Australian Tax Rates & Tables, Free from Thomson Current to 1 April 2008, the following tax tables are extracts from Thomson's Tax Rates & Tables. These handy reference tables include Australian income tax rates, superannuation, fringe benefits tax (FBT) and motor vehicle mileage rates, as well as medicare rates, PAYG, company tax rates, CPI and General Interest charges.
|
Tax & Accounting
News & Special Offers  |
Tax rates
| General Rates - Residents - 2007-08 | |
| Taxable income $ | Tax payable $ |
| 0 - 6,000 | Nil |
| 6,001 - 30,000 | Nil + 15% excess over 6,000 |
| 30,001 - 75,000 | 3,600 + 30% of excess over 30,000 |
| 75,001 - 150,000 | 17,100 + 40% of excess over 75,000 |
| 150,001 + | 47,100 + 45% of excess over 150,000 |
For general rates for other financial years, general rates for non-residents or resident minors (Div6AA),
Tax Rates & Tables.
| Medicare Levy - 2006-07 General Rate | ||
| Taxpayer | Taxable income $ | Medicare Levy Payable $ |
| Individual | 0 - 16,740 16,741 - 19,694 19,695 + |
Nil |
| Pensioner below pension age 1 | 0 - 21,637 21,638 - 25,455 25,456 + |
Nil 10% of excess over 21,637 1.5% of entire amount |
| Senior Australian 2 | 0 - 24,867 24,868 - 29,255 29,256 + |
Nil 10% of excess over 24,867 1.5% of entire amount |
| 1 Entitled to pensioner tax offet 2 Entitled to Senior Australians Tax Offset (SATO) |
||
| Low income taxpayer offset - 2007-08 | |
| Taxable income (TI) $ | Offset $ |
| 0 - 30,000 | 750 |
| 30,001 - 48,749 | 750 - ([TI 30,000] x 4%) |
| 48,750 + | Nil |
| Note: The low income offset effectively increases the Div 6AA tax-free threshold from $1,334 to $1,667 | |
For more commonly used offset and rebates tables, Tax Rates & Tables.
Companies
| Companies general rate | |
| Income tax year | Tax payable on entire amount % |
| 2001-2002 + | 30 |
| 2000-2001 | 34 |
| 1999-2000 | 36 |
| Prepare ATO approved company tax returns with Company Tax Return Generator | |
| PAYG quarterly instalments 2007-08 due dates 30 June balancers | ||
| Instalment | Deferred BAS payers * | Other quarterly payers |
| 1st instalment | 28-Oct-07 | 21-Oct-07 |
| 2nd instalment | 28-Feb-08 | 21-Jan-08 |
| 3rd instalment | 28-Apr-08 | 21-Apr-08 |
| 4th instalment | 28-Jul-08 | 21-Jul-08 |
| * Entities that report and pay GST on a quarterly basis or who are not registered for GST but are required to report another BAS obligation quarterly. Certain individuals pay only 2 instalments (due at end of 3rd and 4th instalment quarters). Dates also apply to payment of deferred 1999-2000 company tax instalments. If due date falls on a Saturday, Sunday or public holiday (in any State or Territory), due date is next business day. |
||
Superannuation
For more detailed superannuation information see Superannuation Factbook.
| Super Contributions - 1 July 2007+ From 1 July 2007, age-based deduction limits no longer apply and employers/self-employed will receive full deductibilty for contributions until age 75. A full deduction is available for personal super contributions if <10% of assessable income and reportable fringe benefits is attributable to activities as an "employee" for super guarantee purposes. Contributions above the annual contributions caps will be subject to excess contributions tax levied on the individual. |
||
| Type of contribution | Annual contribution cap - per person ($) |
Excess contributions tax (%) |
| Concessional | $50,0002 | 31.55 |
| Non-concessional | $150,0003,4 | 46.5 |
| TFN not quoted1 | N/A | 46.5 |
1 Where a member's TFN has not been quoted to a super fund by 30 June each year, this "no-TFN contributions income" is taxed at 46.5% in the hands of the receiving fund. A super fund must return non-consessional contributions within 30 days where the member has not quoted a TFN. 2 For those aged 50-74 a transitional contribution cap of $100,000pa applies until 30 June 2012. Excess concessional contributions also count towards the non-concessional contributions cap. 3 A $1m transitional non-concessional contributions cap applies from 10 May 06 until 30 June 07. 4 Individuals under 65 may bring forward the non-concessional cap for the next 2 years (ie $450,000 over 3 years). 5 Excess concessional contributions tax of 31.5% is levied on the individual (on top of the orginial 15% contributions tax paid by the fund) who can withdraw an amount from their fund to meet tax liability. |
||
For superannuation lump sums, employment termination payments and other superannuation tables,
Tax Rates & Tables.
| Redundancy / Early retirement 2007-08 | |
| Tax-free | Excess |
| $7,020 + ($3,511 x years of service) | Taxed as ordinary ETP |
General interest charge
| Period |
GIC rate % | Period | GIC rate % |
| Apr-Jun 2002 | 11.31 | Jul-Sep 2005 | 12.68 |
| Jul-Sep 2002 | 11.84 | Oct-Dec 2005 | 12.62 |
| Oct-Dec 2002 | 11.96 | Jan-Mar 2006 | 12.63 |
| Jan-Mar 2003 | 11.84 | Apr-Jun 2006 | 12.61 |
| Apr-Jun 2003 | 11.75 | Jul-Sep 2006 | 12.87 |
| Jul-Sep 2003 | 11.78 | Oct-Dec 2006 | 13.19 |
| Oct-Dec 2003 | 11.82 | Jan-Mar 2007 | 13.37 |
| Jan-Mar 2004 | 12.31 | Apr-Jun 2007 | 13.37 |
| Apr-Jun 2004 | 12.57 | Jul-Sep 2007 | 13.37 |
| Jul-Sep 2004 | 12.51 | Oct-Dec 2007 | 13.75 |
| Oct-Dec 2004 | 12.44 | Oct-Dec 2007 | 13.75 |
| Jan-Mar 2005 | 12.43 | Jan-Mar 2008 | 14.15 |
| Apr-Jun 2005 | 12.63 | Apr-Jun 2008 | 14.69 |
| Note: For the amendment of assessments for the 2004-2005 and later income year, the GIC has been replaced by a special interest regime known as "the shortfall interest charge". | |||
Gross-up formula
| Fringe Benefits Tax | |
| FBT rate The rate for fringe benefits tax for the year ending 31 March 2008 is 46.5%. |
|
| Type 1 | Type 2 |
| 2.0647 1 | 1.8692 2 |
| 1 Type 1 aggregate fringe benefits amount (where input tax credit available in respect of benefit) 2 Type 2 aggregate fringe benefits amount (all other cases) |
|
| Travel: Car expense rates per-kilometre basis | ||
| Engine capacity (cc) | Kilometre rate (cents) | |
| 2006-2007 FBT year | 2007-2008 FBT year | |
| 0 - 2,500 | 40 | 41 |
| 2,501+ | 48 | 49 |
| Motorcycles | 12 | 12 |
For FBT benchmark interest rates and FBT car statutory percentages, Tax Rates & Tables.
