Financial Facts

Tax, Superannuation & Social Security Rates 2012/2013

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1. Residents

These rates apply to individuals who are residents of Australia for tax purposes (see Residency – overview for more information).

1. Individual Resident Tax Rates

Tax rates <2012-2013>

Year ended 30 June 2012

Taxable income	Tax on this income
0 – $6,000	Nil
$6,001 – $37,000	15c for each $1 over $6,000
$37,001 – $80,000	$4,650 plus 30c for each $1 over $37,000
$80,001 – $180,000	$17,550 plus 37c for each $1 over $80,000
$180,001 and over	$54,550 plus 45c for each $1 over $180,000

Year ended 30 June 2013

Taxable income	Tax on this income
0 – $18,200	Nil
$18,201 – $37,000	19c for each $1 over $18,200
$37,001 – $80,000	$3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000	$17,547 plus 37c for each $1 over $80,000
$180,001 and over	$54,547 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 1.5% (read What is the Medicare levy? for more information).

Tax Offsets reduce the tax payable. Tax offsets based on taxable income levels apply to a range of circumstances. For more information read About tax offsets.

3. Non Resident Individual Tax Rates <2012-2013>

Year ended 30 June 2012

Taxable income	Tax on this income
0 – $37,000	29c for each $1
$37,001 – $80,000	$10,730 plus 30c for each $1 over $37,000
$80,001 – $180,000	$23,630 plus 37c for each $1 over $80,000
$180,001 and over	$60,630 plus 45c for each $1 over $180,000

Non-residents are not required to pay the Medicare levy

4. Family Tax Benefit – Part A

For Each Child	Maximum Annual Rate
< 13 years	$4,905.60
13 – 15 years	$6,161.20
16 – 17 years	$2,062.25
18 – 24 years	$2,518.50

Note: Includes FTB-A supplement of $726.35 per child for 2010/11.

5. Income Limit for Maximum Rate of FTB-A.

Annual Family Income

$45,114

Annual Family Income – For annual family incomes of $45,115 or more, but less than the income limit beyond which only the base rate of FTB-A is paid, the maximum rate of FTB-A is reduced by 20 cents per dollar of income over $45,114.

6. Family Tax Benefit – Part B

Age of Youngest Child	Maximum Annual Rate
< 5 years	$3,909.15
5 – 15 yars (or 16 – 18 years if full time student)	$2,832.40

Note: Includes FTB-B supplement of up to $354.05 per family for 2010/11.

7. Income Limits for FTB-B

Lower Earning Spouse	Maximum Income
For maximum FTB-B	$4,745
FTB-B reduces by 20 cents per dollar of income earned over this threshold, cutting out at:
If youngest child is < 5 years	$24,291
If youngest child is between 5 and 18 years	$18,907
Higher Earning Spouse
For any FTB-B to be payable	$150,000

Other rates for over 18′s please refer to http://www.humanservices.gov.au/

8. Education Tax Refund

A 50% eduction tax refund (ETR) applies to eligible educational expenses.
The refund is limited to $390 per primary school child and $779 per secondary school child.
These amounts are indexed annually on 1 July.

9. Private Health Insurance Rebate - 30% to 40% of premium depending on age of person.

10. Child Care benefit - Maximum rate is payble when annual family income is $38,763 or less.

Number of Children in Care	Maximum child care benefit per hour per non-school child
1	$3.68
2	$3.84
3 or more	$4.00

11. Spouse Super contribution tax offset two thresholds:

1. Spouse earning less than $10,800 offset is: 18% of lower of contributions made or $3,000 ie max offset $540; and

2. Spouse earning between than $13,799 – $10,800 offset is: 18% of lower of contributions made or [$3,000 -(receiving spouse income – $10,800)

12. Government Co contribution - up to $1,000 shades out between $31,920 and $61,920, contact us for 10/11 rates & future years rates.

13. First Home Saver Accounts – Goverment Co contribution max of $935 account cap $80,000, , contact us for 10/11 rates & future years rates.

14. Non Resident

Withholding Tax – Interest 10% (with DTA),Franked Dividends 0%, Unfranked with DTA 15%, Unfranked without DTA 30%, 45% for non resident trustee beneficiaries.

Other tax rates: Company tax rate 30%, Qualifying Superannuation Fund – Accumulation Phase 15%, pension phase 0%

15. Rates per business kilometre

Engine capacity		Cents per kilometre
Ordinary car	Rotary engine car	2009-10 income year
1600cc (1.6 litre) or less	800cc (0.8 litre) or less	63 cents
1601cc – 2600cc (1.601 litre – 2.6 litre)	801cc – 1300cc (0.801 litre – 1.3 litre)	74 cents
2601cc (2.601 litre) and over	1301cc (1.301 litre) and over	75 cents

Work out the amount you can claim for each car and add up all the amounts.

16. SUPERANNUATION CONTRIBUTION THRESHOLDS

Employer contributions: Superannuation Guarantee 9 per cent of ordinary time earnings, (maximum salary requiring SG payments is $160,680):

Type of Contribution	Annual Contribution Cap	Excess Contribution Tax
CGT Small Business	$1,155,000 life time limit (15yr or Retirement)
Concessional	$25,000	31.5%
	Read more at auditofSMSF.com.au
Non-Concessional	$150,000 or where under 65, $450K bringing fwd 2 yrs.	46.5%
TFN Not Quoted		46.5%

Work out the amount you can claim for each car and add up all the amounts

17. CONTRIBUTION CAPS

Concessional Contributions
Age at 30 June 2009	Annual Cap	Tax Rate
Under 50	$25,000 (indexed to average weekly ordinary time earnings (AWOTE), in $5,000 increments)	15% (additional 31.5% if no TFN provided or where contributions exceed cap)
50 and Over

* The transitional concessional cap was $100,000 pa and the concessional cap was $50,000 pa between 1 July 2007 and 30 June 2009

Non-Concessional Contributions
Age as at 30 June 2009	Annual Cap	Tax Rate
Under 65	$150,000 or $450,000 over a three year period, under bring forward provision	Nil (46.5% where contributions exceed cap)
65 – 75 Work Means Test	$150,000*	Nil (46.5% where contributions exceed cap)

* Unless a prior bring forward provision applies.

