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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)

2008/09 $145,000

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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