ATO TAX RATES

RESIDENTS (INCOME TAX RATES) 2012/2013 and 2013/2014
Taxable Income $ Tax Payable $
0 – 18,200 0
18,201 – 37,000 19% of excess over $18,200
37,001 – 80,000 $3,572 + 32.5% of excess over $37,000
80,001 – 180,000 $17,547 + 37% of excess over $80,000
> 180,000 $54,547 + 45% of excess over $180,000
NON-RESIDENTS INCOME TAX RATES) 2012/2013 and 2013/2014
Taxable Income $ Tax Payable $
0 – 80,000 32.5% of entire amount
80,001 – 180,000 $26,000 + 37% of excess over $80,000
180,001 + $63,000 + 45% of excess over $180,000

 

RESIDENTS MINOR (INCOME TAX RATES) 2012/2013 and 2013/2014
Taxable Income $ Tax Payable $
0 – 416 0
417 – 1,307 66% of excess over $416
1,308 + 45% of the entire amount

 

 


 

RESIDENTS (INCOME TAX RATES)
From 1 July 2012 Year 2011-12
Income Thresholds $ % Income Thresholds $ %
0 – 18,200 0 0 – 6,000 0
18,201 – 37,000 19 6,001 – 37,000 15
37,001 – 80,000 32.5 37,001 – 80,000 30
80,001 – 180,000 37 80,001 – 180,000 37
> 180,000 45 > 180,000 45

 

NON-RESIDENTS (INCOME TAX RATES)
From 1 July 2012 Year 2011-12
Income Thresholds $ % Income Thresholds $ %
0 – 80,000 32.5 0 – 37,000 29
80,001 – 180,000 37 37,001 – 80,000 30
> 180,000 45 80,001 – 180,000 37
> 180,000 45

 

Superannuation 2012-13 2011-12
Maximum Government Co-Contribution $500 $1,000
Government Matching Rate 50% 100%
Low Income Threshold $31,920 $31,920
Income Cut-Off Level $46,920 $61,920
  1. Government will co-contribute superannuation up to a lower maximum cap in the 2012-13 year.
  2. The matching rate indicate the rate that the government will match you in every dollar that you contribute into your superannuation.
  3. The low income threshold will trigger off a phasing out of the co-contribution amount until the cut-off level is reached.
  4. You will NOT receive any co-contribution for any income earned above the cut-off level.

 

Low-Income Earners Contribution

EXAMPLE:

In the year 2012-13, Stephen has an adjusted taxable income (ATI) of $33,000. His employer has made $2,970 of Superannuation Guarantee contribution for him.

With an ATI of less than $37,000, Stephen will receive a government contribution equivalent to 15% tax of his total concessional contributions made during the year. Therefore, he will receive (15% x $2,970) $445.50 in government contribution.

This government contribution is capped at $500.

 

Increase in Contributions Tax

EXAMPLE:

In the year 2012-13, Jan has income of $295,000. During the year, his employer has made $23,000 of SG contributions into his super fund.

The tax rate on concessional contributions has increased from 15% to 30% for earners with income greater than $300,000. Jan’s total income for the year is $318,000 ($295,000 + $23,000).

The 30% tax will be applied against the $18,000 of his concessional contributions. As a result of this increased tax, Jan will pay additional contribution tax of $2,700 ($18,000 x (30%-15%)) in comparative to the previous financial year where the tax is at 15%.

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