Income Tax Rates
Financial Year 2007/2008
|
Taxable Income |
Tax on This Income |
| $0 - $6,000 |
Nil |
| $6,001 - $30,000 |
15 cents for each $1 over $6,000 |
| $30,001 - $75,000 |
$4,200 plus 30 cents for each $1 over $34,000 |
| $75,001 - $150,000 |
$18,000 plus 40 cents for each $1 over $80,000 |
| Over $150,000 |
$58,000 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 September 2008)
Age Pension Rates
| Status |
Maximum Pension Rate Per Annum |
Maximum Pension Rate Per Fortnight |
| Single Person |
$14,614.60* |
$562.10* |
| Couple (each) |
$12,207.00* |
$469.50* |
*Plus Pharmaceutical Allowance
Assets Test – Age Pension
| Status |
Maximum Assets for Full Pension |
Cutoff Point for No Pension
($1.50 reduction)*
|
| Single (Homeowner) |
$171,750 |
$550,500 |
| Single (Non-Homeowner) |
$296,250 |
$675,000 |
| Couple (Homeowner - combined) |
$243,500 |
$873,500 |
| Couple (Non-Homeowner - Combined) |
$368,000 |
$998,000 |
*From 20 September 2007 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 |
$138.00 p.f.* |
$1,557.75 p.f. |
| For Each Child – Add |
$24.60 p.f. |
$24.60 p.f. |
| Couple |
|
No Dependent Children |
$240.00 p.f. |
$2,602.00 p.f. |
| For Each Child – Add |
$24.60 p.f. |
$24.60 p.f. |
* p.f. = per fortnight. Pension rates effective from 1 July 2008
Deeming Rates
| Status |
Deeming Threshold |
Deeming Rate |
| Member of a non-pensioner couple |
$34,100 |
4% |
| Single pension or allowee recipient |
$41,000 |
4% |
| Member of a pensioner couple |
$68,200 |
4% |
A deeming rate of 6% applies to financial investments above these amounts.
Superannuation
Superannuation Guarantee Charge (SGC)
| 2002/03 and subsequent years |
9% |
Concessional Contribution Limit – 2008/09
| Age |
Contribution Limit |
| Any age |
$50,000 * |
* 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% |
|
|
