2015-16 lodgment rates and thresholds guide


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Individual tax rates for residents

2014-15 tax thresholds
 Taxable income Rate (%) Tax on this income
 $0 – $18,200 0 Nil tax payable
 $18,201 – $37,000 19 19c for each $1 over $18,200
 $37,001 – $80,000  32.5 $3,572 plus 32.5c for each $1 over $37,000
 $80,001 – $180,000 37 $17,547 plus 37c for each $1 over $80,000
 $180,001 & above 47* $54,547 plus 47c for each $1 over $180,000

2015-16 tax thresholds
 Taxable income Rate (%) Tax on this income
 $0 – $18,200 0 Nil tax payable
 $18,201 – $37,000 19 19c for each $1 over $18,200
 $37,001 – $80,000 32.5 $3,572 plus 32.5c for each $1 over $37,000
 $80,001 – $180,000 37 $17,547 plus 37c for each $1 over $80,000
 $180,001 & above 47* $54,547 plus 47c for each $1 over $180,000
 * includes 2% Temporary Budget Repair Levy

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Individual tax rates for non-residents

2014-15 tax thresholds
 Taxable income Rate (%) Tax on this income
 $0 – $80,000 32.5 32.5c for each $1
 $80,001 – $180,000 37 $26,000 plus 37c for each $1 over $80,000
 $180,001 & above 47* $63,000 plus 47c for each $1 over $180,000

2015-16 tax thresholds
 Taxable income Rate (%) Tax on this income
 $0 – $80,000 32.5 32.5c for each $1
 $80,001 – $180,000 37 $26,000 plus 37c for each $1 over $80,000
 $180,001 & above 47* $63,000 plus 47c for each $1 over $180,000

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2014-15 resident minors’ tax rate on eligible income
 Taxable income Tax on this income
 Up to $416 Nil
 $417 – $1,307 68%* for the part over $416
 $1,308 & above 47%* on the entire amount
 * includes 2% Temporary Budget Repair Levy
  Note: LITO not available for certain minor income.

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2014-15 non-resident minors’ tax rate on eligible income
 Taxable income Tax on this income
 Up to $416 34.5%* on the entire amount
 $417 – $663 $143.52 + 68%* on the part over $416
 $664 & above 47%* on the entire amount
 * includes 2% Temporary Budget Repair Levy

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Corporate entity

Rate
 Private and public companies 30% or $28.5%1
 Corporate unit trusts and public trading trusts 30% or $28.5%1
 Life Insurance companies
 Ordinary class
 30%
 Complying superannuation class 15%
 Non-profit companies
 First $416 taxable income Nil
 Taxable income $417 - $9152 55% of excess over $4162
 Taxable income $9162 and above 30% or $28.5%1
 1: The tax rate is reduced to 28.5% for companies that are “small business entities” (SBEs) with an aggregated turnover of less than $2 million from 1 July 2015.
 2: Upper limit is reduced from $915 to $863 for non-profit companies that are SBEs from 1 July 2015.

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Tax offsets for individuals

2014-15 & 2015-16 Low Income Tax Offset
 Taxable income Tax offset
 $0 – $37,000 $445
 $37,001 – $66,666 $445 - (1.5% of excess over $37,000)
 $66,667 & above Nil

2014-15 Net Medical Expenses Offset
 Tax offset claimable1 Adjusted taxable income
 20% of net medical expenses exceeding $2,218 Single2 - $90,000 or less
Family3 - $180,000 or less 
 10% of net medical expenses exceeding $5,233 Single2 - above $90,000
Family3 - above $180,000
 1: Offset for 2014-15 available if taxpayer received an offset greater than zero for both 2012-13 and 2013-14, or paid for medical expenses relating to disability aids, attendant care or aged care.
 2: Single at 30 June 2015 and no dependent children.
 3: Has a spouse at 30 June 2015, or dependent children at any time during 2014-15, or both.

2014-15 Dependant (Invalid and Carer) Offset
 Adjusted taxable income (ATI) is: Offset amount
 $282 or less $2,535*
 $283 - $10,422 $2,535* - [(ATI - $282) ÷ 4]
 $10,423 and above Nil
 * This is the maximum offset. Assumes dependant status maintained for full income year.

