Tax Rates and Thresholds

Similar documents
Tax Rates and Thresholds

Tax Rates Tables REVISED VERSION. September 2017

Lodgment rates and thresholds guide

Review of Lessons 1 to 7

Lodgment rates and thresholds guide

Income Tax Return Checklist Year end 30 June 2018

Lesson 7 - Tax Offsets

2018 Individual Income Tax Return Information Sheet

Client Details Form 2018 Individual Income Tax Return

2016 Individual Income Tax Return Information Sheet

2016/17 Individual Income Tax Return Checklist

2018 Individual Income Tax Return Checklist

Fast Facts Facts and Figures 1 January 2018

Lesson 6 - Temporary Budget Repair Levy, Medicare Levy and Tax Calculation

Tax Year Ending JUNE 2018 Individual income tax return checklist

GOODMAN CHARTERED ACCOUNTANTS INDIVIDUAL TAX CHECKLIST 2011 Income Tax Return

Tax Return Checklist Individual Tax Return INSTRUCTIONS GENERAL TAX INFORMATION. Information for 2017 Tax Return

Fast Facts Facts and Figures 1 July 2018

Client Name Home Address Postal Address Address (Mandatory) ABN (if applicable) Tax File No. Date of Birth Australian Resident?

Individual Income Tax Return Checklist

2018 Personal Tax Return Instructions

INDIVIDUAL TAX CHECKLIST 2013

MRL Group Pty Ltd Chartered Accountants. Business Solutions. PERSONAL INCOME TAX RETURN CHECKLIST 30 JUNE 2017

2017 Individual Income Tax Return Checklist

2018 INDIVIDUAL TAX RETURN - CHECKLIST

Financial Year

TAX INFORMATION CHECKLIST 2018

2017 TAX RETURN CHECKLIST

INFORMATION FOR TAX RETURN CHECKLIST INDIVIDUALS

TAX SUMMARY 2018/2019. Lodgment and Payment dates. Companies and Superannuation Funds tax return (30 Jun year end) Lodgment date.

2017 individual income tax return checklist

INDIVIDUAL INCOME TAX RETURN CHECKLIST 2018

2018 Individual Tax Return Checklist

Moore Stephens Victoria. Level Collins Street Melbourne VIC 3000 Australia. T F E

Personal Income Tax Return - Year End Questionnaire 2018

2014 PERSONAL INCOME TAX RETURN CHECKLIST

Schedule 11 Tax table for employment termination payments

Tax return for individuals July 2011 to 30 June 2012

Personal Income Tax Return Year End Questionnaire 2016

2018 Individual Tax Return Checklist

EOY Support Note # 5 Payment Summary Guide

2017 Taxation Checklist

Medicare levy M2. Medicare levy surcharge. Dependants For this question, a dependant (regardless of their income, includes:

2018 Individual Income Tax Return Check List

The NTAA 2016/17 Year End Supplement

Personal Income Tax Return Year End Questionnaire 2016

2016 Client Profile Form

INFORMATION FOR TAX RETURN CHECKLIST 2012

2017 Individual Tax Return Year End Questionnaire

MEDICAL SERVICES GROUP 2017 Income Tax Information

2018 TAX RETURN CHECKLIST

2017 PERSONAL INCOME TAX WORKSHEET

Small Business Entity Rules

2017 Flight Attendants Tax Checklist

PERSONAL INCOME TAX RETURN QUESTIONNAIRE

2016 PERSONAL INCOME TAX WORKSHEET

Tax table for employment termination payments

TAX EXPRESS CHECKLIST FOR INDIVIDUAL TAX RETURN TAXEXPRESS 2018 INDIVIDUAL TAX RETURN CHECKLIST

2018 individual income tax return checklist

Medicare levy variation declaration

AToM Debt Solutions. Fact Find

2018 TAX RETURN INFORMATION CHECKLIST FOR INDIVIDUALS PLEASE PROVIDE TO US IN RELATION TO YOUR INCOME:

Budget Highlights 2018

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA OF REPRESENTATIVES INCOME TAX (RATES) AMENDMENT BILL 1984 INCOME TAX (INDIVIDUALS) BILL 1984

LEVY, LEVY AND NELSON

South African Income Tax Guide for 2013/2014

Client details form individual income tax return

Global Employer Services tax summary. For the year ending 30 June 2009

... for individuals, their superannuation and their businesses.

