TAX SUMMARY 2018/2019 Lodgment and Payment dates Companies and Superannuation Funds payer 2018 tax return (30 Jun year end) Lodgment date Payment date All entities with one or more outstanding tax returns as at 30 Jun 2018. (1) 31 Oct 2018 3 Dec 2018 large/medium taxpayers. (2)(3) 15 Jan 2019 3 Dec 2018 Non-taxable and new registrant large/ medium taxpayers (2)(3), non-taxable and new registrant head companies of consolidated groups, and new registrant self-managed superannuation funds. Companies (3) and superannuation funds with total in of $2M (per latest return lodged) but not medium/ large. Remaining companies (3) and superannuation funds. 28 Feb 2019 28 Feb 2019 1 Apr 2019 1 Apr 2019 15 May 2019 15 May 2019 (1) If all outstanding tax returns are lodged prior to 31 Oct 2018, the lodgment due date should revert back to normal. (2) Large/medium taxpayers include: Companies that have annual total of more than $10M, members of a large business group, and public companies; and Superannuation funds with annual total of more than $10M, investments more than $50M or non-complying superannuation funds. (3) Includes head companies of consolidated groups. This tax summary card was produced as an information service and without assuming duty of care. This information is based on our interpretation of relevant superannuation and taxation laws as at 1 July 2018. William Buck is an association of firms, each trading under the name of William Buck across Australia and New Zealand with affiliated offices worldwide.
Superannuation Superannuation Balance Caps 2017/18 & 2018/19 Cap from 1 July 2017 Transfer Balance Cap (TBC) (1) Total Superannuation Balance (TSB) Cap (2) Balance limit $1.6 million $1.6 million (1) TBC limits the total amount an individual can transfer into the Retirement Phase of superannuation. (2) TSB is relevant for determining eligibility to make certain superannuation contributions. An individual s TSB that equals or exceeds the cap at 30 Jun of the prior financial year cannot make non-concessional contributions. Superannuation Contributions Caps 2017/18 & 2018/19 Contribution Concessional Non - concessional (1)(2) Age at 30 Jun All ages Under 65 65 or over Cap $25,000 $100,000 (or $300,000 over 3 years) $100,000 Contributions tax 15% tax on contributions within cap. on Individual s marginal tax rate, plus an concessional contributions charge. Division 293 Further 15% tax if individual s (as adjusted by Div 293) is over $250,000. on option 1 Release and 85% of associated earnings. All associated earnings taxed at individual s marginal tax rate. on option 2 Individual s top marginal tax rate. (1) An individual under 65 may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year. (2) The ability to make non-concessional contributions may be limited by the member s account balance and its proximity to the member s TSB. Age Restrictions on Superannuation Contributions Age Under 65 Acceptance of contributions No restrictions apply 65 to 74 Individual must satisfy the work test (1) 75 and over (2) Mandated employer contributions only (1) Gainfully employed for 40 hours over 30 consecutive days during the year. (2) There may still be the ability to make additional contributions up to 28 days after the end of the month in which the member turns 75. Superannuation Guarantee Year Rate Maximum quarterly super contribution base 2017/18 9.5% $52,760 2018/19 9.5% $54,030 Capital Gains (CGT) Cap 2017/18 2018/19 CGT cap amount $1,445,000 $1,480,000 Retirement exemption limit $500,000 $500,000
Minimum Account-Based Pension Factors Age at pension commencement (and 1 Jul of each year) Pension factor Under 65 4% 65 74 5% 75 79 6% 80 84 7% 85 89 9% 90 94 11% 95 and over 14% ation of Superannuation Benefits Superannuation streams element taxed (1) in fund Age at 1 Jul Under preservation age implications Assessable at marginal rates. No tax offset available. At or above preservation age (but under 60) 60 and over Assessable at marginal rates. 15% tax offset. Non-assessable, non-exempt. Superannuation lump sums Age at lump sum date taxed (2) rate (1) free Under preservation age 20% Nil At or above preservation age (but under 60) Within cap (3) Nil Excess above cap 15% 60 and over Nil Nil Superannuation death benefits Beneficiary rate (1) Nil free dependant Nil Nil Non-tax dependant (1) Rates exclude Medicare Levy. ed 15% Untaxed 30% (2) Non-government superannuation payments will typically be taxed. Constitutionally protected superannuation funds are untaxed and not covered in this tax summary. (3) Low Rate Cap is a lifetime cap - $200,000 for the year ended 30 Jun 2018 and increasing to $205,000 for the year ending 30 Jun 2019. Preservation age Date of birth Nil Preservation age Before 1 Jul 1960 55 1 Jul 1960 to 30 Jun 1961 56 1 Jul 1961 to 30 Jun 1962 57 1 Jul 1962 to 30 Jun 1963 58 1 Jul 1963 to 30 Jun 1964 59 From 1 Jul 1964 60
