2016-17 Lodgment Rates and Thresholds Guide


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Table of Contents



Disclaimer: This tool is a guide only and is correct as at 7 July 2016. Independent legal, financial and/or tax advice is recommended for your circumstances.


Individual tax rates for residents

2015-16 tax thresholds

 Taxable income Rate (%) Tax on this income
 $0 – $18,200 0 Nil tax payable
 $18,201 – $37,000 19 19c for each $1 over $18,200
 $37,001 – $80,000  32.5 $3,572 plus 32.5c for each $1 over $37,000
 $80,001 – $180,000 37 $17,547 plus 37c for each $1 over $80,000
 $180,001 & above 47* $54,547 plus 47c for each $1 over $180,000

2016-17 tax thresholds

 Taxable income Rate (%) Tax on this income
 $0 – $18,200 0 Nil tax payable
 $18,201 – $37,000 19 19c for each $1 over $18,200
 $37,001 – $87,000 32.5 $3,572 plus 32.5c for each $1 over $37,000
 $87,001 – $180,000 37 $19,822 plus 37c for each $1 over $87,000
 $180,001 & above 47* $54,232 plus 47c for each $1 over $180,000
 * includes 2% Temporary Budget Repair Levy

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Individual tax rates for non-residents

2015-16 tax thresholds

 Taxable income Rate (%) Tax on this income
 $0 – $80,000 32.5 32.5c for each $1
 $80,001 – $180,000 37 $26,000 plus 37c for each $1 over $80,000
 $180,001 & above 47* $63,000 plus 47c for each $1 over $180,000

2016-17 tax thresholds

 Taxable income Rate (%) Tax on this income
 $0 – $87,000 32.5 32.5c for each $1
 $87,001 – $180,000 37 $28,275 plus 37c for each $1 over $80,000
 $180,001 & above 47* $62,685 plus 47c for each $1 over $180,000

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2015-16 resident minors’ tax rate on eligible income

 Taxable income Tax on this income
 Up to $416 Nil
 $417 $1,307 68%* for the part over $416
 $1,308 & above 47%* on the entire amount
 * includes 2% Temporary Budget Repair Levy
 Note: LITO not available for certain minor income.

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2015-16 non-resident minors’ tax rate on eligible income

 Taxable income Tax on this income
 Up to $416 34.5%* on the entire amount
 $417  $663 $143.52 + 68%* on the part over $416
 $664 & above 47%* on the entire amount
 * includes 2% Temporary Budget Repair Levy

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Corporate entity tax rates

Rate

 Private and public companies 30% or 28.5%1
 Corporate unit trusts and public trading trusts 30% or 28.5%1
 Life Insurance companies
 Ordinary class
30%
 Complying superannuation class 15%
 Non-profit companies
 First $416 taxable income Nil
 Taxable income $417 - $9152 55% of excess over $4162
 Taxable income $9162 and above 30% or 28.5%1
 1: The tax rate is reduced to 28.5% for companies that are “small business entities” (SBEs) with an aggregated annual turnover of less than $2 million from 1 July 2015.
 2: Upper limit is reduced from $915 to $863 for non-profit companies that are SBEs from 1 July 2015.

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Tax offsets for individuals

2015-16 & 2016-17 Low Income Tax Offset

 Taxable income Tax offset
 $0 – $37,000 $445
 $37,001 – $66,666 $445 - (1.5% of excess over $37,000)
 $66,667 & above Nil

2015-16 Net Medical Expenses Offset

 Tax offset claimable1 Adjusted taxable income
 20% of net medical expenses exceeding $2,265 Single2 - $90,000 or less
Family3 - $180,000 or less 
 10% of net medical expenses exceeding $5,343 Single2 - above $90,000
Family3 - above $180,000
 1: Offset for 2015-16 only available for disability aids, attendant care or aged care.
 2: Single at 30 June 2016 and no dependent children.
 3: Has a spouse at 30 June 2016, or dependent children at any time during 2015-16, or both.

2015-16 Dependant (Invalid and Carer) Offset

 Adjusted taxable income (ATI) is: Offset amount
 $282 or less $2,588*
 $283 - $10,634 $2,588* - [(ATI - $282) ÷ 4]
 $10,634 and above Nil
 * This is the maximum offset. Assumes dependant status maintained for full income year.

2015-16 Senior Australian and Pensioners Tax Offset

 Family status Maximum tax offset Shade-out income threshold Cut-out income threshold
 Single $2,230 $32,279 $50,119
 Married or de facto (each) $1,602 $28,974 $41,790
 Separated due to illness (each) $2,040 $31,279 $47,599
 Note: Offset 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.

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FBT rates and thresholds

FBT and gross-up rates

 FBT year Rate Type 1 Type 2
 2015-16 & 2016-17
49% 2.1463 1.9608
 2017-18 47% 2.0802 1.8868

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Car fringe benefits

Statutory formula method

 The statutory fraction is 20%*
 * Applies to "commitments" entered into from May 2011. Previous statuatory fractions based on kms travelled may be used for pre-May 2011 commitments.

Taxable value of a fringe benefit of

a motor vehicle other than a car (c/km basis)

 FBT year ending 0 - 2500cc Over 2500cc Motorcycles
 31-Mar-16 51c 61c 15c
 31-Mar-17 52c 63c 15c

Record keeping exemption

 2015-16 $8,164 2016-17 $8,286

FBT - Benchmark interest rate

 2015-16 5.65% 2016-17 5.65%

Car parking threshold

 2015-16 $8.37 2016-17 $8.48

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Div 7A - benchmark interest rate

 2015-16 5.45%
 2016-17 5.40%

2015-16 CGT improvement threshold

 Improvement threshold $143,392

Motor vehicles

  2015-16 2016-17
 Luxury car tax limit $63,184 $64,132
 Fuel efficient luxury car tax limit $75,375 $75,526
 Car depreciation limit
$57,466
$57,581
 Maximum input tax credit claim for cars
$5,224
$5,234

2015-16 & 2016-17 Cents per kilometre car rates

The rate is 66 cents per kilometre regardless of engine size.

