Tax Calendar 2005/2006
| Personal Tax Rates (Residents) |
|
Taxable Income |
Tax Payable 2005/2006 |
|
0 - 6,000 |
Nil |
|
6,001 - 21,600 |
15c for each $1 in excess of $6,000 |
|
21,601 - 63,000 |
$2,340 + 30c for each $1 in excess of $21,600 |
|
63,001 - 95,000 |
$14,760+ 42c for each $1 in excess of $63,000 |
|
over 95,000 |
$28,200 + 47c for each $1 in excess of $95,000 |
| 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. |
| Company Tax Rate |
30% |
| Franking Credit 2001/2002 Onwards |
| The franking credit on dividends is now calculated at dividend times 30 divided by 70. |
| PAYG Withholding | |
|
| CGT Discounts |
% |
|
Ind ividuals and trusts |
50 |
| Superannuation funds |
33 1/ 3 |
|
A discount capital gain remaining after applying any capital losses is reduced by the discount percentage when working out a taxpayers net capital gain. To be a discount capital gain the gain must result from a CGT event happening after 11.45am EST on 21 st September 1999 and to an asset owned by the taxpayer for at least 12 months. |
| Motor Vehicles - Cents per Kilometre Rates | ||
| Non Rotary Engine Size |
Rotary Engine Size |
2003/2004 Cents per Km |
|
Up to 1600cc |
Up to 800cc |
52.0 |
|
1601 to 2600cc |
801 to 1300cc |
62.0 |
| over 2600cc |
over 1300cc |
63.0 |
|
Car Depreciation limit and luxury car threshold for 2005/2006 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 2005/2006 tax rate - 48.5% . Benchmark 2005/2006 interest rate - 7.05%. |
| FBT Statutory Fraction - Motor Vehicles |
Rate - 2005/2006 |
|
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 |
|
Superannuation Employer Contributions - Superannuation Guarantee Charge |
| Year |
Salary % |
Salary Threshold per Quarter |
|
2004/2005 |
9 |
$32,180 |
| 2005/2006 |
9 |
$33,720 |
|
Superannuation Age Based Deductible Contribution Limit - 2005/2006 |
| Age |
$ |
|
Under 35 |
14,603 |
|
35 to 49 |
40,560 |
| 50 and over |
100,587 |
|
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 $6,491 ($6,194 for 2004/2005) plus $3,246 ($3,097 for 2004/2005) multiplied by whole years of service ie $6,491 + ($3,246 x years of service). |
|
Lump Sum and Pension RBL's |
| The lump sum and pension reasonable benefit limits (RBLs) for 2005/06 are $648,946 ($619,223 for 2004/2005) and $1,297,886 ($1,238,440 for 2004/2005) respectively. The upper limit for post June 1983 components is $129,751 (formerly $123,808). |
| Land Tax - NSW |
|
For the 2006 land tax year a $330 000 threshold will apply to owners of liable land. There is no threshold for non-concessional companies and special trusts. The land tax rate for 2006 will be 1.7 per cent (plus $100) on the unimproved value of the land in excess of $330 000. If your land tax liability is less than $100, no land tax will be payable. The land tax liability for 2006 is based on all liable land owned as at midnight on 31 December 2005. Exempt land includes:
|
|
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. Exempt land includes as above with land tax and also:
|
|
Pay-roll Tax 2006 - NSW |
| Rate | Annual Threshold | Weekly Threshold |
| 6% | $600,000 | $11,538 |
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