18. Minimum Annual Pension Payments (once pension commenced)

Age	Minimum % Withdrawal
Under 65	2
65-74	2.5
75-79	3
80-84	3.5
85-89	4.5
90-94	5.5
95 or more	7

No maximum pension withdrawal, except for Transition to Retirement pensions where the maximum is 10% of the account balance.

19. PRESERVATION RULES

Except in case of death superannuation savings may remain in accumulation phase indefinetley.

20. CONTRIBUTION ELIGIBILITY – ACCUMULATION PHASE:

21. Preservation ages for Retirement:

Date Of Birth
Before 01/07/1960	55
1/07/60-30/06/61	56
1/07/61-30/06/62	57
1/07/62-30/06/63	58
1/07/63-30/06/64	59
1/07/64 or after	60

22. ETP THRESHOLDS

ETP Component	Amount included	Maximum rate of tax (includes Medicare levy)
Post June 1994 invalidity component	Nil	N/A
Taxable Under preservation age up to $160,000	100%	30%
Taxable under preservation age over $160,000	100%	45%
Taxable over preservation up to $160,000	100%	15%
Taxable over preservation age over $160,000	100%	45%
Transitional ETP’s also apply up to 2012 for contracts before 10.05.06
Annual to 17.08.93 (after normal rates apply)	100%	30%
Long Service Leave 16/8/78 to 17.8.93	100%	30%

Tax free ETP see <ATO-Link>

23. SUPERANNUATION LUMP SUM BENEFITS

Taxed Scheme	Tax Treatment + medicare
Under preservation age	20%
preservation age-59	0% up to $160,00015% above $160,000
60 and over	Nil
Untaxed Scheme
Under 55 up to $1,155,000 Over $1,155,000	30%45%
55 – 59 up to $160,000 $160,000 – $1,155,000 Over $1,155,000	15%30%45%
60 and over up to $1,155,000 Over $1,155,000	15%45%

24. LUMP SUM DEATH BENEFITS

Dependent – Nil

Non Dependent taxed element 15% untaxed element 30%, (See special rules for lump sum death benefit pension payments)

See special rules for lump sum death benefit pension payments

25. LIFE EXPECTANCY-2005-2007, For income streams commencing from 1/1/05. From 20/09/04 for complying fixed term, or term allocated or to determine the maximum guarantee period for complying life time income streams. Please call us for current rates

Age	M	F	Age	M	F	Age	M	F
50	31.43	35.17	65	18.54	21.62	80	8.38	10.01
55	26.95	30.53	70	14.76	17.42	85	6.03	7.08
60	22.63	26.00	75	11.31	13.51	90	4.36	4.91

Note the years in between are not noted, please call us if you require it.

26. TAXED SCHEME – SUPERANNUATION PENSION PHASE TAX RATES

Age	Tax free Component	Taxable Component – Element Taxed
Under 55	Non – assessable non-exempt income	Marginal tax Rate (less 15% if disability benefit)
55-59	Non – assessable non-exempt income	Marginal tax Rate (less 15% tax offset)
60+	Non Assessable	Non Exempt Income

27. UNTAXED SCHEME – SUPERANNUATION PENSION PHASE TAX RATES

Age	Tax free Component	Taxable Component – Element Taxed
Under 60	Non – assessable non-exempt income	Marginal tax Rate
+60	Non – assessable non-exempt income	Marginal tax Rate (less 10% tax offset)

28. AGE PENSION

Effective 20 March 2010 (revised quarterly)

Basic rate (per fortnight)
Single	$701.10 (each) ex pharmacy allow
Couple (each)	$528.50 (each) ex pharmacy allow

Note: Income test figures higher for pensioners with children or who pay private rent.

Allowance Assets Test
Family Situation	For Any Allowance
Single, homeowner	up to $181,750
Single, non-homeowner	up to $313,250
Couple, homeowner	up to $258,000
Couple, non homeowner	up to $389,500

Note: Allowance cuts out where assets exceed these limits; there is no gradual phasing out. Effective 1 July 2010.

Allowance Income Test
Family Situation	For Full Allowance pf	For Part Allowance pf #
Single, 21 or over, no children	up to $62	less than $864.67
Single, 21 or over, with children	up to $62	less than $927.84
Single, 60 or over, after 9 months	up to $62	less than $937.84*
Couple, 21 or over	up to $62 each	less than $789.50 each

Notes: Fortnightly income from $62 to $250 (inclusive) reduces fortnightly allowance by 50 cents in the dollar. For income above $250 pf, fortnightly allowance reduces by 60 cents in the dollar. Partner income which exceeds cut-out point further reduces fortnightly allowance by 60 cents in the dollar.
These rates apply to Newstart, Partner, Widow, Sickness, and Mature Age Allowances.
# These figures maybe higher if eligible for Pharmaceutical Allowance or Rent Assistance.
* Includes Pharmaceutical Allowance
Effective 20 March 2010

Page last updated: 22nd January 2013

Mercia