Susan Nash & Associates Document Checklist

Medicare levy M1. Medicare levy reduction or exemption. Part A Medicare levy reduction

HOW MY SUPER IS TAXED GUIDE

Individual tax return 2017

2014 budget summary. Introduction 2 Superannuation 2

Taxation Reference Material Republic of Ireland. For use in First and Second Year Taxation Examinations Summer & Autumn 2010

INFORMATION FOR 2016 TAX RETURN CHECKLIST INDIVIDUAL

2018 Fringe Benefits Tax (FBT) Update

Termination Pays. Terminations... 2

Taxation Return Checklist

TAX ORGANIZER Page 3

For business owners Accounting & Tax Investment Management Strategy & Planning. tax facts

CLERKS - PRIVATE SECTOR AWARD 2010

The Lee Accountancy Group, Inc th Street Oakland, CA

INDIVIDUAL TAX INTERVIEW CHECKLIST 2012 INCOME TAX RETURN

2017 Personal Tax Return Questionnaire

2013 End of Year Seminar Course Booklet

FirstTech Pocket guide. Adviser use only

BUDGET 2019 TAX GUIDE

FEE CONCESSION APPLICATION

MLC Facts and Figures

SARS Tax Guide 2014 / 2015

JUNE 2017 NEWSLETTER. The 2017 financial year has seen the raft of changes, first introduced in the 2016 budget, legislated into law.

WAHL, WILLEMSE & WILSON, LLP CERTIFIED PUBLIC ACCOUNTANTS 2018 TAX ORGANIZER

A guide to the right choices

Individual Income Tax Organizer 2016

FirstTech Super guide. FirstTech was ranked 1st by advisers for Technical Support in the 2011 Wealth Insights Fund Manager Service Survey.

Your personal budget. Page 1. Your income. Salary and wages

NEEDS ANALYSIS QUESTIONNAIRE

Fringe Benefits Tax Information Gathering Questionnaire

Part 1: Retirement Income Estimation Worksheet:

Transcription:

ax ates and hresholds 2016-2017 and 2017-2018 Individual tax thresholds axable income ax on this income $0 $18,200 Nil tax payable $18,201 $37,000 19c for each $1 over $18,200 $37,001 $87,000 $3,572 plus 32.5c for each $1 over $37,000 $87,001 $180,000 $19,822 plus 37c for each $1 over $87,000 $180,001 & above $54,232 plus 45c for each $1 over $180,000 2016-2017 & 2017-2018 Individual tax rates for 2016-2017 & 2017-2018 Working holiday makers non-residents axable income ax on this income axable income ax on this income $0 $87,000 32.5c for each $1 $0 $37,000 15c for each $1 $87,001 $180,000 $28,275 plus 37c for each $1 over $80,000 $180,001 & above $62,685 plus 47c for each $1 over $180,000 $37,001 $87,000 $5,550 plus 32.5c for each $1 over $37,000 $87,001 - $180,000 $21,800 plus 37c for each $1 over $87,000 $180,000 and over $56,210 plus 45c for each $1 over $180,000 2016 17 repayment income thresholds and rates for HEP,, BY and 2017 18 repayment income thresholds and rates for HEP,, BY and HEP repayment income (I*) ate (of I) HEP repayment income (I*) ate (of I) Below $54,126 Nil Below $55,874 Nil $54,869 $61,119 4.0% $55,874 $62,238 4.0% $61,120 $67,368 4.5% $62,239 $68,602 4.5% $67,369 $70,909 5.0% $68,603 $72,207 5.0% $70,910 $76,222 5.5% $72,208 $77,618 5.5% $76,223 $82,550 6.0% $77,619 $84,062 6.0% $82,551 $86,894 6.5% $84,063 $88,486 6.5% $86,895 $95,626 7.0% $88,487 $97,377 7.0% $95,627 $101,899 7.5% $97,378 $103,765 7.5% $101,900 and above 8.0% $103,766 and above 8.0% *I = axable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income. *I = axable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income.