2014-15 Senior Australian and Pensioners Tax Offset
 Family status Maximum tax offset Shade-out income threshold Cut-out income threshold
 Single $2,230 $32,279 $50,119
 Married or de facto (each) $1,602 $28,974 $41,790
 Separated due to illness (each) $2,040 $31,279 $47,599
 Note: Offset entitlements reduce by 12.5c for each $1 of rebate income in excess of the shade-out threshold. No entitlement when rebate income reaches the cut-out threshold.

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FBT rates and thresholds

FBT and gross-up rates
 FBT year Rate Type 1 Type 2
 2014-15 47% 2.0802 1.8868
 2015-16 49% 2.1463 1.9608

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Car fringe benefits

Statutory formula method
 The statutory fraction is 20%*
 * Applies to "commitments" entered into from May 2011. Previous statuatory fractions based on kms travelled may be used for pre-May 2011 commitments.

Taxable value of a fringe benefit of

a motor vehicle other than a car (c/km basis)
 FBT year ending 0 - 2500cc Over 2500cc Motorcycles
 31-Mar-15 50c 60c 15c
 31-Mar-16 51c 61c 15c

Record keeping exemption
 2014-15 $7,965 2015-16 $8,164

FBT - Benchmark interest rate
 2014-15 5.95% 2015-16 5.65%

Car parking threshold
 2014-15 $8.26 2015-16 $8.37

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Div 7A - benchmark interest rate
 2014-15 5.95%
 2015-16 5.45%

2014-15 CGT improvement threshold
 Improvement threshold $140,443

Motor vehicles
  2014-15 2015-16
 Luxury car tax limit $61,844 $63,184
 Fuel efficient luxury car tax limit $75,375 $75,375
 Car depreciation limit $57,466 $57,466

2014-15 Cents per kilometre car rates
 Type Engine capacity non-rotary engine Engine capacity with rotary engine Rate per km (cents)
 Small car < 1601cc < 801cc 65
 Medium car 1601cc to 2600cc 801cc to 1300cc 76
 Large car > 2600cc > 1300cc 77

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2015-16 Superannuation rates and thresholds
 SLS1 low rate cap amount (indexed) $195,000
 SLS1 untaxed plan cap amount (indexed) $1,395,000
 Life benefit ETP2 cap (indexed)3 $195,000
 Death benefit ETP2 cap (indexed)3 $195,000
 Tax-free part of a genuine redundancy payment or early retirement scheme payment (indexed) $9,780
 For each completed year of service add $4,891
 Government co-contribution (max $500)
 Lower income threshold $35,454
 Higher income threshold $50,454
 Low income superannuation contribution
 Maximum adjusted taxable income $37,000
 Maximum payable $500
 Contribution caps
 Concessional (indexed) $30,000
 Concessional (temporary, non-indexed)4 $35,000
 Non-concessional $180,000
 CGT cap (indexed) $1,395,000
 Non-concessional with bring forward option (non-indexed)5 $540,000 
 Superannuation Guarantee (SG)
 Prescribed minimum employer contribution rate 9.50%
 Maximum contribution base (per SG quarter) $50,810
 Minimum account based pension withdrawal
 Under 65 years 4%
 65 to less than 75 years 5%
 75 to less than 80 years 6%
 80 to less than 85 years 7%
 85 to less than 90 years 9%
 90 to less than 95 years 11%
 95 years and over 14%
 Maximum pension withdrawal
 Transition to retirement 10%
 Account based pension 100%
 Preservation age table
 Date of birth:
 Before 1 July 1960 55
 1 July 1960 – 30 June 1961 56
 1 July 1961 – 30 June 1962 57
 1 July 1962 – 30 June 1963 58
 1 July 1963 – 30 June 1964 59
 1 July 1964 or later 60
 1: Superannuation Lump Sum (SLS)
 2: Employment Termination Payment (ETP)
 3: Whole of income cap of $180,000 applies
 4: In 2015-16, a $35,000 cap applies for individuals aged 49 years or over on 30 June 2015
 5: Eligible persons may bring forward the next 2 years' non-concessional contributions

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Medicare

2014-15 Medicare levy
 Medicare levy is 2% of an individual's taxable income.

