| 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 |
|
||
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.
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%.