Current to 1 June 2010, the following tax tables are extracts from Thomson Reuters Tax Rates & Tables 2010.
Tax Rates
| General Rates – Residents – 2009-2010 income year | |
| Taxable Income $ | Tax payable $ |
|---|---|
| 0 – 6,000 | Nil |
| 6,001 – 35,000 | Nil + 15% excess of over 6,000 |
| 35,001 – 80,000 | 4,350 + 30% of excess over 35,000 |
| 80,001 – 180,000 | 17,850 + 38% of excess over 80,000 |
| 180,001 + | 55,850 + 45% of excess over 180,000 |
For general rates for other financial years, general rates for non-residents or resident minors (Div6AA) check out Tax Rates & Tables 2010.
Medicare Levy
Medicare Levy applies only to residents.
| Medicare Levy – 2009-2010 General Rate | ||
| Taxpayer | Taxable income $ | Medicare Levy Payable $ |
|---|---|---|
| Individual | 0 – 18,488 18,489 – 21,750 21,751+ |
Nil 10% of excess over 18,488 1.5% of entire amount |
| Pensioner under pension age entitled to pensioner rebate | 0 – 27,697 27,698 – 32,584 32,585 + |
Nil 10% of excess over 27,697 1.5% of entire amount |
The Medicare levy threshold for senior Australians for the 2009-10 and 2010-11 income years are included in the Tax Laws Amendment (Personal Income Tax Reduction) Act 2008. The new rates are set out below.
| Medicare Levy – 2009-2010 income year | ||
| Taxpayer | Taxable income $ | Medicare Levy Payable $ |
|---|---|---|
| Senior Australian entitled to SATO | 0 – 29,867 29,868 – 35,137 35,138 + |
Nil 10% of excess over 29,867 1.5% of entire amount |
| Medicare Levy – 2010-2011 income year | ||
| Taxpayer | Taxable income $ | Medicare Levy Payable $ |
|---|---|---|
| Senior Australian entitled to SATO | 0 – 30,685 30,686 – 36,100 36,101 + |
Nil 10% of excess over 30,685 1.5% of entire amount |
| Low-income taxpayer offset – 2009-2010 income year | |
| Taxable Income (TI) $ | Offset $ |
|---|---|
| 0 – 30,000 | 1,350 |
| 30,001 – 63,749 | 1,350 – ([TI – 30,000] x 4%) |
| 63,750 + | Nil |
Note: For the 2009-10 income year, the low-income tax offset (maximum of $1,350) may effectively increase the Div 6AA tax-free threshold for unearned income of eligible resident minors from $416 to $3,000.
Companies
Company tax rates are currently uniform regardless of whether the company is public, private, resident, or non-resident. However, please refer to Tax Rates & Tables 2010 to note the special rates which apply o certain non-profit companies, life insurance companies, credit unions and pooled development funds.
| Company Tax Rate – General | |
| Income tax year | Tax payable on entire amount % |
|---|---|
| 2001-2002 + | 30 |
| 2000-2001 | 34 |
| 1999-2000 | 36 |
Proposed reduction in company tax rate
The company tax rate will be reduced to 28%. The timing of this will depend on whether an entity qualifies as an “eligible small business company”. The proposed reduction was announced as part of the Federal Government’s response to the “Australia’s Future Tax System review” (the Henry Report) released on 2 May 2010.
Superannuation
Annual Concessional Contributions Cap
| Annual concessional contributions cap – year ending 30 June 2010 | |
| Age as at 30 June 2010 | Annual concessional contributions cap – per person ($) |
|---|---|
| Under 50 | 25,000 |
| 50+ | 50,000 |
| Annual concessional contributions cap – year ending 30 June 20091 | |
| Age as at 30 June 2009 | Annual concessional contributions cap – per person ($) |
|---|---|
| Under 50 | 25,000 |
| 50+ | 50,000 |
Please refer to Tax Rates & Tables 2010 for further information on superannuation lump sums, employment termination payments and other superannuation tables.
