute.com.au

6 TAX KNOWLEDGE EXCHANGE Now includes up to 17 CPD hours Australia s leading tax knowledge base continues to grow in 2013, now giving you up to 17 CPD hours and updated coverage of: CGT Div 7A FBT GST International tax issues Litigation Mergers & acquisitions Part IVA and anti-avoidance Property Residency Succession planning and estates Superannuation Transfer pricing Trusts and much, much more. FIND OUT MORE and take a trial at taxinstitute.com.au/tke

7 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 1601cc cc (1.601 litre litre) 2601cc (2.601 litre) and over 800cc (0.8 litre) or less 801cc cc (0.801 litre litre) 1301cc (1.301 litre) and over 63 cents 74 cents 75 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 2013 Year of income ended 30 June 2014 $57,466 $57,466 Reference TD 2012/16 Reference TD 2013/15 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 $60,316 - see Luxury Car Tax Determination LCTD 2013/1. 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. Tel:

8 FBT FBT rate and gross up rates The FBT rate for the year commencing 1 April 2012 is. The FBT rate for the year commencing 1 April 2013 is. 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 - Statutory formula method For cars 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). Note: It is proposed to abolish the statutory formula method effective 1 April 2014, for cars under contracts entered into after 16 July Key FBT data Year commencing 1 April 2012 Year commencing 1 April 2013 Car parking threshold $7.83 (TD 2012/9) $8.03 (TD 2013/9) 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: 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 $250 per week $400 per week $450 per week $325 per week $450 per week $450 per week $524 per week $524 per week $599 per week $599 per week A food component based on the figures in (a), plus $150 for each additional adult and $75 for each additional child (TD 2012/5) 48 cents 57 cents 14 cents (TD 2012/6) $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) 49 cents 59 cents 15 cents (TD 2013/7) taxinstitute.com.au

9 Year commencing 1 April 2012 Year commencing 1 April 2013 Non-remote area housing indexation factors New South Wales Victoria Queensland South Australia Western Australia Tasmania Australian Capital Territory Northern Territory (TD 2012/4) (TD 2013/5) Benchmark interest rate 7.40% (TD 2012/7) 6.45% (TD 2013/8) 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 $7,642 (TD 2012/3) $7,779 (TD 2013/6) Superannuation and ETPs Key superannuation data Concessional contributions cap for individuals aged 59 years or over on 30 June 2013 Concessional contributions cap for other individuals Not applicable $35,000 $25,000 $25,000 Non-Concessional Contributions cap $150,000 $150,000 CGT Cap $1,255,000 $1,315,000 Low Rate Cap /ETP cap amount $175,000 $180,000 Untaxed Plan Cap $1,255,000 $1,315,000 ETP Life Benefit Cap $175,000 $180,000 ETP Life Benefit Whole of Income Cap $180,000 $180,000 ETP Death Benefit Cap $175,000 $180,000 Based Tax-Free Area of a Bona-Fide Redundancy $8,806 $9,246 For Each Completed Year of Service $4,404 $4,624 Superannuation guarantee charge percentage 9% 9.25% Maximum Contribution Base (per quarter) $45,750 $48,040 Co-Contribution Lower Income Threshold $31,920 $33,516 Co-Contribution Upper Income Threshold $46,920 $48,516 Tel:

10 Superannuation lump sum tax table Income component derived in the income year Age at the date payment is received 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 amount 21.5% up to the Low Rate Cap above the Low Rate Cap Nil payment is non-assessable non-exempt income up to Untaxed Plan Cap above Untaxed Plan Cap up to the Low Rate Cap above the Low Rate Cap and up to the Untaxed Plan Cap above the Untaxed Plan Cap up to the Untaxed Plan Cap above the Untaxed Plan Cap Nil 16.5% N/A 31.5% 16.5% 31.5% 16.5% Any Whole amount 16.5% Any Whole amount 31.5% Any None Nil taxinstitute.com.au

11 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) Preservation age Age at the date payment is received Any Any subject to tax Nil - payment is not assessable income and is not exempt income up to the Untaxed Plan Cap is not assessable income and is not exempt income above the Untaxed Plan Cap Maximum rate of tax (including Medicare levy) N/A N/A Any None Nil Any None Nil 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 amounts applies to account-based annuities and pensions, allocated annuities and pensions, and market-linked annuities and pensions. Tel:

