THE A FIRM CLIENT CHECKLISTS & FORMS
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Nerang: (07) 5596 4604
Redland Bay: (07) 3829 0792
Mon - Fri 8:30am - 5:00pm
Saturday & Sunday Closed
Individual income tax rates (as sourced from the ATO website)
Residents: These rates apply to individuals who are Australian residents for tax purposes
The following rates for 2018–19 apply from 1 July 2018:
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $90,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $90,001 – $180,000 | $20,797 plus 37c for each $1 over $90,000 |
| $180,001 and over | $54,097 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
The above rates include changes announced in the 2018-19 Federal Budget.
The following rates for 2017–18 apply from 1 July 2017:
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $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 and over | $54,232 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
The temporary budget repair levy ceased applying from 1 July 2017.
The following rates for 2016-17 apply from 1 July 2016:
| Taxable income | Tax on this income (new rates proposed for 2016-17) |
|---|---|
| 0 to $18,200 | Nil |
| $18,201 to $37,000 | 19c for each $1 over $18,200 |
| $37,001 to $80,000* | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 to $180,000 | $19,822 plus 37c for each $1 over $87,000 |
| $180,001 and over | $54,232 plus 47c for each $1 over $180,000 |
* The above rates do not include the Medicare levy of 2%
* The above rates do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000.
The following rates for 2015-16 apply from 1 July 2015:
| Taxable income | Tax on this income |
|---|---|
| 0 to $18,200 | Nil |
| $18,201 to $37,000 | 19c for each $1 over $18,200 |
| $37,001 to $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 to $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 45c for each $1 over $180,000 |
* The above rates do not include the Medicare levy of 1.5%.
Foreign Residents: If you are a foreign resident for the full year, the following tax rates apply
The following rates for 2015-16 apply from 1 July 2015:
| Taxable income | Tax on this income |
|---|---|
| 0 to $80,00 | 32.5c for each $1 |
| $80,001 to $180,000 | $26,000 plus 37c for each $1 over $80,000 |
| $180,001 and over | $63,000 plus 45c for each $1 over $180,000 |
* Foreign residents are not required to pay the Medicare levy.
* The above rates do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000
Children: If you are under the age of 18, and receive unearned income (for example, investment income) special rates apply.
Income of minors
A minor is a person who is under 18 years of age.
Special rules apply to the income of minors. Under these rules, certain types of income, such as a distribution from a family trust, may be taxed at higher rates.
These rules were introduced to discourage adults from splitting their income and diverting it to their children.
Some minors are excluded from the special rules and are called excepted persons. Ordinary rates of tax apply to all the income of an excepted person.
Even if a minor is not an excepted person, ordinary rates of tax still apply to certain types of income which is called excepted income.
Minors who are Australian residents do not have to lodge a tax return if they earn less than $416 in the 2017/18 income year.
In some situations, an adult should declare the income received by an associated minor.
Accessing Your Super
You can access your super:
- when you turn 65 (even if you haven’t retired), or
- when you reach preservation age and retire, or
- under the transition to retirement rules, while continuing to work.
There are very limited circumstances where you can access your super savings early. These circumstances are mainly related to specific medical conditions or severe financial hardship.
Your preservation age is not the same as your pension age. Your preservation age is the age at which you can access your super if you are retired (or have started a transition to a retirement income stream).
Your preservation age depends on when you were born. You can use this table to work out your preservation age.
| Date of birth | Preservation age |
|---|---|
| Before 1 July 1960 |
55 |
| 1 July 1960 – 30 June 1961 |
56 |
| 1 July 1961 – 30 June 1962 |
57 |
| 1 July 1962 – 30 June 1963 |
58 |
| 1 July 1963 – 30 June 1964 |
59 |
| From 1 July 1964 |
60 |
Concessional Contributions Cap (super)
| Income year | Under 50 | 50 years to 59 years* | 60 years and over* |
| 2017/2018 | $25,000 | $25,000 | $25,000 |
| 2016/2017 | $30,000 | $35,000 | $35,000 |
| 2015/2016 | $30,000 | $35,000 | $35,000 |
| 2014/2015 | $30,000 | $35,000 | $35,000 |
| 2013/2014 | $25,000 | $25,000 | $35,000 |
| 2012/2013 | $25,000 | $25,000 | $25,000 |
Concessional contributions
Concessional contributions are contributions made into your SMSF that are included in the SMSF’s assessable income. These contributions are taxed in your SMSF at a ‘concessional’ rate of 15%, which is often referred to as ‘contributions tax’.
The most common types of concessional contributions are employer contributions, such as super guarantee and salary sacrifice contributions. Concessional contributions also include personal contributions made by the member for which the member claims an income tax deduction.
Concessional contributions are subject to a yearly cap.
- From 1 July 2017, the general concessional contributions cap is $25,000 for all individuals regardless of age.
- For the 2014-15, 2015-16 and 2016-17 financial years, the concessional contributions cap is $30,000 per financial year and will be temporarily increased to $35,000 for members aged 49 or over.
- For the 2013–14 financial year onwards, excess concessional contributions are no longer subject to excess contributions tax. If a member’s contributions exceed the cap, the amount will be included in the member’s assessable income and taxed at their marginal tax rate.
Non-concessional contributions
Generally, non-concessional contributions are contributions made into your SMSF that are not included in the SMSF’s assessable income. The most common type is personal contributions made by the member for which no income tax deduction is claimed.
For the 2014-15, 2015-16 and 2016-17 financial years non-concessional contributions are subject to a yearly cap of $180,000 for members 65 or over but under 75 or $540,000 over a three-year period for members under 65.
If a member’s non-concessional contributions exceed the cap, from 1 July 2014 a tax of 47% is levied on the excess contributions. Individual members are personally liable for this tax and must have their super fund release an amount of money equal to the tax.
Non-concessional contributions also include excess concessional contributions for the financial year. They do not include super co-contributions, structured settlements and orders for personal injury or capital gains tax (CGT) related payments that the member has validly elected to exclude from their non-concessional contributions.
From 1 July 2017, the non-concessional contributions cap is reduced to $100,000 for members 65 or over but under 75. Members under 65 years of age will have the option of contributing up to $300,000 over a three-year period for members depending on their total superannuation balance.
Superannuation changes from Budget Night May 2016
- Cutting concessional contribution caps to $25,000
- Lowering Division 293 tax threshold to $250,000
- $500,000 lifetime cap for non-concessional contributions
- $1.6 million cap on “transfers” to retirement
- Allowing catch-up concessional contributions
- Removing the 10% rule for deductible superannuation contributions
- Introducing the Low Income Superannuation Tax Offset
- Removing the tax-free treatment of assets supporting transition to retirement income streams
- Harmonising contribution rules for those aged 65 to 74
- Remove the anti-detriment provision
- Enhancing choice in retirement products
- Improve superannuation balances of low income spouses
- Legislating the objective of super