Corporate Corporate Rates 2017/18 & 2018/19 Year Carrying on business in current year? (1) 2017/18 Yes 2018/19 Yes 2017/18 & 2018/19 Current year aggregated turnover Company tax rate <$25M 27.5% $25M or more 30% <$50M 27.5% $50M or more 30% No Any 30% (1) As at 1 Jul 2018, proposed legislation (before the Senate) replaces the carrying on a business test, for company tax rate purposes, with the requirement that the company has 80% or less passive in the current year. Franking Rate 2017/18 & 2018/19 Year Carrying on business in current year? (1) 2017/18 Yes 2018/19 Yes Prior year aggregated turnover Rate for franking purposes <$25M 27.5% $25M or more 30% <$50M 27.5% $50M or more 30% 2017/18 & 2018/19 No Any 30% (1) Under the proposed legislation, the carrying on a business test is proposed to be replaced, for franking purposes, with the requirement that the company has 80% or less passive in the prior year. Interest Rates Year Division 7A benchmark interest rate Unpaid present entitlement and sub-trust prescribed interest rate 7-year loan 10-year loan 2017/18 5.30% 5.30% 8.30% 2018/19 5.20% 5.20% 8.30% Motor Vehicle Depreciation Cost Limit Depreciation limit for 2017/18 and 2018/19 is $57,581. Small Business payers Depreciation Limits for Business Assets Amount Deduction From 7:30pm (AEST) 12 May 2015 to 30 Jun 2018 (1) Cost less than $20,000 Cost $20,000 or more Immediate 15% first year, 30% thereafter (1) The threshold reduced to $1,000 on 1 Jul 2018. However, proposed legislation before parliament would extend the $20,000 threshold through to 30 Jun 2019. Fringe Benefits (FBT) FBT rates year ending 31 Mar 2019 FBT rate 47% FBT benchmark interest rate 5.20% FBT gross-up rates Type 1 benefits 2.0802 Type 2 benefits 1.8868 Car park benefit threshold (per day) $8.83 Motor vehicle statutory formula percentage (1) 20% (1) Contracts entered into before 7:30pm (AEST) on 10 May 2011 may be subject to a different rate.
Individual Personal Rates Residents (1) 2017/18 2018/19 $18,200 Nil 19 $18,200 Nil 19 $37,000 $3,572 32.5 $37,000 $3,572 32.5 $87,000 $19,822 37 $90,000 $20,797 37 $180,000 $54,232 45 $180,000 $54,097 45 (1) The temporary budget repair levy ceased to apply from 1 Jul 2017. Personal Rates Non-residents Non-residents are subject to tax at 32.5 their earnings up to $87,000 for 2017/18 or $90,000 for 2018/19, then at resident rates thereafter. Personal Rates Working Holiday Makers (1) 2017/18 2018/19 Nil Nil 15 Nil Nil 15 $37,000 $5,550 32.5 $37,000 $5,550 32.5 $87,000 $21,800 37 $90,000 $22,775 37 $180,000 $56,210 45 $180,000 $56,075 45 (1) A Working Holiday Maker is a taxpayer with a visa subclass 417 (Working Holiday) or 462 (Work and Holiday). Rates at Your Fingertips! William Buck s Rates and Tools App is available now for Apple and Android phones and tablets. Packed full of the following features and more: rates and calculators Important tax dates GPS logbook tracker (IOS only) Receipt management tool
Medicare Levy 2017/18 Medicare levy of 2% applies to residents whose taxable and reportable fringe benefits exceed the upper limit. Type of taxpayer Lower limit (1) Upper limit Individuals $21,980 $27,475 Families (2) $37,089 $46,361 Threshold increase per dependent child/student Individuals eligible for Senior and Pensioner Offset $3,406 $4,257 $34,758 $43,447 (1) A phase-in of 10 cents per $1 applies above the lower limit. (2) Applies to families where there are no children and/or students. Medicare Levy Surcharge and Private Health Insurance Rebate Type of taxpayer Not affected Tier 1 Tier 2 Tier 3 Income levels 2017/18 & 2018/19 Singles $90,000 or less $90,001 - $105,000 $105,001 - $140,000 $140,001 or more Families (1) $180,000 or less $180,001 - $210,000 $210,001 - $280,000 $280,001 or more Private health insurance rebate from 1 Apr 2017 to 31 Mar 2018 Aged under 65 25.934% 17.289% 8.644% 0% Aged 65 69 30.256% 21.612% 12.966% 0% Aged 70 or over 34.579% 25.934% 17.289% 0% Private health insurance rebate from 1 Apr 2018 Aged under 65 25.415% 16.943% 8.471% 0% Aged 65 69 29.651% 21.180% 12.707% 0% Aged 70 or over 33.887% 25.415% 16.943% 0% Medicare Levy Surcharge Rate (2) All ages 0% 1% 1.25% 1.5% (1) Family level threshold is increased by $1,500 for each dependent child after the first. (2) payers with insufficient private health cover may be liable for the Medicare levy surcharge. Contact NSW T (61 2) 8263 4000 VIC T (61 3) 9824 8555 QLD T (61 7) 3229 5100 WA T (61 8) 6436 2888 SA T (61 8) 8409 4333 NZ T (64 9) 366 5000