Redundancy and Early Retirement Scheme Repayments
| 2009-2010 Income year | ||
| Category | 2009-10 amount $ | Rate of tax % |
|---|---|---|
| Genuine redundancy - Tax-free amount - Excess |
7,732 + (3,867 x years of service^) |
Tax free Employment termination payment |
| Early retirement scheme payments - Tax-free amount - Excess |
7,732 + (3,867 x years of service^) |
Tax free Employment termination payment |
For more detailed superannuation information, see Australian Superannuation Handbook and Superannuation Factbook.
CPI Index Numbers and Indexation
| Quarter | Index number | Quarter | Index number | Quarter | Index number | Quarter | Index number |
|---|---|---|---|---|---|---|---|
| Sep-85 | 71.3 | Dec-91 | 107.6 | Mar-98 | 120.3 | Jun-04 | 144.82 |
| Dec-85 | 72.7 | Mar-92 | 107.6 | Jun-98 | 121.0 | Sep-04 | 145.42 |
| Mar-86 | 74.4 | Jun-92 | 107.3 | Sep-98 | 121.3 | Dec-04 | 146.52 |
| Jun-86 | 75.6 | Sep-92 | 107.4 | Dec-98 | 121.9 | Mar-05 | 147.52 |
| Sep-86 | 77.6 | Dec-92 | 107.9 | Mar-99 | 121.8 | Jun-05 | 148.42 |
| Dec-86 | 79.8 | Mar-93 | 108.9 | Jun-99 | 122.3 | Sep-05 | 149.82 |
| Mar-87 | 81.4 | Jun-93 | 109.3 | Sep-99 | 123.4 | Dec-05 | 150.6 |
| Jun-87 | 82.6 | Sep-93 | 109.8 | Dec-99 | 124.11 | Mar-06 | 151.9 |
| Sep-87 | 84.0 | Dec-93 | 110.0 | Mar-00 | 125.21 | Jun-06 | 154.3 |
| Dec-87 | 85.5 | Mar-94 | 110.4 | Jun-00 | 126.21 | Sep-06 | 155.7 |
| Mar-88 | 87.0 | Jun-94 | 111.2 | Sep-00 | 130.92 | Dec-06 | 155.5 |
| Jun-88 | 88.5 | Sep-94 | 111.9 | Dec-00 | 131.32 | Mar-07 | 155.6 |
| Sep-88 | 90.2 | Dec-94 | 112.8 | Mar-01 | 132.72 | Jun-07 | 157.5 |
| Dec-88 | 92.0 | Mar-95 | 114.7 | Jun-01 | 133.82 | Sep-07 | 158.6 |
| Mar-89 | 92.9 | Jun-95 | 116.2 | Sep-01 | 134.22 | Dec-07 | 160.1 |
| Jun-89 | 95.2 | Sep-95 | 117.6 | Dec-01 | 135.42 | Mar-08 | 162.2 |
| Sep-89 | 97.4 | Dec-95 | 118.5 | Mar-02 | 136.62 | Jun-08 | 164.6 |
| Dec-89 | 99.2 | Mar-96 | 119.0 | Jun-02 | 137.62 | Sep-08 | 166.5 |
| Mar-90 | 100.9 | Jun-96 | 119.8 | Sep-02 | 138.52 | Dec-08 | 166.0 |
| Jun-90 | 102.5 | Sep-96 | 120.1 | Dec-02 | 139.52 | Mar-09 | 166.2 |
| Sep-90 | 103.3 | Dec-96 | 120.3 | Mar-03 | 141.32 | Jun-09 | 167.0 |
| Dec-90 | 106.0 | Mar-97 | 120.5 | Jun-03 | 141.32 | Sep-09 | 168.6 |
| Mar-91 | 105.8 | Jun-97 | 120.2 | Sep-03 | 142.12 | Dec-09 | 169.5 |
| Jun-91 | 106.0 | Sep-97 | 119.7 | Dec-03 | 142.82 | Mar-10 | 171.0 |
| Sep-91 | 106.6 | Dec-97 | 120.0 | Mar-04 | 144.12 |
2 For FBT purposes only.
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