Business Tax Quick Guide   2010/11

 

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 2010 % Tax on this income
$0 - 6,000 0 Nil
$6,001 - 37,000 15 15 cents for each $1 over $6,000
$37,001 - 80,000 30 $4,650 plus 30 cents for each $1 over $37,000
$80,001 - 180,000 37 $17,550 plus 37 cents for each $1 over $80,000
$180,001+ 45 $54,550 plus 45 cents for each $1 over $180,000

Medicare levy : 1.5%. Low income threshold: $18,488 for individuals and $31,196 for families
Medicare levy surcharge thresholds : Additional 1% surcharge may apply to those without adequate hospital insurance. $73,000 for individuals and $146,000 for families.

 

GST Registration Thresholds

For profit: Enterprises are required to be registered for GST if turnover is $75,000 or more

Not-for-profit: Enterprises are required to be registered for GST if turnover is $150,000 or more

Activity Statements lodgement dates

Annual tax period for GST: Lodgement and payment is due on the same date as the tax return.

Quarterly tax period for GST, PAYG Withholding or PAYG Instalments

 

Quarter Ending Lodgement & Payment date
June 2010* 28 July 2010

September 2010*

28 October 2010

December 2010*

28 February 2011
March 2011* 28 April 2011
June 2011* 28 July 2011

Note: *If we lodge these statements electronically a further four week extension may be available.

Monthly tax period for GST, PAYG Withholding or PAYG Instalments: Lodgement and payment is due

21 days after the end of the relevant month with no extension for electronic lodgement.

PAYG Payment Summary Dates

 

Description

Date to be given to employees

Date to be lodged with ATO
Payers who prepare their own PAYG Payment Summaries 14 July 2010 14 August 2010

If we prepare the summaries

14 July 2010 30 September 2010

If we prepare the summaries and:

- All employees are related to the owner

- ATO is notified by 15 September 2010

Due date for payer's income tax return

2010 Company & trust income tax return lodgement dates

 

Description Deadline date
Company with one or more outstanding tax returns on 30 June 2010 (Payment by 1 December 2010) 31 October 2010

Trust with one or more outstanding tax returns on 31 October 2010

31 October 2010

Large/medium company or trust (total income more than $10m) whose latest year return lodged as at 30 June 2010 was taxable (Payment by 1 December 2010)

15 January 2011
Large/medium company or trust (total income more than $10m) whose latest year return lodged as at 30 June 2010 was non-taxable 1 March 2011
Company or trust with total income in the 2009 year in excess of $2 million 31 March 2011
Companies and trusts not due earlier 15 May 2011

Depreciation cost limit

$57,466 Maximum amount a car can be depreciated. Where the purchaser, or a party to a leasing contract, is registered, this is GST exclusive. Used to determine (1) Maximum amount of GST claimable on a new car purchase, and (2) maximum tax deduction for leasing charges.

Superannuation

Superannuation Guarantee to be paid by employers: Minimum 9%. Proposed gradual increase from 9% to 12% commencing 1 July 2013, subject to legislation. 

Superannuation Guarantee payment due dates: 28 Oct 2010, 28 Jan 2011, 28 Apr 2011, 28 Jul 2011.

Superannuation Guarantee exclusions: Employees aged 70 or over, part-time employees under 18 years of age and employees receiving salary or wages of less than $450 per month.

Maximum Superannuation Contribution Base: $42,220 per quarter. Superannuation is not required to be paid on an employee’s salary or wages in excess of this quarterly limit.

FBT year ended 31 March 2011

FBT rate: 46.5%  Benchmark interest rate: 6.65%  Lodgement date: 28 May 2011

Type 1 Gross-up factor: 2.0647  Type 2 Gross-up factor: 1.8692

Victorian payroll tax

Payroll tax rate: 4.90% effective from 1 July 2010  Tax free amount: $550,000

Fair Work Australia  www.fairwork.gov.au or 13 13 94

Search for: Awards, pay rates, conditions and national employment standards.

WorkSafe Victoria  www.worksafe.vic.gov.au

Registration for WorkSafe is required if remuneration exceeds $7,500 per year.

ASIC lodgement - Change to director and company details

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

Victoria Business Name  www.consumer.vic.gov.au

Apply for or renew a business name.

Australian Business Register  www.abr.business.gov.au

Search the register to determine if a supplier is registered for GST.

Victorian land tax (for land held at 31 December 2010)

Land 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

Note: Higher rates apply to land held by a trust

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% value over $130,000
$440,001 to $550,000 $18,370 plus 6% value over $440,000
$550,001 to $960,000 $28,070 plus 6% 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.