2016-2017 F compulsory repayments 2017-2018 F compulsory repayments epayment income (I) ate of (I) epayment income (I) ate (of I) Below $54,869 Nil Below $55,874 Nil $54,869 - $67,368 2% $55,874 - $68,602 2% $67,369 - $95,626 3% $68,602 - $97,377 3% $95,627 and above 4% $97,378 and above 4% Medicare levy is 2% of an individual's taxable income. 2016-2017 Medicare levy 2016-17 Medicare levy for families with dependants No. of Family taxable income $ dependants Nil levy payable educed levy shade-in range (10% of excess Normal 2% payable over nil band) 0 o $36,001 $36,002-$45,001 $45,002 & above 1 o $39,307 $39,308-$49,133 $49,134 & above 2 o $42,613 $42,614-$53,265 $53,266 & above 3 o $45,919 $45,920-$57,397 $57,398 & above 4 o $49,225 $49,226-$61,529 $61,530 & above 5 o $52,531 $52,532-$65,661 $65,662 & above 6 o $55,837(1) $55,838(1)-$69,793(2) $69,794(2 )& above For more than 6 dependant children and/or students: 1. dd $3,306 per child/student 2. dd $4,132 per child/student 2016-17 Medicare levy surcharge Income for M purposes ate ingle Family $0 - $90,000 $0 - $180,000 0% $90,001 - $105,000 $180,001 - $210,000 1% $105,001 - $140,000 $210,001 - $280,000 1.25% $140,001 and above $280,001 and above 1.5% 1. Includes taxable income, reportable fringe benefits, reportable super contributions, net investment losses, exempt foreign income and any net amount subject to family trust distribution tax. 2. hreshold increases by $1,500 for each additional dependent child after the first. 2016-17 Medicare levy reduction threshold axable income Medicare levy payable $0 $21,335 Nil $21,336 $26,668 10% of excess over $21,335 $26,669 & above 2% of taxable income

2016-17 Medicare levy threshold: Individuals who qualify for the enior ustralian and Pensioner ax ffset axable income Medicare levy payable $0 $33,738 Nil $33,739 $42,172 10% of excess over $33,738 $42,173 & above 2% of taxable income emporary budget repair (2014 2017) levy payable at 2% of taxable income over $180,000 Motor vehicles 2016-17 2017-18 uxury car tax limit $64,132 $65.094 Fuel efficient luxury car tax limit $75,526 $75,526 ar depreciation limit $57,581 $57,581 Maximum input tax credit claim for cars $5,234 2016-17 ents per kilometre car rates he rate is 66 cents per kilometre regardless of engine size. You can claim a maximum of 5,000 business kilometres per car, per year 2016-17 ogbook method Number of kilometers travelled for Business purposes for the 12 weeks x 100 = Business % Number of kilometers the car travelled for the 12 weeks

ffsets 2015-16 & 2016-17 ow Income ax ffset axable income ax offset $0 $37,000 $445 $37,001 $66,666 $445 - (1.5% of excess over $37,000) $66,667 & above Nil axable income I reduction threshold ($37,000) = hreshold excess () hreshold excess () x 0.015 = mount to reduce I amount by (B) herefore, $445 (B) = axpayer's I amount. 2016-17 enior ustralian and Pensioners ax ffset Family status Maximum tax offset hade-out income threshold ut-out income threshold ingle $2,230 $32,279 $50,119 Married or de facto $1,602 $28,974 $41,790 (each) eparated due to illness (each) $2,040 $31,279 $47,599 Note: ffset entitlements reduce by 12.5c for each $1 of rebate income in excess of the shade-out threshold. No entitlement when rebate income reaches the cut-out threshold. 1. Maximum offset 2. eduction in offset ( taxpayer's income- lower P threshold) x 12.5c in every dollar over the threshold. 3. Maximum offset amount - reduction offset amount. ebate entitlement by income threshold 2016 17 Private Health Insurance ebate Base ier ier 1 ier 2 ier 3 ode ingle $90,000 or less $90,000 - $105,000 $105,001 - $140,000 $140,000 or more Family $180,000 or less $180,001 - $210,000 $210,001 - $280,000 $280,000 or more ge ebate for premiums paid, 1 July 2016-31 March 2017 nder 65 years 27.820% 17.8617% 9.273% 0% 30 65-69 years 32.457% 23.184% 13.910% 0% 35 70 years or over 37.094% 27.820% 18.547% 0% 40 ge ebate for premiums paid, 1 pril 2017-30 June 2017 nder 65 years 25.934% 17.289% 8.644% 0% 31 65-69 years 30.256% 21.612% 12.966% 0% 36 70 years or over 34.579% 25.934% 17.289% 0% 45

