Business Tax Quick Guide 2012/13

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 2012 % Tax on this income
$0 - 18,200 0 Nil
$18,201 - 37,000 19 19 cents for each $1 over $18,200
$37,001 - 80,000 32.5 $3,572 plus 32.5 cents for each $1 over $37,000
$80,001 - 180,000 37 $17,547 plus 37 cents for each $1 over $80,000
$180,001+ 45 $54,547 plus 45 cents for each $1 over $180,000

Flood Levy: No longer applies from 1 July 2012.
Low income rebate: $445. Full entitlement where income is less than $37,000 and then reducing by
1.5 cents in every dollar, ceasing where income reaches $66,667. Effective tax-free threshold for low income earners is $20,542.
Medicare levy: 1.5%. Low income threshold: $20,542 for individuals and $31,789 for families.
Medicare levy surcharge: Additional surcharge may apply to those without adequate hospital insurance. Thresholds and applicable Medicare Levy Surcharge (MLS) rates set out below.
 

MLS tier Tier 1 Tier 2 Tier 3
Singles income $84,001 - $97,000 $97,001 - $130,000 Above $130,000
Families income $168,000 - $194,000 $194,001 - $260,000 Above $260,000
MLS rate 1% 1.25% 1.5%
PHI Rebate (under 65s) 20% 10% 0%

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 2012 28 July 2012

September 2012

28 October 2012

December 2012

28 February 2013
March 2013 28 April 2013
June 2013 28 July 2013

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 2012 14 August 2012

If we prepare the summaries

14 July 2012 30 September 2012

If we prepare the summaries and:

- All employees are related to the owner

- ATO is notified by 15 September 2012

Due date for payer's income tax return

2012 Company & trust income tax return lodgement dates

 

Description Deadline date
Company with one or more outstanding tax returns on 30 June 2012 (Payment by 1 December 2012) 31 October 2012

Trust with one or more outstanding tax returns on 31 October 2012

31 October 2012

Large/medium company or trust (total income more than $10m) whose latest year return lodged as at 30 June 2012 was taxable (Payment by 1 December 2012)

15 January 2013
Large/medium company or trust (total income more than $10m) whose latest year return lodged as at 30 June 2012 was non-taxable 1 March 2013
Company or trust with total income in the 2011 year in excess of $2 million 31 March 2013
Companies and trusts not due earlier 15 May 2013

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%. Gradual increase from 9% to 12% commencing 1 July 2013.
Superannuation Guarantee payment due dates: 28 Oct 2012, 28 Jan 2013, 28 Apr 2013, 28 Jul 2013.
Superannuation Guarantee exclusions: Part-time employees under 18 years of age and employees receiving salary or wages of less than $450 per month.
Maximum Superannuation Contribution Base: $45,750 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% Lodgement date: 28 May 2013
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 2012  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.

Business Names  www.asic.gov.au

Apply for or renew a business name on the new National Business Names Registration Service.

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

Note: Stamp duty concessions are available for first home buyers 20% reduction on homes up to $600,000.
Pensioners, concession and health card holders are exempt on first $330,000 of residential value.
Further concessions apply up to $750,000 and include senior card holders.
 

 
 
 
 
 

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.