12 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: Medicare levy (1.5%) will apply if amounts are assessable. ETP tax table 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 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 Component subject to tax Up to the lesser of ETP Life Benefit Cap and ETP Life Benefit Whole of Income Cap reduced by non-etp taxable income Up to the lesser of ETP Life Benefit Cap and ETP Life Benefit Whole of Income Cap reduced by non-etp taxable income Above the lesser of ETP Life Benefit Cap and ETP Life Benefit Whole of Income Cap reduced by non-etp taxable income Up to ETP Life Benefit Cap Up to ETP Life Benefit Cap above ETP Life Benefit Cap Up to ETP Death Benefit Cap above ETP Death Benefit Cap Maximum rate of tax (including Medicare levy) 31.5% 16.5% 31.5% 16.5% 31.5% 0108MAR_07/13 Death Benefit ETP paid to dependants taxable component All ages Up to ETP Death Benefit Cap is not assessable income and is not exempt income above ETP Death Benefit Cap Nil taxinstitute.com.au

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

THE TAX INSTITUTE. Tax Rates Table. taxinstitute.com.au THE TAX INSTITUTE Tax Rates Table 2014-15 taxinstitute.com.au Individual income tax rates Residents 2013-14 Taxable income Marginal rate Tax on this income $0 $18,200 Nil Nil $18,201 $37,000 19% 19c for

More information

Tax Rates & Thresholds Handy Guide

Tax Rates & Thresholds Handy Guide Tax Rates & Thresholds Handy Guide 2014/15 Income Year Issued August 2014 Taxation of Superannuation Benefits Superannuation benefits from a taxed source Age of recipient Lump Sum Income stream 60 and

More information

CPA Australia Tax and Social Security Guide: 2013-2014

CPA Australia Tax and Social Security Guide: 2013-2014 CPA Australia Tax and Social Security Guide: 2013-2014 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015 CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2014 2015 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 PERSONAL TAX PERSONAL INCOME TAX RATES 2013-2014 & 2012-2013 Taxable Income $0 - $18,200 Nil Tax Payable $18,201 - $37,000 19% of excess over $18,200 $37,001

More information

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016

CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016 CPA AUSTRALIA TAX AND SOCIAL SECURITY GUIDE: 2015 2016 This guide is the initiative of the CPA Australia Retirement Savings Centre of Excellence. Information is current based on legislation as at 1 July

More information

Key Superannuation Rates and Thresholds

Key Superannuation Rates and Thresholds Key Superannuation Rates and Thresholds Concessional contributions cap Concessional contributions consist of: 1. Employer contributions including salary sacrifice contributions 2. Personal contributions

More information

2015 rates and thresholds guide

2015 rates and thresholds guide Client Information Newsletter - Tax & Super 2015 rates and thresholds guide October 2015 Table of Contents Individual tax rates for residents... 2 Individual tax rates for non-residents.... 2 2014-15 resident

More information

2014/15 Key Superannuation Rates and Thresholds

2014/15 Key Superannuation Rates and Thresholds 2014/15 Key Superannuation Rates and Thresholds These are the key rates and thresholds that apply in relation to superannuation contributions and benefits, superannuation guarantee and co-contributions.

More information

SUMMARY OF RATES AND THRESHOLDS 2015/16

SUMMARY OF RATES AND THRESHOLDS 2015/16 SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount

More information

Social security Residential aged care Home care Residential aged care

Social security Residential aged care Home care Residential aged care Fast Facts Facts and Figures 20 September 2014 Tax Individual resident tax rates 1 Taxable income Tax % Tax on excess $18,200 Nil 19.0% $37,000 $3,572 32.5% $80,000 $17,547 37.0% $180,000 $54,547 47.0%

More information

Super taxes, caps, payments, thresholds and rebates

Super taxes, caps, payments, thresholds and rebates Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation

More information

Tax Offsets 2014/15. Voice. Dependant Tax Offsets. 2014/15 Description. Max Offset $

Tax Offsets 2014/15. Voice. Dependant Tax Offsets. 2014/15 Description. Max Offset $ Tax Offsets 2014/15 Dependant Tax Offsets From 1 July 2012 (i.e., for the 2013 and later income years), the Dependant (Invalid and Carer) Tax Offset (DICTO) replaced eight dependent rebates (namely, the