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2016-17 Superannuation rates and thresholds

 SLS1 low rate cap amount (indexed) $195,000
 SLS1 untaxed plan cap amount (indexed) $1,415,000
 Life benefit ETP2 cap (indexed)3 $195,000
 Death benefit ETP2 cap (indexed)3 $195,000
 Tax-free part of a genuine redundancy payment or early retirement scheme payment (indexed) $9,936
 For each completed year of service add $4,969
 Government co-contribution (max $500)
 Lower income threshold $36,021
 Higher income threshold $51,021
 Low income superannuation contribution
 Maximum adjusted taxable income $37,000
 Maximum payable $500
 Contribution caps
 Concessional (indexed) $30,000
 Concessional (temporary, non-indexed)4 $35,000
 Non-concessional $180,000
 CGT cap (indexed) $1,415,000
 Non-concessional with bring forward option (non-indexed)5 $540,000 
 Superannuation Guarantee (SG)
 Prescribed minimum employer contribution rate 9.50%
 Maximum contribution base (per SG quarter) $51,620
 Minimum account based pension withdrawal
 Under 65 years 4%
 65 to less than 75 years 5%
 75 to less than 80 years 6%
 80 to less than 85 years 7%
 85 to less than 90 years 9%
 90 to less than 95 years 11%
 95 years and over 14%
 Maximum pension withdrawal
 Transition to retirement 10%
 Account based pension 100%
 Preservation age table
 Date of birth:
 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
 1 July 1964 or later 60
1: Superannuation Lump Sum (SLS)
2: Employment Termination Payment (ETP)
3: Whole of income cap of $180,000 applies
4: In 2016-17, a $35,000 cap applies for individuals aged 49 years or over on 30 June 2016
5: Eligible persons may bring forward the next 2 years' non-concessional contributions

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Medicare

2015-16 Medicare levy

 Medicare levy is 2% of an individual's taxable income.

2015-16 Medicare levy for families with dependants

 No. of dependants  Family taxable income $
 Nil levy payable Reduced levy shade-in range (10% of excess over nil band) Normal 2% payable
 0  To $36,001 $36,002-$45,001 $45,002 & above
 1  To $39,307 $39,308-$49,133 $49,134 & above
 2  To $42,613 $42,614-$53,265 $53,266 & above
 3  To $45,919 $45,920-$57,397 $57,398 & above
 4  To $49,225 $49,226-$61,529 $61,530 & above
 5  To $52,531 $52,532-$65,661 $65,662 & above
 6  To $55,8371 $55,8381-$69,7932 $69,794& above
 For more than 6 dependant children and/or students:
  1. Add $3,306 per child/student
  2. Add $4,132 per child/student

2015-16 Medicare levy surcharge 

 Income for MLS purposes1  Rate
Single Family2
$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. Threshold increases by $1,500 for each additional dependent child after the first.

2015-16 Medicare levy reduction threshold

 Taxable 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

2015-16 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset

 Taxable 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

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Foreign currency exchange rates

for the financial year ended 30 June 2016

 Country Average rate for the year Nearest actual rate at year end Currency

Foreign currency equivalent to $1 Australian

 Canada 1.0009 0.9994 Canadian dollar
 China (estimate) 4.6913
4.9344 Yuan
 Denmark 5.0651 5.1539 Kroner
 Europe 0.6873 0.7008 Euro
 Fiji 1.6029 1.6006 Fijian dollar
 Hong Kong 5.8742
6.0019 HK dollar
 India 49.4415
51.6670 Indian rupee
 Japan 88.7517
80.3100 Yen
 Kuwait 0.2279 0.2320 Kuwait dinar
 New Cal/Tahiti 80.3600 82.0900 Sth Pacific franc
 New Zealand 1.1220 1.0780 NZ dollar
 Norway 6.3284 6.4695 Kroner
 Oman 0.3032 0.3059 Kina
 Philippines 35.7183 36.7100 Philippine peso
 Singapore 1.0588 1.0530 Singapore dollar
 Solomon Is 6.1485 5.9680 SI dollar
 South Africa 10.8910 11.4078 Rand
 Sri Lanka 106.6020 111.9300 Sri Lankan rupee
 Sweden 6.3262 6.5051 Kronor
 Switzerland 0.7427 0.7592 Swiss franc
 Thailand 26.5155 26.9100 Baht
 UK 0.5117 0.5763 Pound sterling
 USA 0.7617 0.7782 US dollar
 Vanuatu 86.4606 87.6200 Vatu

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2015-16 HELP compulsory repayments

 HELP repayment income (HRI) Rate (of HRI)
 Below $54,126 Nil
 $54,126-$60,292 4%
 $60,293-$66,456 4.5%
 $66,457-$69,949 5%
 $69,950-$75,190 5.5%
 $75,191-$81,432 6%
 $81,433-$85,718 6.5%
 $85,719-$94,331 7%
 $94,332-$100,519 7.5%
 $100,520 and above 8%

2015-16 SFSS compulsory repayments

 Repayment income (RI) Rate (of RI)
 Below $54,126 Nil
 $54,126-$66,456 2%
 $66,457-$94,331 3%
 $94,332 and above 4%

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