Business Tax Quick Guide   2011/12

 

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 2011 % 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

 

Flood Levy: Applies generally to individual taxpayers, including non-residents. Exemption exists for those affected by a natural disaster in 2010-11 and received an Australian Government Disaster Recovery Payment.
 

From 1 July 2010 % Flood levy on this income
$0 - 50,000 0 Nil
$50,001-100,000 0.5 1 cent for each $2 over $50,000
$100,001 + 1.0 $250 plus 1 cent for each $1 over $100,000

 

Low income rebate: $1,500. Full entitlement where income is less than $30,000 and then reducing by 4 cents in every dollar, ceasing where income reaches $67,500. Effective tax-free threshold for low income earners is $16,000.

Medicare levy: 1.5%. Low income threshold: $18,839 for individuals and $31,789 for families.

Medicare levy surcharge: Additional 1% surcharge may apply to those without adequate hospital insurance. Thresholds $80,000 for individuals and $160,000 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 2011 28 July 2011

September 2011

28 October 2011

December 2011

28 February 2012
March 2012 28 April 2012
June 2012 28 July 2012

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 2011 14 August 2011

If we prepare the summaries

14 July 2011 30 September 2011

If we prepare the summaries and:

- All employees are related to the owner

- ATO is notified by 15 September 2011

Due date for payer's income tax return

2011 Company & trust income tax return lodgement dates

 

Description Deadline date
Company with one or more outstanding tax returns on 30 June 2011 (Payment by 1 December 2010) 31 October 2011

Trust with one or more outstanding tax returns on 31 October 2011

31 October 2011

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 2011)

15 January 2012
Large/medium company or trust (total income more than $10m) whose latest year return lodged as at 30 June 2011 was non-taxable 1 March 2012
Company or trust with total income in the 2010 year in excess of $2 million 31 March 2012
Companies and trusts not due earlier 15 May 2012

Depreciation cost limit - 2011 threshold

$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 2011, 28 Jan 2012, 28 Apr 2012, 28 Jul 2012.

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: 7.8%  Lodgement date: 28 May 2012

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 2011  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 2011)

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.