More information

Fact Sheet Tax on Super 2009/10

Fact Sheet Tax on Super 2009/10 It pays to belong TM Key Focus A tax of 15% applies to concessional (i.e. before tax) contributions. All employer and salary sacrifice contributions will be taxed at the top marginal rate if your super

More information

2015 Changes / Key Announcements

2015 Changes / Key Announcements 2015 Changes / Key Announcements Below is a summary of the changes to be aware of and announcements that will potentially affect you for the year ending 30 th June 2015 or will come into effect as of 1

More information

Member guide. Superannuation and Personal Super Plan. The information in this document forms part of the Hostplus Product Disclosure Statement issued

Member guide. Superannuation and Personal Super Plan. The information in this document forms part of the Hostplus Product Disclosure Statement issued Member guide. Superannuation and Personal Super Plan Product Disclosure Statement The information in this document forms part of the Hostplus Product Disclosure Statement issued Section 7. How super is

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Financial Institution Details Required From 1 July 2013, when preparing your income tax returns we will need to include your nominated Australian bank account details when a refund

More information

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd

Fundamentals of Australian Taxation. Snehal Shah Director GMK Partners Pty Ltd Fundamentals of Australian Taxation Snehal Shah Director GMK Partners Pty Ltd Disclaimer This presentation is of a general nature only and is not intended to be relied upon as, nor to be a substitute for,

More information

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions 2016/17 Budget Superannuation reform changes 1. Effective Budget Night 7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000

More information

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund. Tax and super Issue Date: 1 July 2015 SUP E R ANNUATION The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each dated 1 July 2015. You

More information

Rates of Tax 2013/14 Resident Individuals

Rates of Tax 2013/14 Resident Individuals July Supplement 2014 Rates of Tax 2013/14 Resident Individuals The following rates apply to individuals who are residents of Australia for tax purposes for the entire income year. 1 Tax Payable 2,3 0 18,200

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

General reference guide

General reference guide General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important

More information

RECENT INCOME TAX CHANGES

RECENT INCOME TAX CHANGES RECENT INCOME TAX CHANGES Increased Medicare Levy Low Income Thresholds The Medicare Levy low-income thresholds for families and dependent child-student component of the threshold have been changed to

More information

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015:

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015: How super is taxed Date of issue: 1 July 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 Fax: 1300 365 142 of issue: The information in this document forms part of the Product Disclosure Statement

More information

FirstTech. Super guide 2010/11. Adviser use only

FirstTech. Super guide 2010/11. Adviser use only FirstTech Super guide 2010/11 FirstTech was ranked 1st by advisers for Technical Support in the 2010 Wealth Insights Fund Manager Service Survey. This Super guide has been developed to provide you with

More information

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.

More information

Rates of Tax 2011/12 Resident Individuals

Rates of Tax 2011/12 Resident Individuals s of Tax 2011/12 Resident Individuals The following rates apply to individuals who are residents of Australia for tax purposes for the entire income year. 1 Tax Payable 2, 3 0 6,000 Nil 6,001 37,000 15

More information

Superannuation. A Financial Planning Technical Guide

Superannuation. A Financial Planning Technical Guide Superannuation A Financial Planning Technical Guide 2 Superannuation Contents Superannuation overview 4 Superannuation contributions 4 Superannuation taxation 7 Preservation 9 Beneficiary nomination 9

More information

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund. Tax and super GESB Super and West State Super SUP E R ANNUATION Important note The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each

More information

Superannuation: dealing with life s changes

Superannuation: dealing with life s changes Booklet 2 Superannuation: dealing with life s changes MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Accessing your superannuation benefits 04 Conditions of release

More information

Tax tips and tax return checklist

Tax tips and tax return checklist Tax tips and tax return checklist To help you complete your tax return, the following lists outlines the payments that are classified as income and those that are classified as expenses across a range

More information

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact MyLife MySuper on 1300 MYLIFE (695 433) or the Australian

More information

AustChoice Super general reference guide (ACH.02)

AustChoice Super general reference guide (ACH.02) AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information

More information

baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist

baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist baggetta & co accountants financial planners self managed super funds 2013 Individual Tax Return Checklist Provide all supporting documentation to substantiate your claims Such as copies of receipts, tax

More information

Individual & Family Tax Measures

Individual & Family Tax Measures Budget Budget Highlights Highlights CHANGES & OTHER IMPORTANT INFORMATION Individual & Family Tax Measures Individual Tax Rates The individual tax rates remain unchanged for 2013/2014 and are listed below.