2014-15 Medicare levy for families with dependants
 No. of dependants  Family taxable income $
 Nil levy payable Reduced levy shade-in range (10% of excess over nil band) Normal 2% payable
 0  To $35,261 $35,262-$44,076 $44,077 & above
 1  To $38,499 $38,500-$48,123 $48,124 & above
 2  To $41,737 $41,738-$52,171 $52,172 & above
 3  To $44,975 $44,976-$56,218 $56,219 & above
 4  To $48,213 $48,214-$60,266 $60,267 & above
 5  To $51,451 $51,142-$64,313 $64,314 & above
 6  To $54,6891 $54,6901-$68,3612 $68,3622 & above
 For more than 6 dependant children and/or students:
  1. Add $3,238 per child/student
  2. Add $4,047 per child/student

2014-15 Medicare levy surcharge 
 Income for MLS purposes1  Rate
Single Family2
$0 - $90,000 $0 - $180,000  0%
$90,001 - $105,000 $180,001 - $210,000  1%
$105,001 - $140,000 $210,001 - $280,000  1.25%
$140,001 and above $280,001 and above  1.5%
 1. Includes taxable income, reportable fringe benefits, reportable super contributions, net investment losses, exempt foreign income and any net amount subject to family trust distribution tax.
 2. Threshold increases by $1,500 for each additional dependent child after the first.

2014-15 Medicare levy reduction threshold
 Taxable income Medicare levy payable
 $0 – $20,896 Nil
 $20,897 – $26,120 10% of excess over $20,896
 $26,121 & above 2% of taxable income

2014-15 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset
 Taxable income Medicare levy payable
 $0 – $33,044 Nil
 $33,045 – $41,305 10% of excess over $33,044
 $41,306 & above 2% of taxable income

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Foreign currency exchange rates

for the financial year ended 30 June 2015
 Country Average rate for the year Nearest actual rate at year end Currency

Foreign currency equivalent to $1 Australian
 Canada 1.0140 0.9885 Canadian dollar
 China (estimate) 5.1837 4.7661 Yuan
 Denmark 5.3607 5.2718 Kroner
 Europe 0.7273 0.7146 Euro
 Fiji 1.6919 1.6354 Fijian dollar
 Hong Kong 6.7216 6.1675 HK dollar
 India 52.9913 49.8080 Indian rupee
 Japan 99.2037 97.7900 Yen
 Kuwait 0.2531 0.2398 Kuwait dinar
 New Cal/Tahiti 85.1488 85.0100 Sth Pacific franc
 New Zealand 1.1072 1.1522 NZ dollar
 Norway 6.1524 6.2447 Kroner
 PNG 2.4074 2.1070 Kina
 Philippines 38.9653 36.2860 Philippine peso
 Singapore 1.1426 1.0808 Singapore dollar
 Solomon Is 6.5516 6.3097 SI dollar
 South Africa 9.9124 9.7657 Rand
 Sri Lanka 113.5896 105.4200 Sri Lankan rupee
 Sweden 6.6670 6.5216 Kronor
 Switzerland 0.8189 0.7396 Swiss franc
 Thailand 28.0595 26.5600 Baht
 UK 0.5513 0.5085 Pound sterling
 USA 0.8715 0.8012 US dollar
 Vanuatu 90.4867 87.4500 Vatu

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2014-15 HELP compulsory repayments
 HELP repayment income (HRI) Rate (of HRI)
 Below $53,345 Nil
 $53,345-$59,421 4%
 $59,422-$65,497 4.5%
 $65,498-$68,939 5%
 $68,940-$74,105 5.5%
 $74,106-$80,257 6%
 $80,258-$84,481 6.5%
 $84,482-$92,970 7%
 $92,971-$99,069 7.5%
 $99,070 and above 8%

2014-15 SFSS compulsory repayments
 Repayment income (RI) Rate (of RI)
 Below $53,345 Nil
 $53,345-$65,497 2%
 $65,498-$92,970 3%
 $92,971 and above 4%

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