Income Tax Rates
Financial Year 2009/2010
|
Taxable Income |
Tax on This Income |
| $0 - $6,000 |
Nil |
| $6,001 - $35,000 |
15 cents for each $1 over $6,000 |
| $35,001 - $80,000 |
$4,350 plus 30 cents for each $1 over $35,000 |
| $80,001 - $180,000 |
$17,850 plus 38 cents for each $1 over $80,000 |
| Over $180,000 |
$55,850 plus 45 cents for each $1 over $180,000 |
| The above rates do not include the Medicare levy of 1.5%. |
Social Security
(Effective from 20th March 2009)
Age Pension Rates
| Status |
Maximum Pension Rate Per Annum |
Maximum Pension Rate Per Fortnight |
| Single Person |
$14,814.80* |
$569.80* |
| Couple (each) |
$12,373.40* |
$475.90* |
*Plus Pharmaceutical Allowance
Assets Test – Age Pension
| Status |
Maximum Assets for Full Pension |
Cutoff Point for No Pension
($1.50 reduction)*
|
| Single (Homeowner) |
$178,000 |
$562,500 |
| Single (Non-Homeowner) |
$307,000 |
$691,000 |
| Couple (Homeowner - combined) |
$252,300 |
$891,500 |
| Couple (Non-Homeowner - Combined) |
$381,500 |
$1,020,500 |
*The fortnightly Centrelink pension is reduced by $1.50 (down from $3.00) for every $1,000 of assets above the full pension threshold.
Income Test – Age Pension
| Family Situation |
Maximum Income for Full Pension |
Cutoff Point for No Pension |
| Single |
|
No Dependent Children |
$142.00 p.f.* |
$1,581.50 p.f. |
| For Each Child – Add |
$24.60 p.f. |
$24.60 p.f. |
| Couple |
|
No Dependent Children |
$248.00 p.f. |
$2,642.50 p.f. |
| For Each Child – Add |
$24.60 p.f. |
$24.60 p.f. |
* p.f. = per fortnight. Pension rates effective from 1 July 2009
Deeming Rates
| Status |
Deeming Threshold |
Deeming Rate |
| Member of a non-pensioner couple |
$35,100 |
2% |
| Single pension or allowee recipient |
$42,000 |
2% |
| Member of a pensioner couple |
$70,000 |
2% |
A deeming rate of 3% applies to financial investments above these amounts.
Superannuation
Superannuation Guarantee Charge (SGC)
| 2002/03 and subsequent years |
9% |
Concessional Contribution Limit – 2009/10
| Age |
Contribution Limit |
| Any age |
$25,000 * |
* Transitional limit of $100,000 applies until 30 June 2012 if aged 50 or more.
Non-Concessional Contribution Limits – 2008/09
| Age |
Contribution Limit |
| Under 65 |
$150,000 p.a. or $450,000 over 3 years |
| Over 65 |
$150,000 p.a |
Preservation Ages
| Date of Birth |
Preservation Age |
| Before 1 July 1960 |
55 years |
| 1 July 1960 to 30 June 1961 |
56 years |
| 1 July 1961 to 30 June 1962 |
57 years |
| 1 July 1962 to 30 June 1963 |
58 years |
| 1 July 1963 to 30 June 1964 |
59 years |
| After 30 June 1964 |
60 years |
Low rate cap – 2007/08 (for individuals aged 55 or over)
Account Based Income Stream
| Age |
Percentage Factors |
| Under 65 |
4% |
| 65-74 |
5% |
| 75-79 |
6% |
| 80-84 |
7% |
| 85-89 |
9% |
| 90-94 |
11% |
| 95 or older |
14% |
|
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