Personal Tax - Quick Guide   2011/12

 

Personal income tax      Non-resident income tax

Superannuation      Income tax lodgement dates

Medical expenses      Motor vehicle rates

Medical expenses      Baby bonus

Child care rebate      Family tax benefit

First home owners grant      HELP repayments

Depreciation cost limit      CGT

 

 

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 who were affected by a natural disaster during 2010-11 and received an Australian Government Disaster Recovery Payment.
 

From 1 July 2011 % 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.

 

Non-resident income tax rates

The following income tax rates apply to taxable income.

From 1 July 2010 % Tax on this income
$0 - 37,000 29 29 cents for each $1 of income up to $37,000
$37,001 - 80,000 30 $10,730 plus 30 cents for each $1 over $37,000
$80,001 - 180,000 37 $23,630 plus 37 cents for each $1 over $80,000
$180,001+ 45 $60,630 plus 45 cents for each $1 over $180,000

Superannuation

 

Description Amount ($) 
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+ 50,000 
 
Superannuation Guarantee: To be paid by employers - Minimum 9%. Proposed gradual
increase from 9% to 12% commencing 1 July 2013, subject to legislation.
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.

2010 Income tax return lodgement dates

 

Description   Deadline date
Individuals not with a tax agent   31 October 2011

Individuals who had more than $20,000 tax payable on their 2010

tax return, who were on a tax agent's lodgement program prior to

31 October 2011

  31 March 2012

Individuals who were on a tax agent's lodgement program prior to

31 October 2011

  15 May 2012

 

Individuals not registered with a tax agent by 31 October 2011 will still be required to lodge their income

tax returns by 31 October 2011, even if the agent prepares the return.

Motor vehicle rates for period 1 July 2010 to 30 June 2011

 

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

 

Medical expenses

A 20% tax offset for net medical expenses over $2,000 (subject to indexation). Therapeutic costs, such as physiotherapy, unless prescribed by a doctor are not eligible for this offset.

Baby Bonus & Parental Leave

The bonus is a payment of $5,185 (subject to indexation) per eligible child paid over 13 fortnights. It is payable to families with adjusted taxable income of less than $75,000 six months following the birth of the child. The Government’s paid parental leave is also available. Contact us for assistance in determining which scheme is best for you.

Child Care Rebate

The rebate is available to parents who place their child in care while working, looking for work or studying for more than 15 hours per week. The rebate is 50% of out-of-pocket expenses paid for approved care up to a limit of $7,500 per child for the year.

Family Tax Benefit & Education Tax Refund

Family Tax Benefit Part A is available to families subject to income limits and the Education Tax Refund is available for those families eligible for FTB Part A. Please note that FTB Part B is subject to an income test of $150,000 of Adjusted Taxable Income of the primary earner.

First Home Owners Grant

A $7,000 grant is available on established homes less than $750,000. For the acquisition or construction of a new home the grant is $13,000, for properties less than $600,000. This latter grant is increased by $6,500 for regional areas. Stamp duty concessions are available for first home buyers, subject to eligibility.

2011-2012 HELP Repayments

 

HELP Repayment Income Repayment Rate
Below $47,196 Nil
$47,196-$52,572 4% of HRI*
$52,573-$57,947 4.5% of HRI
$57,948-$60,993 5% of HRI
$60,994-$65,563 5.5% of HRI
$65,564-$71,006 6% of HRI
$71,007-$74,743 6.5% of HRI
$74,744-$82,253 7% of HRI
$82,254-$87,649 7.5% of HRI
$87,650 and above 8% of HRI

*HELP Repayment Income (HRI) = Taxable income plus net investment losses, reportable fringe benefits,

reportable super contributions and exempt foreign employment income.

 

From 1 January 2012 the discount available to students electing to pay their student contribution up-front will be reduced from 20% to 10%. The bonus on voluntary payments to the ATO of $500 or more will be reduced from 10% to 5%.

 

Depreciation limits for work-related and rental capital purchases

 

$300 Assets under $300 can be written off at the time of purchase
$1,000 Assets costing between $300 and $1,000 can be depreciated using accelerated rates
$1,000+ Assets costing more than $1,000 are depreciated using standard rates provided by the ATO

Capital Gains Tax

 

Commencement : Charged on gains made on assets acquired after 19 September 1985.
Discount : For individuals, 50% reduction in capital gain for assets held for more than
12 months excluding the date of purchase and date of sale
.

Rate of Tax : The gain is added to taxable income and taxed at marginal rates.
Purchase / sale date : Date contract for sale/purchase signed, not date of settlement.
 
 
 
 
 
 

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.