Individual Residents

If you are a resident for the full year, the following rates apply:

Tax rates 2008-09

Tax Rates 2009-10

Notes on tax rates

The above rates do not include the Medicare levy of 1.5%

Tax offsets reduce the tax payable. Tax offsets based on taxable income levels apply to a range of circumstances.

Individual Non-residents

If you are a non-resident for the full year, the following rates apply:

Companies

The rates of tax for all companies and some associations are as follows:

Companies are required to maintain a franking account on a tax paid basis and are not entitled to a refund of imputation credits that exceed the tax payable.
Companies are not entitled to the 50% discount on the disposal of assets that are held for at least 12 months.

Motor Vehicle Depreciation Cost-Limit

Since 1980, the depreciation deduction for cars has been limited by a deemed maximum cost price depending on the year in which the car was acquired.

Per Kilometre Motor Vehicle Rates

These rates are used by individuals when making a claim for motor vehicle expenses up to a maximum of 5,000 business kilometres. They are also used by employers when reimbursing employees for business use of their vehicles.

The rates are based on the engine size of the car and are as follows:

Complying Superannuation Funds

Income received, including capital gains and employer contributions and the deductible portion of self employed contributions are taxed at the rate of 15%. Funds are entitled to a refund of imputation credits that exceed the tax payable.

Income tax is not payable on income and capital gains where pensions are paid to the members.

A Fund is entitled to a one-third discount on the disposal of assets that are held for at least 12 months

Deductible Superannuation Contribution Limits

For the 2009/10 year, the maximum concessional superannuation contributions that can be claimed by an employer or a substantially self employed person is as follows:

Below 50 years of age at 30 June: $25,000 (indexed) *

Age 50 and over at 30 June: $50,000 (unindexed) **

* Both employers and substantially self employed persons are entitled to claim a full tax deduction for the entire contributions made.

** This is a transitional measure that applies up to the 2011/12 year, upon which the limit will reduce to the standard $25,000 indexed amount.

Note that contributions above these limits can still be claimed as a full deduction, but will be taxed at an overall effective rate of 46.5%.

Undeducted Superannuation Contribution Limits

For the 2009/10 year, the maximum after-tax contributions that can be made by an individual to a superannuation fund is limited to $150,000 per annum. This amount is fixed at six times the deductible contributions limit of $25,000 and will therefore increase as the $25,000 limit rises with indexation.

Where an individual is under the age of 65 at any time during the income year, there is a 3 year averaging rule whereby the person will be able to utilise the $150,000 cap for the current year and for the next two income years. This means that the person can in effect contribute a maximum of $450,000 as an undeducted contribution during the income year and the subsequent two income years. The $450,000 limit is automatically triggered in an income year where the taxpayer makes an after-tax contribution in excess of $150,000.

GST Thresholds

* all amounts are GST exclusive