More information

FEDERAL BUDGET 2009 SUMMARY

FEDERAL BUDGET 2009 SUMMARY FEDERAL BUDGET 2009 SUMMARY 13 May 2009 As widely expected, last nightʼs Federal Budget contained a number of proposals that will affect clients. Importantly, the proposals will require passage of legislation

More information

Taxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset

Taxation measures. Medicare low income thresholds. Changes to tax rates for non-residents. Changes to the net medical expenses tax offset 2012-2013 Federal Budget Report May 2012 This year s Federal Budget was returned to surplus while ensuring families and small business share in the benefits of the resource boom. Cor sae por restiam adis

More information

MLC Facts and Figures

MLC Facts and Figures Adviser use only MLC Facts and Figures 2012/13 MLC Facts and Figures 2012/13 Tax 1 16 Super 17 40 Income Streams 41 54 Social Security 55 64 Aged Care 65 70 Insurance 71 79 This information has been published

More information

FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY

FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY Wealth Management Federal Budget 2009 FEDERAL BUDGET 2009 UPDATE BRIEF SUMMARY The Government has delivered what it says is one of the most difficult Budgets since the great depression, with many winners

More information

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super Taxation Supplement 14 March 2014 Contents Tax on contributions 2 Tax on rollovers 3 Tax on investment earnings 3 Tax on super benefits 3 Spouse tax offset 7 Tax deductions for the self-employed 7 Low

More information

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014 Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 CONTENTS Introduction... 1 Recent developments in superannuation...

More information

End of financial year planning tips May 2014

End of financial year planning tips May 2014 End of financial year planning tips May 2014 With the end of the financial year fast approaching, it is a good time to review financial planning strategies with a view to optimising your outcomes. This

More information

Superannuation 2010 2011

Superannuation 2010 2011 RESEARCH PAPER NO. 3, 2010 11 9 September 2010 Superannuation 2010 2011 Leslie Nielson Economics Section Executive summary This paper, updated for the 2010 11 financial year, is designed to provide readers

More information

April 2015 IN THIS ISSUE

April 2015 IN THIS ISSUE April 2015 IN THIS ISSUE Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions caps Changes to superannuation excess

More information

2014 Federal Budget Analysis

2014 Federal Budget Analysis For adviser use only. Not for public distribution. 2014 Federal Budget Analysis In one of the more highly anticipated Federal Budgets, the Government announced major changes that should be discussed with

More information

Taxpayers Australia Inc

Taxpayers Australia Inc Taxpayers Australia Inc Superannuation Australia (A wholly owned subsidiary of Taxpayers Australia Inc) Glossary of superannuation terms These terms are commonly used in the superannuation sector. Account-based

More information

Tax table for employment termination payments

Tax table for employment termination payments Schedule 32 Pay as you go (PAYG) withholding NAT 70980 Tax table for employment termination payments Including delayed termination payments FOR PAYMENTS MADE ON OR AFTER 1 JULY 2013 For a full list of

More information

Super terms explained

Super terms explained Super terms explained Here is a useful reference guide to some of the terms we use with Super. The guide provides plain English information about Super, but does not give formal legal definitions. For

More information

SMSF Facts Sheet. July 2015

SMSF Facts Sheet. July 2015 SMSF Facts Sheet July 2015 Key Superannuation Rates and Thresholds - 2015/16 Contributions The tables below contain the amounts of concessional and non-concessional contributions you may make to your superannuation

More information

April update focusses on matters affecting individuals

April update focusses on matters affecting individuals April update focusses on matters affecting individuals UPDATE SNAPSHOT Medicare Levy Surcharge and Private Health Insurance Rebate Net Medical Expenses Tax Offset Superannuation guarantee rate Super contributions

More information

2014/15 Budget. 1. Changes effective 1 July 2013 (i.e., 2013/14 income year)

