Rates and Thresholds

Tax, Superannuation & Social Security Rates 2015/2016 and a few proposed changes for 2017

See important Disclaimer at the end of this page

1. Residents
2. Individual Resident Tax Rates
3. Individual Non Resident Tax Rates
4. Family Tax benefit
5. Income Limit for Maximum Rate of FTB-A
6. Family Tax Benefit – Part B
7. Income Limits for FTB-B
8. Education Tax Refund
9. Private Health Insurance Rebate
10. Child Care benefit
11. Spouse Super contribution tax offset two thresholds
12. Government Co contribution
13. First Home Saver Accounts
14. Non Resident
15. Long Service Leave
16. Superannuation Contribution Threshold
17. Contribution & Pension Caps
18. Minimum Annual Pension Payments (Once Pension Commenced)
19. Preservation Rules
20. Contribution Eligibility phase
21. Preservation Ages for Retirement
22. ETP Thresholds
23. Superannuation Lump Sum Benefits
24. Lump Sum Death Benefits
25. Life Expectancy 2015-2016
26. Taxed Scheme – Superannuation Pension Phase Tax Rates
27. Untaxed Scheme – Superannuation Pension Phase Tax Rates
28. Age pension
29. Medicare Levy and Surcharge
30. Superannuation Guarantee
31. CGT Cap Amount
32. Annual Leave
33. Genuine Redundancy
34. Duty on Real Property
35. Land Tax
36. Tax on withdrawals of tax-free component

1. Residents

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

 2. Individual Resident Tax Rates

Tax rates <2015-2016>

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

Year ended 30 June 2014/15

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 and Temporary Budget 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

Tax rates <2015-2016>

Taxable income	Tax on this income
0 – $80,000	32.5c for each $1
$80,001 – $180,000	$26,000 + 37c for each $1 over $80,000
$180,001 and over	$63,000 + 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
< 12	$4,673.76
13 – 19 years	$6,082.44
up to 19 years of age in an approved care organisation	$1,434.16

Note: Includes FTB-A supplement of $726.35 per child after the end of the financial year, once your payments have been balanced.

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

Annual Family Income

$51,027

Annual
Family Income – For annual family incomes of $51,027 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 30 cents per dollar of income
over $94,316.

6. Family Tax Benefit – Part B

Age of Youngest Child	Maximum Annual Rate
< 5 years	$3,974.88
5 – 18 years	$2,777.32

Payment figures do not include the FTB Part B supplement of $354.05 per
family for the 2015–16 financial year. The supplement can only be paid
after the end of the financial year.

7. Income Limits for FTB-B

Lower Earning Spouse	Maximum Income
For maximum FTB-B	$5,183
FTB-B reduces by 20 cents per dollar of income earned over this threshold, cutting out at:
If youngest child is < 5 years	$26,390
If youngest child is between 5 and 18 years	$20,532
Higher Earning Spouse
For any FTB-B to be payable	$150,000

Other rates for over 18’s please refer to Human Services 

8. Education Tax Refund

A 50% eduction tax refund (ETR) applies to eligible educational expenses.
The refund is limited to $409 per primary school child and $818 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
Per Child Per Hour	$3.99 or up to $199.50 per week

11. Spouse Super contribution tax offset two thresholds:

1. Spouse earning less than $13,800 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 – $13,800)

12. Government Co contribution – up to $500 shades out between $33,416 and $48,516

 

13. First Home Saver Accounts – Goverment Co contribution max of $1,020 account cap $90,000

 

14. Non Resident

Withholding Tax – Interest 10%, 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. Long Service Leave

Unused Long Service Leave	Tax
On resignation or retirement:
Leave accrued before 16 August 1978	5% included in assessable income and taxed at marginal rates
Leave accrued 17 August 1978 – 17 August 1993	100% included in assessable income and taxed at a maximum rate of 31.5%
Leave accrued after 18 August 1993	100% included in assessable income and taxed at marginal rates
On genuine redundancy, approved early retirement, invalidity:
Leave accrued before 16 August 1978	5% included in assessable income and taxed marginal rates
Leave accrued after 15 August 1978	100% included in assessable income and taxed at maximum rate of 31.5%

16. SUPERANNUATION CONTRIBUTION THRESHOLDS

Employer contributions: Superannuation Guarantee 9 per cent of ordinary time earnings (maximum salary requiring SG payments is $450 pm):

Type of Contribution	Annual Contribution Cap	Excess Contribution Tax
CGT Small Business	$1,415,000 life time limit (15yr or Retirement). Indexed in increments of $5,000, indexed amount is generally available each February.
Concessional	$30,000, or $35,000 if 49 or greater on 30 June 2016, CPI adjusted	31.5%
Non-Concessional	$180,000 or where under 65, $540K 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 2016	Annual Cap	Tax Rate
Under 50 during the 2016 or later years	$30,000 (indexed to average weekly ordinary time earnings (AWOTE), in $5,000 increments)	15% (additional 31.5% if over the cap). 15% additional tax payable if income above the threshold, <click here to read more>.
50 or over during or after the 2016 or later years	$35,000 (indexed to average weekly ordinary time earnings (AWOTE), in $5,000 increments)

Changes proposed in 2016 not yet law will reduce concessional contributions to $25,000 for all.

