Tax Data
The following are some selected basic tax rates and other data. The information will be added to over time.
INDIVIDUAL RATES FOR 2009-10
Residents
The following are the basic rates of tax for the 2009-10 income year that apply to individuals who are resident for tax purposes and for whom a special rate does not apply:
Taxable income Gross tax
$6,000 nil + 15% of excess over $6,000
$35,000 $4,350 + 30% of excess over $35,000
$80,000 $17,850 + 38% of excess over $80,000
$180,000 $55,850 + 45% of excess over $180,000
To the tax so calculated:
- Medicare levy (and surcharge) must be added if applicable; and
- any tax offsets must be deducted.
The low income offset ($1,350) effectively increases the 2009-10 tax-free threshold from $6,000 to $15,000.
Individuals under 18
Where a resident individual under 18 on the last day of the 2009-10 income year who is not an excepted person derives assessable income which is not excepted income, the rates of tax payable on the non-excepted income is as follows:
Non-excepted income Tax
$0-415 nil
$416 nil + 66% of excess over $416
$1,308 or more 45% of total amount of non-excepted income
If the individual’s taxable income comprises only non-excepted income, the low income offset effectively increases the 2009-10 non-excepted income tax-free threshold from $416 to $3,000.
Non-residents
The following are the basic rates of tax for the 2009-10 income year that apply to individuals who are non-residents of Australia for the full income year:
Taxable income Gross tax
$0 nil + 29% for each $1
$35,000 $10,150 + 30% of excess over $35,000
$80,000 $23,650 + 38% of excess over $80,000
$180,000 $61,650 + 45% of excess over $180,000
To the tax so calculated, any applicable tax offsets must be deducted. No Medicare levy is payable.
Non-resident individuals under 18
Where a non-resident individual under 18 on the last day of the 2009-10 income year who is not an excepted person derived assessable income which is not excepted income, the rates of tax payable on the non-excepted income are as follows:
Non-excepted income Tax
$0-416 29%
$417 $120.64 + 66% of excess over $416
$733 or more $329.85 + 45% of excess over $733
TRUSTS
Deceased estates
The following are the rates of tax payable for 2009-10 by the trustee of a resident deceased estate on so much of the net tax income as is not assessed to the beneficiaries (or to the trustee on behalf of a beneficiary) where the Commissioner exercises his discretion to assess the trustee under sec 99 ITAA 1936:
Amount of Gross tax : where 2009-10 is
income year of death or one Gross tax: where 2009-10 is a later
of the next 2 income years income year
$415 nil nil
$416 nil 50% of excess over $416
$595 nil $89.25 + 15% of excess over $595
$6,000 nil + 15% of excess over $6,000 $900 + 15% of excess over $6,000
$35,000 $4,350 + 30% of excess over $35,000 $5,250 + 30% of excess over $35,000
$80,000 $17,850 + 38% of excess over $80,000 $18,750 + 38% of excess over $80,000
$180,000 $55,850 + 45% of excess over $180,000 $56,750 + 45% of excess over $180,000
Section 99A
The rate of tax payable for the 2009-10 income year on so much of the net tax income of a trust as is not included in the assessable income of a beneficiary and is not assessed under sec 99 ITAA 1936 is 45%. Medicare levy is payable.
COMPANIES
The general company tax rate for the 2009-10 income year is 30%.
For the Div 7A Benchmark Interest Rates, see below.
CAPITAL GAINS TAX
Capital improvements to pre-CGT asset
A post-CGT building or structure to pre-CGT land will be a separate CGT asset. Any other capital improvement to a pre-CGT asset effected post-CGT is treated as a separate asset (and is subject to CGT) if at the time of the CGT event the cost base of the capital improvement is more than the improvement threshold (which is an indexed amount) and more than 5% of the capital proceeds from the event.
