Handy reckoner
Australian tax year 2009/10

   

Personal income tax      Non-resident income tax

Superannuation      Income tax lodgement dates

Medical expenses      Motor vehicle rates

FBT      Depreciation cost limit

ASIC lodgement      Victorian payroll tax

Victorian stamp duty

 

 

Personal income tax rates

The following income tax rates apply to taxable income.

 

From 1 July 2008 
  ($)
% From 1 July 2009
  ($)
% Tax on
upper
limit
From 1 July 2010
($)
% Tax on
upper
limit
0 - 6,000 0 0 - 6,000 0 nil 0 - 6,000 0 nil
6,001 - 34,000 15 6,001 - 35,000 15 $4,350 6,001 - 37,000 15 $4,650
34,001 - 80,000 30 35,001 - 80,000 30 $17,850 37,001 - 80,000 30 $17,550
80,001 - 180,000 40 80,001 - 180,000 38 $55,850 80,001 - 180,000 37 $54,550
180,001+ 45 180,000+ 45   180,000+ 45  

Low income rebate : $1,350. 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 $29,867 for singles and $51,360 for couples.

Medicare levy : 1.5%. Additional 1% surcharge may apply to those without adequate hospital insurance.
Low income threshold: $17,794 for individuals and $30,025 for families
Medicare levy surcharge thresholds : $70,000 for individuals and $140,000 for families

Non-resident income tax rates

From 1 July 2008 
  ($)
Rate
(%)
From 1 July 2009
  ($)
Rate
(%)
From 1 July 2010
($)
 
0 - 34,000 29 0 - 35,000 29 0 - 37,000 29
34,001 - 80,000 30 35,001 - 80,000 30 37,001 - 80,000 30
80,001 - 180,000 40 80,001 - 180,000 38 80,001 - 180,000 37
180,001+ 45 180,000+ 45 180,000+ 45

Superannuation

 

Description Amount ($) 
Lump sum tax free threshold 150,000
Maximum Government co-contribution (sliding scale applies according to income) 1,000
Maximum income level to receive maximum co-contribution 31,920
Threshold income level to receive any co-contribution 61,920 
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 25,000 
Concessional contributions annual limit age 50+ (2008 - 2012) 50,000 
 

Superannuation Guarantee to be paid by employers - Minimum 9%
Maximum contribution base : $40,170 for each quarter
Super Guarantee payment due dates - 28 Oct 2009, 28 Jan 2010, 28 April 2010, 28 July 2010
SGC exclusions : Employees aged 70 or over - Part-time employees under 18 years of age -
Employees receiving salary or wages of less than $450 per month.
 

2009 Income tax return lodgement dates

 

Description   Deadline date
Individuals not with a tax agent   31 October 2009
Entities with one or more outstanding tax returns on
30 June 2009 (tax payable due 1 December 2009)
  31 October 2009
Large/medium companies (tax payable due 1 December 2009)   15 January 2010
Superannuation funds where this is the first return lodged   28 February 2010
Individuals who had more than $20,000 tax payable
on their 2008 tax return
  31 March 2010
Individuals and entities not due earlier   15 May 2010

Motor vehicle rates from 1 July 2007

 

Ordinary cars (cc) Rate per km (cents)
0 - 1600 63
1601 - 2600 74
2601 + 75

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.

FBT

FBT rate : 46.5%. Benchmark interest rate : 5.85% Lodgement date : 28 May 2010
Type 1 Gross-up factor : 2.0647 Type 2 Gross-up factor : 1.8692

Depreciation cost limit

$57,180 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.

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.

Victorian payroll tax

Payroll tax rate : 4.95% effective from 1 July 2008. Tax free amount : $550,000

Victorian land tax

 

Property value Rate
Up to $249,999 Nil
$250,000 to $599,999 $275 plus 0.2% for amount over $250,000
$600,000 to $999,999 $975 plus 0.5% for amount over $600,000
$1,000,000 to $1,799,999 $2,975 plus 0.8% for amount over $1,000,000
$1,800,000 to 2,999,999 $9,375 plus 1.3% for amount over $1,800,000
$3,000,000+ $24,975 plus 2.25% for amount over $3,000,000

Victorian stamp duty on transfer of real estate

 

Property value Rate
$0 - $25,000 1.4% of the value
$25,001 - $130,000 $350 plus 2.4% of the value over $25,000
$130,001 - $960,000 $2,870 plus 6% value over $130,000
$960,001+ 5.5% of the value

Victorian stamp duty on transfer of principal residence

 

Property value Rate
$0 - $25,000 1.4% of the value
$25,001 - $130,000 $350 plus 2.4% of the value over $25,000
$130,001 - $440,000 $2,870 plus 5% of the value over $130,000
$440,001 - $550,000 $18,370 plus 6% of the value over $440,000
$550,001 - $960,000 $28,070 plus 6% of the value over $550,000
$960,001+ 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.