Non-Concessional Contributions
Age as at 30 June 2014	Annual Cap	Tax Rate
Under 65	$180,000 or $540,000 over a three year period, under bring forward provision	Nil (47% where contributions exceed cap)
65 – 75 Work Means Test	$180,000*

* Unless a prior bring forward provision applies.  <Check ATO for updated rates>. the non concession contribution (including the 3 year bring forward rule contribution) cannot exceed the pension cap of $1.6million. These changes proposed in 2016 not yet law , these changes proposed to be introduced on 1 July 2017 .are::

(1) non concessional contributions to be $100,000 per annum, (be aware of the Pension Cap, see below).

 

Pension Cap
	Annual Cap	Pension Transfer Cap
As at 1 July 2017	$1,600,000	Note the proportionate approach in the calculation
As at 1 July 2018	increases by CPI but only changes in increments of $100,000 *

* Note the proportionate approach in the calculation.

18. Minimum Annual Pension Payments (once pension commenced)

Age	Minimum % Withdrawal
Under 65	4%
65-74	5%
75-79	6%
80-84	7%
85-89	9%
90-94	11%
95 or more	14%

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 indefinitely.

20. CONTRIBUTION ELIGIBILITY – ACCUMULATION PHASE:

Contribution eligibility rules – summary table

The following table summarises the current rules for when a person is allowed to contribute or receive contributions to a super fund for the 2015-16 financial year.

Important!

This is a summary table only. Please refer to the important notes following each table.

Member’s age at time of contribution	Personal Contribution – Made by the member (section 2.5)	Other contributions – Made by someone other than member or employer	Voluntary Employer Contribution (section 2.8)	Mandated employer contribution (section 2.7)
	eg; personal non-concessional, personal concessional contributions	eg; spouse contribution, government co-contribution	eg; salary sacrifice, other employer contributions in excess of SG	eg; 9.25% SG, or contribution under industrial award
Under 65	Yes	Yes	Yes	Yes
65 – 69	Work Test (section 2.4)	Work Test (section 2.4)	Work Test (section 2.4)	Yes (section 2.4)
70 – 74 (Section 2.4)	Work Test (section 2.4)	No	Work Test (section 2.4)	Yes
75 and over (Section 2.4)	No	No	No	Yes

Note: A fund may accept contributions in respect of a member if the trustee is reasonably satisfied that the contribution is in respect of a period that it would have otherwise been made.

# a person is eligible for the government co-contribution up until the age of 70 (age as at the end of the financial year).

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 $180,000, 15% above $180,000
60 and over	Nil
Untaxed Scheme
Under 55 up to $1,315,000                Over $1,315,000	30% 45%
55  – 59  up to $180,000                $180,000 – $1,315,000                Over $1,315,000	15% 30% 45%
60 and over up to $1,315,000                Over $1,315,000	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–2014 – 2015, For income streams 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.

Current Age	Female		Male
	Years To Live	Life Expectancy	Years To Live	Life Expectancy
50	35.7	85.7	32.2	82.2
55	31.0	86.0	27.7	82.7
60	26.5	86.5	23.4	83.4
65	22.1	87.1	19.2	84.2
70	18.8	87.8	15.3	85.3
75	13.8	88.8	11.7	86.7
80	10.2	90.2	8.6	88.6
85	7.1	92.1	6.1	91.1
90	4.8	94.8	4.2	94.2

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

Want to see those before 50 or after 90? View them here.

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 2013 (revised quarterly, for updates <click here> )

Basic rate (per fortnight)
Single	$873.90 (each) ex pharmacy allow
Couple (each)	$658.70 (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 $196,750
Single, non-homeowner	up to $339,250
Couple, homeowner	up to $279,000
Couple, non homeowner	up to $421,500

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, 22 or over, no children	up to $62	less than $935.67
Single, 22 or over, with children	up to $62	less than $1,004.84
Single, 60 or over, after 9 months	up to $62	less than $1,015.17*
Couple, 21 or over	up to $62 each	less than $853.84 each

 

29. Medicare Levy & Surcharge

Medicare Thresholds – For the latest rates and thresholds for the medicare levy <click here>.

	Relevant taxable income threshold (no levy payable)	Phase-in limit (full levy payable over this limit)
Individual	$20,896	$26,120
Couple or Sole Parent (Family Income)	$35,261	$44,076
For each dependent child or student, add:	$3,238	$4,047

 

Eligible for Seniors and Pensioners Tax Offset

	Relevant taxable income threshold (no levy payable)	Phase-in limit (full levy payable over this limit)
Individual	$33,044	$41,305
Couple or Sole Parent (Family Income)	$46,000	$57,500
For each dependent child or student, add:	$3,238	$4,047

 

Note: The full levy is 2.0% of taxable income; however, this varies for low income earners according to circumstances shown above. There is also some exempt groups of taxpayers.

