TAX RATES

The following tables highlight some of the significant tax rates applicable in Australia for the year ended 30 June 2010 and 30 June 2011.  

Resident Individual Rates

2009/10 taxable income      (column 1) AUD ($)	Tax on column 1 AUD ($)	% on excess (marginal rate)
Nil to 6,000	Nil	15
35,000	4,350	30
80,000	17,850	38
180,000	55,850	45

2010/11 taxable income      (column 1) AUD ($)	Tax on column 1 AUD ($)	% on excess (marginal rate)
Nil – 6,000	Nil	15
37,000	4,650	30
80,000	17,550	37
180,000	54,550	45

Non-Resident Individual Rates

2009/010 taxable income      (column 1) AUD ($)	Tax on column 1 AUD ($)	% on excess (marginal rate)
Nil	Nil	29
35,000	10,150	30
80,000	23,650	38
180,000	61,650	45

2010/11 taxable income      (column 1) AUD ($)	Tax on column 1 AUD ($)	% on excess (marginal rate)
Nil	Nil	29
37,000	10,730	30
80,000	23,630	37
180,000	60,630	45

Company Rates

Type of Company	2009/10 Tax Rate
All private companies	30%
All Public companies	30%
RSA Providers – standard component  of taxable income	Rate applicable to Institution
RSA Providers – RSA component of taxable income	15%
Life Insurance Companies – Ordinary Class	30%
Life Insurance Companies – Complying superannuation class	15%
Non-Profit Companies : - first $416 of taxable income - Shade-in above $417 to $915 - Taxable income above shade-in	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%
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%
Interest received by - small credit unions (under $50,000) - medium credit unions ($50,000-$149.000) - large credit unions (150,000 and over)	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  

2010

The 2010 land values threshold for commercial, industrial and non-principal places of residential properties is $376,000 (2009: $368,000)

The Premium land tax threshold is $2,299,000.

The land tax payable is $100+1.6% of the land value between the threshold and the premium rate threshold. Land tax is levied at 2% if your land value is above the premium land tax threshold of $2,299,000.

If land tax is owned by a trustee of a special trust, the land tax threshold will not apply and land tax will be charged at a flat rate of 1.6% of the taxable land value up to the premium threshold of $2,299,000. Land tax is charged at 2% thereafter.

If the combined value of your land does not exceed the threshold, land tax will not be payable.

Superannuation Contributions – 2009-2010 

Type of Contribution		Excess Contributions Tax
Concessional	$25,000	31.5
Non concessional	$150,000	46.5
TFN not quoted	N/A	46.5

1. For those aged 50-74 a transitional cap of $50,000 (not indexed) up to 30 June 2012.

2. In the future, the cap will be calculated as 6 times the level of the (indexed)

concessional contributions cap.

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.