2014/15 Budget. 1. Changes effective 1 July 2013 (i.e., 2013/14 income year) 2014/15 Budget 1. Changes effective 1 July 2013 (i.e., 2013/14 income year) 1.1 Medicare levy low income thresholds For 2013/14, the Medicare Levy low income thresholds will be as follows: Individuals

More information

Tax on contributions. Concessional (before tax) contributions

Tax on contributions. Concessional (before tax) contributions This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact Catholic Super on 1300 655 002 or the Australian Taxation

More information

Termination Pays. Terminations... 2

Termination Pays. Terminations... 2 Termination Pays Table of Contents Terminations... 2 Types of Terminations... 2 Notice Period of Termination... 2 Redundancy Weeks to pay... 3 What s included in a Termination?... 3 Employment Termination

More information

uperannuation rates and thresholds as at 1 July 2016

uperannuation rates and thresholds as at 1 July 2016 TECHNICAL FACT SHEET uperannuation rates and thresholds as at 1 July 2016 Contributions to Super Low income superannuation contribution The Government has abolished Low Income Superannuation Contribution

More information

Private health insurance rebate and Medicare levy surcharge changes. June 2012

Private health insurance rebate and Medicare levy surcharge changes. June 2012 June 2012 IN THIS ISSUE Private health insurance rebate and Medicare Levy surcharge changes 30 June is around the corner Tax Changes affecting Small businesses Changes to the timing of Trust resolutions

More information

Tax deductible superannuation contributions

Tax deductible superannuation contributions Tax deductible superannuation contributions TB 35 TECHNICAL SERVICES ISSUED ON 29 OCTOBER 2014 ADVISER USE ONLY VERSION 1.1 Summary Employers and certain individuals can claim a tax deduction for contributions

More information

Meeting with your Financial Planner: Helpful Directions

Meeting with your Financial Planner: Helpful Directions Meeting with your Financial Planner: Helpful Directions Please consider the following before our meeting: Information we anticipate you will need to provide at our first consultation: Part 1 1. Your domestic

More information

How super is taxed guide (AP.4)

How super is taxed guide (AP.4) How super is taxed guide (AP.4) Issued 1 January 2016 The information in this document forms part of the ESSSuper Accumulation Plan Product Disclosure Statement dated 1 January 2016. Contents Providing

More information

Superannuation death benefits

Superannuation death benefits Last updated: 7 September 2010 Last updated: 1 January 2011 Superannuation death benefits This TapIn Guide looks at the key tax issues relating to superannuation death benefits paid from a complying superannuation

More information

Smart strategies for maximising retirement income 2012/13

Smart strategies for maximising retirement income 2012/13 Smart strategies for maximising retirement income 2012/13 Why you need to create a life long income Australia has one of the highest life expectancies in the world and the average retirement length has

More information

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES

Year-end Tax Planning Guide - 30 June 2014 BUSINESSES Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

More information

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES

Year-end Tax Planning Guide - 30 June 2013 BUSINESSES Year-end Tax Planning Guide - 30 The end of the financial year is fast approaching. In the lead up to 30 June, this newsletter covers some of the year-end tax planning matters for your consideration. BUSINESSES

More information

Contributing to your super

Contributing to your super SUP E R ANNUATION Contributing to your super GESB Super and West State Super ISSUE DATE: 1 July 2015 PREPARATION DATE: 26 June 2015 Government Employees Superannuation Board ABN 43 418 292 917 Contents

More information

Superannuation and Residency Fact Sheet - October 2014

Superannuation and Residency Fact Sheet - October 2014 Superannuation and Residency Fact Sheet - October 2014 A change in residence has significant implications for superannuation. A number of issues arise when an individual relocates overseas whether temporarily

More information

- on termination due to redundancy

- on termination due to redundancy The Increased Tax on Lump Sum Termination Payments By Ray Stevens (USA) INTRODUCTION In May, 1983, the Government announced increases in the taxation payable on lump sum superannuation benefits and on

More information

Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015

Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015 Guide for notice of intent to claim a tax deduction for personal super contributions 2014/2015 Under section 290-170 of the Income Tax Assessment Act 1997 Need Help? For more information about your eligibility