odes 2016-17 Private Health Insurance - laim ype codes You are a single adult on 30 June 2017 B You are a single adult on 30 June 2017 and have a dependent child or children You have a spouse on 30 June 2017 (including if your spouse died during 2016 17 and you did not have another spouse before 30 June 2017). You have a spouse on 30 June 2017 and they have agreed that you should claim their share of the rebate in your tax return because they aren't claiming it themselves E You have a spouse on 30 June 2017 and you have agreed that they should claim your share of the rebate in their tax return because you aren't going to claim it yourself F You are covered as a dependent child on a private health insurance policy, you are not entitled to receive the rebate Employment ermination odes ode P B N escription if you received your EP because of: * early retirement scheme * genuine redundancy * invalidity * compensation if your EP is not described by, for example, you received it because of: * golden handshake * gratuity * payment in lieu of notice/unused sick leave/unused rostered days off if you received a code EP in 2016-17 and you had received another EP (code or code ), or a transitional termination payment, in an earlier income year for the same termination of employment if you received a code EP in 2016/17 and you had received another EP (code or code ), or a transitional termination payment, in an earlier income year for the same termination of employment if you received a death benefit EP and you were a death benefits dependant if you received a death benefit EP in 2016/17 and you were not a death benefits dependant and you had received another death benefit EP in an earlier income year for the same termination if you received a death benefit EP and you were not a death benefits dependant, and code B does not apply.

1 - Motor Vehicle claim type 1 - Work related car expenses - evidence codes ents per kilometre I Invoice/eceipt 12% of original value roup ertificate/py ummary ne-third of actual expenses iary Evidence ogbook B llowance eceived ubstantiation not required uling/guidelines (laundry ates) iary alculation og Book ther Evidence ther alculation 2 - Work related ravel expenses - claim type 1 - Work related car expenses - evidence codes ward ransport I Invoice/eceipt V Vehicles other than cars and borrowed vehicles roup ertificate/py ummary omestic ravel iary Evidence verseas ravel llowance eceived ther ubstantiation not required olls uling/guidelines (reasonable allowance) P Parking iary alculation og Book ther Evidence ther alculation

3 - niform - laim type codes 3 - niform - evidence/calculation codes aundry I Invoice/eceipt ry leaning roup ertificate/py ummary P Protective clothing iary Evidence ompulsory work uniform llowance eceived N Non-ompulsory work uniform ubstantiation not required ccupation specific clothing uling/guidelines (laundry ates) ther iary alculation og Book ther Evidence ther alculation 4- elf Education - laim type codes 4 - elf Education - evidence/calculation codes K he study maintains or improves a skill or specific knowledge required for current work activities I he study leads to, or is likely to lead to increased income from current work activities ther circumstances where there is a direct connection between the self-education and current work activities. I Invoice/eceipt roup ertificate/py ummary iary Evidence llowance eceived ubstantiation not required uling/guidelines (laundry ates) iary alculation og Book ther Evidence ther alculation

5- ther work related expenses - laim type codes 5 - ther work related expensesevidence/calculation codes F FI etc I Invoice/eceipt nion Fees roup ertificate/py ummary M ward vertime Meal expenses iary Evidence eminars llowance eceived B Books and Journals ubstantiation not required H Home ffice running expenses uling/guidelines (laundry ates) J Home office occupancy expenses iary alculation Home elephone omputer expenses including depreciation og Book I ools and Equipment ther Evidence ther epreciation ther alculation N E P ther Newspapers Mobile Phone Internet ccess ubscriptions Printing, Postage and tationery P odes B E You were single, separated or widowed You and your spouse: Were both eligible for the P, and; Had to live apart due to illness* or lived apart because one of you was in a nursing home Your spouse was not eligible for the P and you and your spouse lived apart due to illness or because one of you was in a nursing home. You and your spouse lived together and you were both eligible for the P You and your spouse lived together but your spouse was not eligible for the P