Handy reckoner
Australian tax year 2007/08

 

Personal income tax      Superannuation

Medical expenses      Motor vehicle rates

Income tax lodgement dates      FBT

Depreciation cost limit      Late lodgement penalties

ASIC lodgement      Consumer Affairs

Victorian stamp duty on transfer of real estate

Victorian stamp duty on principal residence

 

Personal income tax rates

The following income tax rates apply to taxable income.

 

From 1 July 2007 
  ($)
Tax rate
(%)
  From 1 July 2008
  ($)
Tax rate
(%)
0 - 6,000 0   0 - 6,000 0
6,001 - 30,000 15   6,001 - 30,000 15
30,001 - 75,000 30   30,001 - 80,000 30
75,001 - 150,000 40   80,001 - 180,000 40
150,001+ 45   180,000+ 45

Low income rebate : $750. Full entitlement where income is less than $30,000 and
then reducing by 4 cents in every dollar.

Senior Australian tax offset : $2,230 singles, $1,602 for each partner in a couple.
Tax free income is therefore $25,857 for singles and $43,360 for couples.

Medicare levy : 1.5%. Additional 1% surcharge may apply to those without
adequate hospital insurance.

Superannuation

 

Description Amount ($) 
Lump sum tax free threshold 140,000
Maximum Government co-contribution (sliding scale applies according to income) 1,500
Maximum income level to receive maximum co-contribution 28,000 
Threshold income level to receive any co-contribution 58,000 
Personal after-tax superannuation contributions annual limit 150,000 
Maximum personal after-tax superannuation contributions over three years  450,000 
Concessional contributions (eg. employer contributions) annual limit 50,000 
Concessional contributions annual limit age 50+ (2008 - 2012) 100,000 
 
Superannuation Guarantee to be paid by employers - Minimum 9%
Superannuation Guarantee payment due dates - 28 Oct 2007, 28 Jan 2008,
28 April 2008, 28 July 2008

Medical expenses

Medical expenses tax offset : A 20% tax offset for net medical expenses over $1500.
Payments of medical expenses by employer do not reduce the offset but they may be subject to FBT.

Motor vehicle rates from 1 July 2007

 

Ordinary cars (cc)  Rotary engine (cc)   Rate per km (cents)
0 - 1600 0 - 800   58
1601 - 2600 801 - 1300   69
2601 + 1301+   70

2007 Income tax return lodgement dates

 

Description   Deadline date
Individuals not with a tax agent   31 October 2007
Individual with more than two returns outstanding on 30 June 2007   31 October 2007
Large/medium companies (tax payable due 1 December 2007)   15 January 2008
Companies and superannuation funds where this is the first return lodged   28 February 2008
Individuals who had more than $20,000 tax payable
on their 2006 tax return
  31 March 2008
Individuals and entities not due earlier   15 May 2008

FBT

FBT rate : 46.5%. Benchmark interest rate : 8.05% Lodgement date : 28 May 2008
Type 1 Gross-up factor : 2.0647 Type 2 Gross-up factor : 1.8692

Depreciation cost limit

$57,009 Maximum amount a car can be depreciated. Where the purchaser, or a party to a leasing
contract is registered, this is the GST exclusive amount.
Used to determine (1) Maximum amount of GST claimable on a new car purchase
and (2) Maximum leasing charges that can be claimed as a tax deduction on a car.

Late lodgement penalties

The ATO imposes late penalties when a document is not received by the lodgement due date.

 

Taxpayer category Penalty amount
Taxpayers not specified below $110 for every 28 days to a maximum of $550
A medium PAYG withholder or assessable income or annual turnover between $1M and $20M $220 for every 28 days to a maximum of $1100
A PAYG withholder or assessable income or annual turnover of $20M or more $550 for every 28 days to a maximum of $2750

ASIC lodgement - Financial reports

Public companies (including companies limited by guarantee), disclosing entities, large proprietary
companies, managed investment schemes and small foreign controlled proprietary companies are
all required to lodge accounts.
Disclosing entities - Within 3 months of the end of the financial year.
All other companies - Within 4 months of the end of the financial year.
AGMs required to be held within 5 months of the end of the financial year.

ASIC lodgement - Change to director and company details

All companies - Within 28 days of the date of change.

Consumer Affairs - Annual statement lodgement

For all Incorporated Associations - 6 months after end of the financial year.

Victorian land tax

 

Property value Rate
Up to $224,999 Nil
$225,000 to $539,999 $250 plus 0.2% for amount over $225,000
$540,000 to $899,999 $880 plus 0.5% for amount over $540,000
$900,000 to $1,619,999 $2,680 plus 0.8% for amount over $900,000
$1,620,000 to 2,699,999 $8,440 plus 1.3% for amount over $1,620,000
$2,700,000+ $22,480 plus 2.5% for amount over $2,700,000

Victorian stamp duty on transfer of real estate

 

Property value Rate
$0 - $20,000 1.4% of the value
$20,001 - $115,000 $280 plus 2.4% of the value over $20,000
$115,001 - $870,000 $2,560 plus 6% value over $115,000
$870,001+ 5.5% of the value

Victorian stamp duty on transfer of principal residence

 

Property value Rate
$0 - $20,000 1.4% of the value
$20,001 - $115,000 $280 plus 2.4% of the value over $20,000
$115,001 - $400,000 $2,560 plus 5% of the value over $115,000
$400,001 - $500,000 $16,810 plus 6% of the value over $400,000
$500,001 - $870,000 $25,660 plus 6% of the value over $500,000
$870,001+ 5.5% of the value
 

 
 
 
 
 
 
 
 
 

Disclaimer: This publication has been prepared on the basis of information available at the date of preparation. The information is general in nature and is not to be taken as substitute for specific professional advice. We recommend that our advice be sought on specific issues prior to acting on transactions affected.