Tax Calendar 2004/2005
| Personal Tax Rates (Residents) |
| Taxable Income | Tax Payable 2004/2005 |
|
0 - 6,000 |
Nil |
|
6,001 - 21,600 |
17c for each $1 in excess of $6,000 |
| 21,601 - 58,000 | $2,652 + 30c for each $1 in excess of $21,600 |
|
58,001 - 70,000 |
$13,572+ 42c for each $1 in excess of $58,000 |
| over 70,000 | $18,612 + 47c for each $1 in excess of $70,000 |
|
A medicare levy of 1.5% of taxable income applies to most residents. A 1% surcharge may apply if private health cover is not carried where an unmarried person's taxable income and reportable fringe benefits exceeds $50,000 or $100,000 for couples. Non-residents pay tax at 29% rate from $1 to $21,600 and thereafter at the same marginal rates as residents. |
| Franking Credit 2001/2002 Onwards |
| The franking credit on dividends is now calculated at dividend times 30 divided by 70. |
| PAYG Withholding | |
|
| Lump Sum and Pension RBL's |
| The lump sum and pension reasonable benefit limits (RBLs) for 2004/05 are $619,223 ($588,056 for 2003/2004) and $1,238,440 ($1,176,106 for 2003/2004) respectively. The upper limit for post June 1983 components is $123,808 (formerly $117,576). |
| Motor Vehicles - Cents per Kilometre Rates | ||
| Non Rotary Engine Size |
Rotary Engine Size |
2003/2004 Cents per Km |
|
Up to 1600cc |
Up to 800cc |
51.0 |
|
1601 to 2600cc |
801 to 1300cc |
61.0 |
| over 2600cc |
over 1300cc |
62.0 |
|
Car Depreciation limit and luxury car threshold for 2004/2005 is $57,009. The diminishing value depreciation rate for cars acquired on or after 1 July 2002 is 18.75% Fringe Benefits Tax (FBT) is tax deductible. The gross up factor is 2.1292 where input tax credits are derived on GST applicable benefits or 1.9417 where benefit is not GST applicable. |
|
FBT 2004/2005 tax rate - 48.5% . Benchmark 2004/2005 interest rate - 7.05%. |
| FBT Statutory Fraction - Motor Vehicles |
Rate - 2004/2005 |
|
Up to 15,000 km per annum |
0.26 |
| 15,000 - 24,999 km per annum |
0.20 |
|
25,000 - 40,000 km per annum |
0.11 |
| Over 40,000 km per annum |
0.07 |
| Company Tax Rate 30% |
|
Superannuation Employer Contributions - Superannuation Guarantee Charge |
| Year |
Salary % |
Salary Threshold per Quarter |
|
2003/2004 |
9 |
$30,560 |
| 2004/2005 |
9 |
$32,180 |
|
Superannuation Age Based Deductible Contribution Limit - 2004/2005 |
| Age |
$ |
|
Under 35 |
13,934 |
|
35 to 49 |
38,702 |
| 50 and over |
95,980 |
|
Superannuation Contribution Surcharge - 2004/2005 |
| Individual's adjusted taxable income |
$ |
|
Lower Threshold |
99,710 |
|
Threshold at which 13.5% applies |
121,075 |
| Surchargeable Contributions Threshold (no TFN) |
4,273 |
|
Tax free amounts of bona-fide redundancy and approved early retirement payments |
| Tax free amount is so much of the payment as does not exceed $6,194. |
| ($5,882 for 2003/2004) plus $3097 ($2,941 for 2003/2004) multiplied by whole years of service ie $6,194 + ($3,097 x years of service). |
| Land Tax - NSW |
|
Exempt Land Includes:
Land tax will be assessed at the following rates for land held 31/12/2004 : | |
| Taxable value of land owned | Rates of land tax payable |
| Not more than $400,000 | 0.4 cents for each $1 |
| More than $400,000 but not more than $500,000 |
$1,600 plus 0.6 cents for each $ over $400,000 |
| More than $500,000 | $2,200 plus 1.4 cents for each $ over $500,000 |
|
Land owned by a special trust or company will be taxed at the rate of 1.4 cents for each dollar of taxable value. | |
|
Vendor Duty |
|
Vendors or transferors of property are now liable to pay 2.25% of the value of the property as vendor duty unless the land is exempt, or the value of the property has not increased by at least 12% from the time of acquisition
|
|
Pay-roll Tax 2005 - NSW |
| Rate | Annual Threshold | Weekly Threshold |
| 6% | $600,000 | $11,538 |
Download