More information

Dover Individual Income Tax Return Checklist

Dover Individual Income Tax Return Checklist Dover Individual Income Tax Return Checklist For the year ending (insert income year) 1. Advisor/Accountant Details Company/Firm name: Contact name: Contact email: Contact phone: 2. Client Details Full

More information

Financial Considerations for Early Retirement Schemes & Retirement Planning

Financial Considerations for Early Retirement Schemes & Retirement Planning Financial Considerations for Early Retirement Schemes & Retirement Planning 19 September, 2013 The information contained within this presentation is intended to provide general advice only. It has been

More information

Tax and your CSS benefit

Tax and your CSS benefit CSF27 04/12 Tax and your CSS benefit Who should read this? All contributing CSS members. What is in this fact sheet? > > What should I know up front? > > My benefits in the CSS > > How are contributions

More information

Smart strategies for maximising retirement income

Smart strategies for maximising retirement income Smart strategies for maximising retirement income 2010 Why you need to create a life-long income Australia has one of the highest life expectancies in the world and the average retirement length has increased

More information

Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH

Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH This guide is current at 1 July 2014 and is subject to change. Updated information will be available free of charge from onepath.com.au or by calling 1800

More information

Federal Budget May 2016

Federal Budget May 2016 Federal Budget May 2016 BT Contents 1. Key points on Superannuation... 3 Lifetime cap for non-concessional superannuation contributions... 3 Reduction in threshold for additional 15% tax for high income

More information

Product Disclosure Statement

Product Disclosure Statement AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of

More information

How super is taxed. VicSuper FutureSaver Member Guide

How super is taxed. VicSuper FutureSaver Member Guide How super is taxed VicSuper FutureSaver Member Guide Date prepared 1 July 2015 The information in this document forms part of the VicSuper FutureSaver Product Disclosure Statement (PDS) dated 1 July 2015.

More information

Contents. Introduction. Introduction 1. Top five Budget proposals 2. Taxation 7. Social security and aged care 10.

Contents. Introduction. Introduction 1. Top five Budget proposals 2. Taxation 7. Social security and aged care 10. Contents Introduction 1 Top five Budget proposals 2 Taxation 7 Social security and aged care 10 Other measures 15 Introduction After weeks of speculation, the Federal Treasurer Joe Hockey handed down the

More information

PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES AUSTRALIA

PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES AUSTRALIA PENSIONS AT A GLANCE 2011: RETIREMENT-INCOME SYSTEMS IN OECD COUNTRIES Online Country Profiles, including personal income tax and social security contributions AUSTRALIA Australia: pension system in 2008

More information

Superannuation Technical Information Booklet

Superannuation Technical Information Booklet Superannuation Technical Information Booklet Macquarie Wrap Document number MAQST02 The information contained in this Technical Information Booklet should be read in conjunction with the relevant Product

More information

Structuring & Tax. Ensuring your plans for your super become a reality. By Ben Andreou Partner Head of Structuring & Tax

Structuring & Tax. Ensuring your plans for your super become a reality. By Ben Andreou Partner Head of Structuring & Tax Structuring & Tax Ensuring your plans for your super become a reality By Ben Andreou Partner Head of Structuring & Tax December 2015 Table of Contents Page Why should you read this paper?... 3 Background...

More information

Deceased Estates & Estate Planning

Deceased Estates & Estate Planning Deceased Estates & Estate Planning 1 1. Obligations for period prior to death& administration Lodgement of returns Disclosure of personal details and TFN Default assessment Calculation of tax payable Application

More information

Issued ₁ July ₂₀₁₅. Member guide. SuperLeader Fact sheet. AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379.

Issued ₁ July ₂₀₁₅. Member guide. SuperLeader Fact sheet. AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379. Issued ₁ July ₂₀₁₅ Member guide SuperLeader Fact sheet AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379. This is a member guide fact sheet for SuperLeader. It is an important

More information

Lump Sum My Retirement

Lump Sum My Retirement Lump Sum My Retirement General advice warning The schemes administered by Super SA are exempt public sector schemes and therefore we are not required to hold an Australian Financial Services licence to

More information

Chapter 2. The Temporary Budget Repair Levy

Chapter 2. The Temporary Budget Repair Levy Chapter 2 The Temporary Budget Repair Levy 2.1 This chapter discusses the legislation introduced by the package of Temporary Budget Repair Levy (the Levy) bills. 2.2 The committee first gives a brief overview

