Meiklejohns Accountants Brisbane

Home
About Us
Services
Forms
Accounting, Taxation
Business Advisory
Financial Planning
Loans & Financing
Tax Rates
Jargon
Links
Contact Us

KEY TAX RATES AND CALCULATORS

Key Tax Rates & Information

Resident Individual Rates for 2006/07(2006 Budget)

Taxable Income	Tax on this income
0 - $6,000	Nil
$6,001 - $25,000	15c for each $1 over $6,000
$25,001 - $75,000	$2,850 plus 30c for each $1 over $25,000
$75,001 - $150,000	$17,850 plus 40c for each $1 over $75,000
Over $150,000	$47,850 plus 45c for each $1 over $150,000

Resident Individual Rates for 2004/05 and 2005/06

2004/05 Thresholds	Tax on this income	2005/06 Thresholds	Tax on this income
0 - $6,000	Nil	0 - $6,000	Nil
$6,001 - $21,600	17c for each $1 over $6,000	$6,001 - $21,600	15c for each $1 over $6,000
$21,601 - $58,000	$2,652 plus 30c for each $1 over $21,600	$21,601 - $63,000	$2,340 plus 30c for each $1 over $21,600
$58,001 - $70,000	$13,572 plus 42c for each $1 over $58,000	$63,001 - $95,000	$14,760 plus 42c for each $1 over $63,000
Over $70,000	$18,612 plus 47c for each $1 over $70,000	Over $95,000	$28,200 plus 47c for each $1 over $95,000

Notes on tax rates

Taxable income includes capital gains.
Medicare levy currently 1.5% of taxable income is not included.
Resident individuals are entitled to a refund of imputation credits that exceed the primary tax payable.
Resident individuals are entitled to the 50% discount on the disposal of assets that are held for at least 12 months

Companies

The rates of tax for all companies and some associations are as follows:

Year	Rate %
2000	36
2001	34
From 1 July 2001	30

Companies are required to maintain a franking account on a tax paid basis and are not entitled to a refund of imputation credits that exceed the tax payable.
Companies are not entitled to the 50% discount on the disposal of assets that are held for at least 12 months.

Motor Vehicle Depreciation Cost-Limit

Since 1980, the depreciation deduction for cars has been limited by a deemed maximum cost price depending on the year in which the car was acquired.

Income Year	Depreciation Cost Limit $
2000	55,134
2001	55,134
2002	55,134
2003	57,009
2004	57,009
2005	57,009
2006	57,009

Per Kilometre Motor Vehicle Rates

These rates are used by individuals when making a claim for motor vehicle expenses up to a maximum of 5,000 business kilometres. They are also used by employers when reimbursing employees for business use of their vehicles.

The rates are based on the engine size of the car and are as follows:

Engine Capacity (non-rotary engine)	Engine capacity (rotary engine)	Rate per Kilometre (cents)
Engine Capacity (non-rotary engine)	Engine capacity (rotary engine)	2001/02 year	2002/03 year	2003/04 year	2004/05 year	2005/06 year
Up to 1,600cc	Up to 800cc	49.3	50.0	51.0	52.0	55.0
1,601 to 2,600cc	801 to 1,300cc	59.0	60.0	61.0	62.0	66.0
Over 2,600cc	Over 1,300cc	60.0	61.0	62.0	63.0	67.0

Complying Superannuation Funds

Income received, including capital gains and employer contributions and the deductible portion of self employed contributions are taxed at the rate of 15%. Funds are entitled to a refund of imputation credits that exceed the tax payable.

Income tax is not payable on income and capital gains where pensions are paid to the members.

A Fund is entitled to a one-third discount on the disposal of assets that are held for at least 12 months.

Aged Based Superannuation Contribution Limits - Employers

An employer is allowed a deduction for superannuation contributions made to eligible employees up to their aged based limit. The employee's age is determined at the time of making the contribution or, if more than one contribution is made during the financial year, at the time the final contribution is made.

Income Year	Under Age 35 $	Age 35 to 49 $	Age 50 and Over $
2003	12,651	35,138	87,141
2004	13,233	36,754	91,149
2005	13,934	38,702	95,980
2006	14,603	40,560	100,587

2006-07 Budget: It is proposed that as of 1 July 2007, the existing aged based limits will be abolished and replaced with a single annual contribution limit of $50,000 (with a transitional period for people aged 50 and over)

Aged Based Superannuation Contribution Limits - Self Employed

The maximum deduction allowable for superannuation contributions made by self employed or substantially self employed persons is limited to the first $5,000 of contributions plus 75% of the contributions in excess of $5,000 and the person's aged based limit.

Income Year	Under Age 35 $	Age 35 to 49 $	Age 50 and Over $
2003	15,201	45,184	114,521
2004	15,978	47,339	119,866
2005	16,912	49,936	126,307
2006	17,804	52,413	132,449

2006-07 Budget: It is proposed that as of 1 July 2007, the self employed will receive full deductibility for their contributions.

Reasonable Benefit Limits

This is the maximum amount of lump sum or pension benefits which are concessionally taxed.

Income Year	Lump Sum $	Pension $
2002	529,373	1,058,742
2003	562,195	1,124,384
2004	588,056	1,176,106
2005	619,223	1,238,440
2006	648,946	1,297,886

2006 Budget: It is proposed that as of 1 July 2007, the Reasonable Benefit Limits would be abolished.

GST Thresholds

Item	* Threshold
Requirement to issue a tax invoice	$50
No requirement to withhold if supplier does not quote ABN	$50
Turnover for compulsory registration for GST	$50,000 (for any 12 months)
Turnover for compulsory registration for GST (non-profit entity)	$100,000 (for any 12 months)
Annual turnover for compulsory use of non-cash accounting	$1,000,000
Annual turnover for compulsory monthly electronic BAS lodgement	$20,000,000

* all amounts are GST exclusive

2006 Budget: It is proposed that as of 1 July 2007, the Annual turnover for compulsory use of non-cash accounting will increase to $2,000,000