Improvement thresholds
The CGT improvement thresholds are as follows:
Income year Threshold
1985-86 $50,000
1986-87 $53,950
1987-88 $58,859
1988-89 $63,450
1989-90 $68,018
1990-91 $73,459
1991-92 $78,160
1992-93 $80,036
1993-94 $80,756
1994-95 $82,290
1995-96 $84,347
1996-97 $88,227
1997-98 $89,992
1998-99 $89,992
1999-2000 $91,072
2000-01 $92,802
2001-02 $97,721
2002-03 $101,239
2003-04 $104,377
2004-05 $106,882
2005-06 $109,447
2006-07 $112,512
2007-08 $116,337
2008-09 $119,594
2009-10 $124,258
GOODS AND SERVICES TAX
Registration turnover threshold
The general position is that GST registration is mandatory if an entity’s annual turnover meets the following thresholds:
- for an entity that is a non-profit entity – $150,000; and
- for other entities – $75,000.
Some entities are required to be registered regardless of annual turnover (for example, taxi operators).
FRINGE BENEFITS TAX
The following are selected FBT rates and thresholds that apply for the FBT year ending 31 March 2010.
FBT rate
The FBT rate is 46.5%.
Gross up rate
The FBT gross up rates are:
- where the benefit provider is entitled to claim a GST credit in respect of the provision of a benefit – 2.0647; and
- where the benefit provider is not entitled to claim a GST credit – 1.8692.
Regardless of which gross up rate is relevant, only the lower gross up rate is used for reporting on employment payment summaries.
Car fringe benefits
The following are the statutory formula rates for the FBT year ending 31 March 2010.
Total kilometres
traveled during
the year Statutory percentage
Less than 15,000 26%
15,000 to 24,999 20%
25,000 to 40,000 11%
Over 40,000 7%
Motor vehicle (other than a car) cents per kilometre rate
The relevant motor vehicle (other than a car) cents per kilometre rates for the FBT year ending 31 March 2010 (TD 2009/7) are:
0-2,500 cc 44¢
Over 2,500 cc 53¢
Motor cycles 13¢
Car parking threshold
The car parking threshold for the FBT year ending 31 March 2010 is $7.25 (TD 2009/11).
Statutory benchmark interest rate
For the FBT year ending 31 March 2010 the statutory benchmark interest rate is 5.85% per annum (TD 2009/10).
Record keeping exemption threshold
The small business record keeping exemption threshold where the FBT year ending 31 March 2010 is the base year is $7,063 (TD 2009/9).
Housing indexation figures
The housing indexation figures for the FBT year ending 31 March 2010 are as follows (TD 2009/8):
NSW 1.072
Victoria 1.062
Queensland 1.096
South Australia 1.053
Western Australia 1.127
Tasmania 1.046
ACT 1.078
Northern Territory 1.100
Deemed depreciation rate: cars
Date car purchased %
Up to and including 30 June 2002 22.5%
From 1 July 2002 to 9 May 2006 18.75%
On or after 10 May 2006 25%1
1 For the FBT year ended 31 March 2008 and earlier income years this was 18.75%.
Reportable fringe benefits
The grossed up taxable value of fringe benefits must be reported on an employee’s payment summary if the taxable value exceeds $2,000 (which gives a grossed up value of $3,738).
Instalment threshold
FBT is payable by quarterly instalments if the taxpayers liability for the previous year was $3,000 or more.
Capping of concessional FBT treatment for certain employees
Employer FBT concession
Public benevolent institution (other than public FBT exemption capped at $30,000
hospitals) and health promotion charities
Public hospitals, non-profit hospitals and public FBT exemption capped at $17,000
ambulance services
Reportable employers – certain non-government FBT rebate capped at $30,000
and non-profit organisations
Religious institutions FBT rebate capped at $30,000
DIVISION 7A: BENCHMARK INTEREST RATES
The following are the benchmark interest rates that apply for the purposes of Div 7A ITAA 1936 where the private company or trust has a regular 30 June accounting period:
Benchmark rate
Income year per annum
1998-99 6.7%
1999-2000 6.5%
2000-01 7.8%
2001-02 6.8%
2002-03 6.3%
2003-04 6.55%
2004-05 7.05%
2005-06 7.3%
2006-07 7.55%
2007-08 8.05%
2008-09 9.45%
2009-10 5.75%
FOREIGN EXCHANGE RATES
For foreign exchange rates, click here.