More information

Understanding superannuation Version 5.0

Understanding superannuation Version 5.0 Understanding superannuation Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to superannuation. This

More information

Lifeplan NextGen Investments

Lifeplan NextGen Investments Lifeplan NextGen Investments Essential Guide to Investment Bonds Adviser Use Only Everything you wanted to know about Lifeplan NextGen Investments. March 2014. Is the PDS FoFA compliant? The Lifeplan NextGen

More information

Employment taxes essentials Updated as at September 2013 Employment taxes - essentials September 2013

Employment taxes essentials Updated as at September 2013 Employment taxes - essentials September 2013 Employment taxes - essentials September 2013 Presented by: Institute of Chartered Accountants Australia Disclaimer The Institute of Chartered Accountants in Australia owns the copyright in this document.

More information

Regardless of what your next steps might be this guide may help you effectively manage your new financial position better.

Regardless of what your next steps might be this guide may help you effectively manage your new financial position better. A guide to managing redundancies A fresh start 2015 2016 Strategy 1 Personalise your investment strategy Regardless of what your next steps might be this guide may help you effectively manage your new

More information

SUPERANNUATION FUND RETURN PREPARATION CHECKLIST 2013

SUPERANNUATION FUND RETURN PREPARATION CHECKLIST 2013 SUPERANNUATION FUND RETURN PREPARATION CHECKLIST 2013 The following checklist for super funds, prepared by Moore Stephens on behalf of CPA Australia, should be completed in conjunction with the preparation

More information

Individual tax return instructions 2013

Individual tax return instructions 2013 Instructions for taxpayers Individual tax return instructions 03 To help you complete your tax return July 0 30 June 03 Now available on tablets NAT 7050-06.03 OUR COMMITMENT TO YOU We are committed to

More information

FEDERAL BUDGET 2014 Member factsheet

FEDERAL BUDGET 2014 Member factsheet FEDERAL BUDGET 2014 Member factsheet KEY HIGHLIGHTS - Introduction of Temporary Budget Repair Levy - Refund of excess non-concessional contributions without penalty - Age pension age increasing to age

More information

Redundancy A guide to the right choices

Redundancy A guide to the right choices 1 July 2007 Redundancy A guide to the right choices Inside this guide Introduction What benefits will you receive? How are these benefits taxed? What to consider when receiving an employment termination

More information

The benefits of insuring through super. Macquarie Life

The benefits of insuring through super. Macquarie Life The benefits of insuring through super Macquarie Life While your clients are accumulating wealth, they also need to ensure adequate insurance cover is in place so they and their families are looked after

More information

C.1 Taxation of equity-based payments

C.1 Taxation of equity-based payments C Taxation C.1 Taxation of equity-based payments Australian taxation arrangements Equity-based payments are remuneration for employment services provided in the form of equity or rights (this could constitute

More information

Individual Tax Return Checklist 2010

Individual Tax Return Checklist 2010 Individual Checklist 2010 Individual Checklist 2010 This checklist has been prepared by CPA Australia to assist public practice members in discharging their obligations in preparing 2010 individual tax

More information

Understanding tax Version 5.0

Understanding tax Version 5.0 Understanding tax Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to tax. This document has been published

More information

2015 General Return Preparation

2015 General Return Preparation Client name ABN Tax File Date of Birth Mobile Telephone Email Spouse s name Address Occupation Change in Marital Status / Referral Source Bank Account Details for EFT BSB OR Trust Account? A/C / Account

More information

Career transition guide. We empower you. westernpacific.com.au

Career transition guide. We empower you. westernpacific.com.au Career transition guide We empower you. westernpacific.com.au Contents Introduction 3 Coming to terms with redundancy 3 Assessing your financial position 4 Securing employer payments 5 Redundancy and your

More information

Taxation, social security and family assistance for

Taxation, social security and family assistance for Taxation, social security and family assistance for 2004 05 Introduction This publication provides a guide to the taxation treatment of social security and family assistance payments. It describes which

More information

Retirement Income Allocated Pension

Retirement Income Allocated Pension Retirement Income Allocated Pension Information sheet S U P E R A N N U AT I O N This information sheet is intended to provide an overview of the key features and benefits of the Retirement Income Allocated

More information