Tax Calendar 2006/2007

Personal Tax Rates (Residents)

Taxable Income	Tax Payable 2006/2007
0 - 6,000	Nil
6,001 - 25,000	15c for each $1 in excess of $6,000
25,001 - 75,000	$2,850 + 30c for each $1 in excess of $25,000
75,001 - 150,000	$17,850+ 40c for each $1 in excess of $75,000
over 150,000	$47,850 + 45c for each $1 in excess of $150,000

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 $25,000 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

Payments where no ABN is quoted is 46.5%

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	2005/2006 Cents per Km
Up to 1600cc	Up to 800cc	55.0
1601 to 2600cc	801 to 1300cc	66.0
over 2600cc	over 1300cc	67.0

Car Depreciation limit and luxury car threshold for 2006/2007 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 2.0647 where input tax credits are derived on GST applicable benefits or 1.8692 where benefit is not GST applicable.

FBT 2006/2007 tax rate - 46.5% . Benchmark 2006/2007 interest rate - 7.30%.

FBT Statutory Fraction - Motor Vehicles	Rate - 2006/2007
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
2005/2006	9	$33,720
2006/2007	9	$35,240

Superannuation Age Based Deductible Contribution Limit - 2006/2007

Age	$
Under 35	15,260
35 to 49	42,385
50 and over	105,113

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 $6,783 ($6,491 for 2005/2006) plus $3,392 ($3,241 for 2005/2006) multiplied by whole years of service ie $6,783 + ($3,392 x years of service).

Lump Sum and Pension RBL's

The lump sum and pension reasonable benefit limits (RBLs) for 2006/07 are $678,149 ($648,946 for 2005/2006) and $1,356,291 ($1,297,886 for 2005/2006) respectively. The upper limit for post June 1983 components is $135,590 (formerly $129,751).

Land Tax - NSW

For the 2007 and future land tax years the land tax threshold will be averaged. The threshold will be average of the 'indexed amount' for the new tax year and the previous two land tax years, as calculated annually by the Valuer General. As the land tax threshold was abolished for the 2005 land tax year a 'notional' threshold of $342,000 will be used for that year.

Child Care Rebate

The new 30% child care tax rebate is not means tested and covers 30% of out-of-pocket expenses for approved child care with a maximum rebate per child of $4,000 (indexed per year).

It is a tax offset that reduces your tax liability in the income year in which you claim it. You can claim the rebate and still received the Child Care Benefit (CCB).

From 1 July 2006 you can claim the rebate for approved child care expenses you incurred between 1 July 2004 and 30 June 2005.

Private Company - Benchmark Interest Rate 2006/2007 is 7.55%.

Pay-roll Tax 2007 - NSW

Rate	Annual Threshold	Weekly Threshold
6%	$600,000	$11,538