TAX RATES

The following tables highlight some of the significant tax rates applicable in Australia for the year ended 30 June 2007 and 30 June 2008.  

Resident Individual Rates

2006/07 taxable income      (column 1) AUD ($)	Tax on column 1 AUD ($)	% on excess (marginal rate)
6,000	Nil	15
25,000	2,850	30
75,000	17,850	40
150,000	47,850	45

2007/08 taxable income      (column 1) AUD ($)	Tax on column 1 AUD ($)	% on excess (marginal rate)
1 – 6,000	Nil	15
6,001 – 30,000	15c for each $1 over $6,000	30
30,001 – 75,000	3,600 plus 30c for each $1 over $30,000	40
75,001 – 150,000	17,100 plus 40c for each $1 over $75,000	45
150,001 and over	47,100 plus 45c for each $1 over $150,000	45

Non-Resident Individual Rates

2006/07 taxable income      (column 1) AUD ($)	Tax on column 1 AUD ($)	% on excess (marginal rate)
Nil	Nil	29
25,000	7,250	30
75,000	22,250	40
150,000	52,250	45

2007/08 taxable income      (column 1) AUD ($)	Tax on column 1 AUD ($)	% on excess (marginal rate)
0 – 30,000	29c for each $1	29
30,001 – 75,000	8,700 plus 30c for each $1 over $30,000	30
75,001 – 150,000	22,200 plus 40c for each $1 over $75,000	40
150,001 and over	52,200 plus 45c for each $1 over $150,000	45

Company Rates

Type of Company	2005/06 Tax Rate	2006/07 Tax Rate
All private companies	30%	30%
All Public companies	30%	30%
RSA Providers – standard component  of taxable income	30%	30%
RSA Providers – RSA component of taxable income	15%	15%
Life Insurance Companies – Ordinary Class	30%	30%
Life Insurance Companies – Complying superannuation class	15%	15%
Non-Profit Companies : - first $416 of taxable income - Shade-in above $416 to $915 - Taxable income above shade-in	Nil 55% 30%	Nil 55% 30%
Pooled Development Fund (PDFs) at the end of the year: - on SME income component - on unregulated investment component -   on so much of the taxable income as exceeds the PDF component	15% 25% 30%	15% 25% 30%
Companies that become PDFs during the year of income and are still PDFs at the end of the year: - on so much of the taxable income as exceeds the PDF component	30%	30%
Interest received by - small credit unions - medium credit unions (on amount of taxable income over $49,999) - large credit unions	30% 45% 30%	30% 45% 30%

Goods and Services Tax (GST)

The rate of GST is 10% across the country for all taxable goods & services.   

No GST is payable on GST-free Supplies, these include exports, health and medical care, education and child care, food, charities, international transport and travel and other GST-free supplies. 

No GST is payable on input taxed supplies.  These include financial supplies, residential premises for rent, sales of residential premises, food at school tuckshops and other input taxed supplies. 

For details on GST-free and input taxed supplies, please contact our partners on 02-9264-9144. 

Land Tax

Land tax is a State tax that is assessed to the owner of the land.  The land tax legislation is different from State to State.  We have highlighted, below, some of the NSW land tax information  

2007

The 2007 land values threshold for commercial, industrial and non-principal places of residential properties is $352,000 (2006: $352,000).   

The land tax payable is $100+1.7% of the excess over the abovementioned thresholds.

Land tax is subject to a special trust, or is owned by a non-concessional company, will be taxed at the rate of 1.7 cents for each $1 of the taxable value.

Superannuation contributions – age-based limits

o Contributions made by employers 

Age in years	2005/06 Deduction Limit ($)	2006/07 Deduction Limit ($)
Under 35	13,934	15,260
35 to 49	38,702	42,385
50 and over	95,980	105,113

o Contributions made by self employed persons 

Age in years	2005/06 Deduction Limit ($)	2006/07 Deduction Limit ($)
Under 35	13,934	15,260
35 to 49	38,702	42,385
50 and over	95,980	105,113

DISCLAIMER 

We accept no responsibilities for error or omission or inaccuracies contained herein.  This web site is used for general information only and should not be acted upon by any parties without specified advice.