|
RESIDENT MARGINAL TAX RATES 2009/2010
Income Rate
$0 - $6,000 0%
$6,001 - $35,000 15%
$35,001 - $80,000
30%
$80,001 - $180,000 38%
$180,001 & above
45%
Note that Medicare of 1.5% is also payable
SUPERANNUATION
·
CONTRIBUTION CAPS
|
|
2009/2010 |
|
|
Over
age 50 |
Under
age 50 |
|
Concessional Contribution Cap |
$50,000* |
$25,000 |
|
Non
Concessional Contribution Cap |
$150,000 |
$150,000 |
* The transitional concessional
cap of $50,000 will apply for 2009/2010, 2010/2011
and 2011/2012.
·
Tax free threshold
for lump sum superannuation benefits for 2009/2010 is $150,000
REDUNDANCY
Base amount $7,732
Additional amount for each year of service $3,867
The new thresholds to calculate the
tax free amount are $7,732 plus $3,867 per completed year of service. This
amount is not classified as an eligible termination payment (ETP) and therefore,
cannot be rolled over.
AGE PENSION
Age pension qualifying age will increase to age 67 in 2023. The transition to
the higher Age Pension age will commence in July 2017, with the qualifying age
increasing by six months every two years to reach 67 on 1 July 2023.
The following table indicates the new age pension ages.
|
Date |
New age pension age |
Affects people born |
When group reaches
new age pension age |
|
1 July 2017 |
65 years & 6 months |
1 July 1952 to
31 December 1953 |
1 January 2018 to
30 June 2019 |
|
1 July 2019 |
66 years |
1 January 1954 to
30 June 1955 |
1 January 2020 to
30 June 2021 |
|
1 July 2021 |
66 years & 6 months |
1 July 1955 to
31 December 1956 |
1 January 2022 to
30 June 2023 |
|
1 July 2023 |
67 years |
From 1 January 1957 |
From1 January 2024 |
|
|
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