Personal Tax Quick Guide  - 2012/13

  

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 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%

 

Non-resident income tax rates

The following income tax rates apply to taxable income.

From 1 July 2012 % Tax on this income
$0 - 80,000 32.5 32.5 cents for each $1 of income up to $80,000
$80,001 - 180,000 37 $26,000 plus 37 cents for each $1 over $80,000
$ 180,001+ 45 $30,000 plus 45 cents for each $1 over $180,000

Superannuation

 

Description Amount ($) 
Maximum Government co-contribution (sliding scale applies according to income) 500
Maximum income level to receive maximum co-contribution 31,920
Threshold income level to receive any co-contribution 46,920 
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+ 25,000 
 
Superannuation Guarantee: To be paid by employers - Minimum 9%. Proposed gradual
increase from 9% to 12% commencing 1 July 2013.
SGC exclusions: Part-time employees under 18 years of age - Employees receiving salary
or wages of less than $450 per month.

2012 Income tax return lodgement dates

 

Description   Deadline date
Individuals not with a tax agent   31 October 2012

Individuals who had more than $20,000 tax payable on their 2011

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

31 October 2012

  1 April 2013

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

31 October 2012

  15 May 2013

 

Individuals not registered with a tax agent by 31 October 2012 will still be required to lodge their income

tax returns by 31 October 2012, even if the agent prepares the return.

Motor vehicle rates - 2012 rates

 

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 $2,060 (subject to indexation). Therapeutic costs, such as physiotherapy, unless prescribed by a doctor are not eligible for this offset. For singles with income over $84,000 or families over $168,000, the threshold is $5,000 and the tax offset is reduced from 20% to 10%. 

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 Schoolkids bonus of $820pa for secondary students and $410pa per primary student 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. Stamp duty concessions are available for first home buyers, subject to eligibility.

2011-2012 HELP Repayments

 

HELP Repayment Income Repayment Rate
Below $49,096 Nil
$49,096-$54,688 4% of HRI*
$54,689-$60,279  4.5% of HRI
$60,280-$63,448 5% of HRI
$63,449-$68,202 5.5% of HRI
$68,203-$73,864 6% of HRI
$73,865-$77,751 6.5% of HRI
$77,752-$85,564 7% of HRI
$85,565-$91,177 7.5% of HRI
$91,178 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.
The bonus on voluntary payments to the Taxation Office 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. Special rules apply for non-residents.

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.