For individuals, a reduced levy is calculated at 10c for every dollar above the relevant taxable income threshold amount, but at or below the phase-in limit shown in the table.

Reduced levy calculations, based on family income (combined taxable income of taxpayer and spouse) and number of dependent children, are more complex.

 

Medicare Levy Surcharge

Singles	Families*	Surcharge Rate
Up to $90,000	Up to $180,000	Nil
$90,001 – $105,000	$180,001 – $210,000	1.00%
$105,001 – $140,000	$210,001 – $280,000	1.25%
Above $140,001	Above $280,001	1.50%

* increase by $1,500 for each dependent child after first

For the latest rates and thresholds for the medicare levy <click here>.

30. Superannuation Guarantee

Period	Super Guarantee Rate (Charge Percentage)
1 July 2002 – 30 June 2013	9%
1 July 2013 – 30 June 2014	9.25%
1 July 2014 – 30 June 2015	9.5%
1 July 2021 – 30 June 2022	10%
1 July 2022 – 30 June 2023	10.5%

For the latest rates <click here> for all the latest superannuation rates and thresholds <click here>.

31. CGT Cap Amount

Income Year	Amount of Cap
2016 – 17	$1,415,000
2015 – 16	$1,395,000
2014 – 15	$1,355,000
2013 – 14	$1,315,000
2012 – 13	$1,255,000
2011 – 12	$1,205,000
2010 – 11	$1,155,000

For the latest rates <click here> for all the latest superannuation rates and thresholds <click here>.

32. Annual Leave

Unused Annual Leave	Tax
on resignation or retirement:
Leave accrued before 18 August 1993	100% included in assessable income and taxed at a maximum rate of 30%
Balance of Service	100% included in assessable income and taxed marginal rates
On genuine redundancy, approved early retirement, invalidity:
All service	100% included in assessable income and taxed at a maximum rate of 30%

33. Genuine Redundancy/ Approved Early Retirement

Tax Free Amount

$9,780 + ($4,891 x each completed years of service)

Not subject to tax and is not classified as an ETP

For the latest rates <click here> for related termination payment  rates <click here>

Payroll Tax (WA)
Monthly Gross Wages	Annual Gross Wages	Rate
$0 – $62,500	$0 – $750,000	Nil
Over $62,501	Over $750,001	5.50%

34. Duty on Real Property

Standard Rates for contracts entered into after 1 July 2014, <check latest Duty rates here>

Value	Duty Payable
$0 – $80,000	1.90% of entire amount
$80,001 – $100,000	$1,520 + 2.85% of excess over $80,000
$100,001 – $250,000	$2,090 + 3.80% of excess over $100,000
$250,001 – $500,000	$7,790  + 4.75% of excess over $250,000
$500,001 +	$19,665 + 5.15% of excess over $500,000

*Note duty rates are calculated per $100 or part thereof

Standard Residential Rate for contracts entered into after 1 July 2014

Value	Duty Payable
$0 – $120,000	Nil
$120,001 – $150,000	$2,280 + 2.85% of excess over $120,000
$150,001 – $360,000	$3,135 + 3.80% of excess over $150,000
$360,001 – $725,000	$11,115 + 4.75% of excess over $360,000
$725,001 +	$28,453 + 5.15% above $725,000

Concessional Rate for contracts entered into after 1 July 2014

Concessional Rates (S147)	$0 – $100,000	1.90% of entire amount
	$100,001 – $200,000	$1,500 + 4.39% of excess over $100,000
First Home Owner (new or establish as of 3rd July 2014)	$0 – $430,000	NIL
	$430,001 – $530,000	19.19% of entire amount
First Home Owner (new or establish from 1st July 2008 to 2nd July 2014)	$0 – $500,000	NIL
	$500,001 – $600,000	22.51% of entire amount
First Home Owner (Vacant Land or House/Land package)	$0 – $300,000	NIL
	$300,001 – $400,000	13.01 of entire amount

*Note duty rates are calculated per $100 or part thereof

35. Land Tax

<check latest Land Tax rates here>

Taxable value of land holdings and Tax payable
$0 – $300,000	Nil
$300,001 – $420,000	Flat rate of $300
$420,001 – $1,000,000	$300 + 0.25 cent for each $1 in excess of $420,000
$1,000,001 – $1,800,000	$1,750 + 0.90 cent for each $1 in excess of $1,000,000
$1,800,001 – $5,000,000	$8,950 + 1.80 cents for each $1 in excess of $1,800,000
$5,000,001 – $11,000,000	$66,550 + 2.00 cents for each $1 in excess of $5,000,000
$11,000,001 +	$186,550 + 2.67 cents for each $1 in excess of $11,000,000

*Levied on owners of land at midnight 30 June 2015

36. Tax on withdrawals of tax-free component

You do not pay tax on the tax-free component of you super when you withdraw it regardless of your age or the way you withdraw it.

CENTERLINK BENEFITS TO BE ENTERED

The following refers to a table that needs to be updated, <check latest rates of center link benefits here>.

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 $6.20 Pharmaceutical Allowance
Effective 20 March 2010

 

Page last updated: 15th July 2016