2017-18 Lodgment Rates and Thresholds Guide


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Disclaimer: This tool is a guide only and is correct as at 29 August 2017. Independent legal, financial and/or tax advice is recommended for your circumstances.


Individual tax rates for residents

2016-17 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 – $87,000  32.5 $3,572 plus 32.5c for each $1 over $37,000
 $87,001 – $180,000 37 $19,822 plus 37c for each $1 over $87,000
 $180,001 & above 47* $54,232 plus 47c for each $1 over $180,000

2017-18 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 – $87,000 32.5 $3,572 plus 32.5c for each $1 over $37,000
 $87,001 – $180,000 37 $19,822 plus 37c for each $1 over $87,000
 $180,001 & above 47 $54,232 plus 45c for each $1 over $180,000
 * 2% Temporary Budget Repair Levy removed as of 1 July 2017

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Individual tax rates for non-residents

2016-17 tax thresholds
 Taxable income Rate (%) Tax on this income
 $0 – $87,000 32.5 32.5c for each $1
 $87,001 – $180,000 37 $28,275 plus 37c for each $1 over $87,000
 $180,001 & above 47* $62,685 plus 47c for each $1 over $180,000

2017-18 tax thresholds
 Taxable income Rate (%) Tax on this income
 $0 – $87,000 32.5 32.5c for each $1
 $87,001 – $180,000 37 $28,275 plus 37c for each $1 over $87,000
 $180,001 & above 45 $62,685 plus 45c for each $1 over $180,000

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2016-17 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
 $1,307 & above 47%* on the entire amount
 * includes 2% Temporary Budget Repair Levy
 Note: LITO not available for certain minor income.

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2016-17 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 tax rates 2017-18

Rate
 Private and public companies 27.5% or 30%1
 Corporate unit trusts and public trading trusts 30% or 27.5%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 27.5%1
 1: The tax rate is reduced to 27.5% for companies that are “small business entities” (SBEs) with an aggregated annual turnover of less than $10 million from 1 July 2016.
 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

2016-17 & 2017-18 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

2016-17 Net Medical Expenses Offset
 Tax offset claimable1 Adjusted taxable income
 20% of net medical expenses exceeding $2,299 Single2 - $90,000 or less
Family3 - $180,000 or less 
 10% of net medical expenses exceeding $5,423 Single2 - above $90,000
Family3 - above $180,000
 1: Offset for 2016-17 only available for disability aids, attendant care or aged care.
 2: Single at 30 June 2017 and no dependent children.
 3: Has a spouse at 30 June 2017, or dependent children at any time during 2016-17, or both.

2016-17 Dependant (Invalid and Carer) Offset
 Adjusted taxable income (ATI) is: Offset amount
 $282 or less $2,627*
 $283 - $10,790 $2,627* - [(ATI - $282) ÷ 4]
 $10,790 and above Nil
 * This is the maximum offset. Assumes dependant status maintained for full income year.

2016-17 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
 2016-17
 49% 2.1463 1.9608
 2017-18 47% 2.0802 1.8868

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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-17 52c 63c 16c
 31-Mar-18 53c 63c 16c

Record keeping exemption
 2016-17 $8,286 2017-18 $8,393

FBT - Benchmark interest rate
 2016-17 5.65% 2017-18 5.25%

Car parking threshold
 2016-17 $8.48 2017-18 $8.66

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Div 7A - benchmark interest rate
 2016-17 5.40%
 2017-18 5.30%

2017-18 CGT improvement threshold
 Improvement threshold $147,582

Motor vehicles
  2016-17 2017-18
 Luxury car tax limit $64,132 $65,094
 Fuel efficient luxury car tax limit $75,526 $75,526
 Car depreciation limit
 $57,581
 $57,581
 Maximum input tax credit claim for cars
 $5,234
 $5,234

2016-17 & 2017-18 Cents per kilometre car rates
The rate is 66 cents per kilometre regardless of engine size.

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2017-18 Superannuation rates and thresholds
 SLS1 low rate cap amount (indexed) $200,000
 SLS1 untaxed plan cap amount (indexed) $1,445,000
 Life benefit ETP2 cap (indexed)3 $200,000
 Death benefit ETP2 cap (indexed)3 $200,000
 Tax-free part of a genuine redundancy payment or early retirement scheme payment (indexed) $10,155
 For each completed year of service add $5,078
 Government co-contribution (max $500) - from 1 July 2017, total superannuation balance cannot exceed $1.6m
 Lower income threshold $36,813
 Higher income threshold $51,81
 Contribution caps
 Concessional (indexed) $25,000
 Concessional (temporary, non-indexed)4 $25,000
 Non-concessional $100,000
 CGT cap (indexed) $1,445,000
 Non-concessional with bring forward option (non-indexed)5 $300,000 
 Superannuation Guarantee (SG)
 Prescribed minimum employer contribution rate 9.50%
 Maximum contribution base (per SG quarter) $52,760
 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 2016-17, a $35,000 cap applies for individuals aged 49 years or over on 30 June 2016
5: Eligible persons may bring forward the next 2 years' non-concessional contributions

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Medicare

2016-17 Medicare levy
 Medicare levy is 2% of an individual's taxable income.

2016-17 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 $36,541 $36,542-$45,676 $45,677 & above
 1  To $39,897 $39,898-$49,871 $49,872 & above
 2  To $42,253 $42,254-$54,066 $54,067 & above
 3  To $45,609 $45,610-$58,261 $58,262 & above
 4  To $49,965 $49,966-$62,456 $62,457 & above
 5  To $53,321 $53,322-$66,651 $66,652 & above
 6  To $56,6771 $56,6781-$70,8462 $70,8472 & above
 For more than 6 dependant children and/or students:
  1. Add $3,356 per child/student
  2. Add $4,195 per child/student

2016-17 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.

2016-17 Medicare levy reduction threshold
 Taxable income Medicare levy payable
 $0 – $21,655 Nil
 $21,655 – $27,068 10% of excess over $21,655
 $27,069 & above 2% of taxable income

2016-17 Medicare levy threshold: Individuals who qualify for the Senior Australian and Pensioner Tax Offset
 Taxable income Medicare levy payable
 $0 – $34,244 Nil
 $34,245 – $42,805 10% of excess over $34,244
 $42,806 & above 2% of taxable income

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Foreign currency exchange rates

for the financial year ended 30 June 2017
 Country Average rate for the year Nearest actual rate at year end Currency

Foreign currency equivalent to $1 Australian
 Canada 1.0381 1.0392 Canadian dollar
 China (estimate) 5.1380 5.2728 Yuan
 Denmark 5.3299 5.1964 Kroner
 Europe 0.7247 0.7049 Euro
 Fiji 1.6084 1.6121 Fijian dollar
 Hong Kong 6.0804 6.2147 HK dollar
 India 51.4136 51.0160 Indian rupee
 Japan 85.9027
 89.8800 Yen
 Kuwait 0.2377 0.2422 Kuwait dinar
 New Cal/Tahiti 84.7961 82.6100 Sth Pacific franc
 New Zealand 1.0919 1.0887 NZ dollar
 Norway 6.5697 6.6992 Kroner
 Oman 0.3098 0.3141 Kina
 Philippines 38.6501 40.5460 Philippine peso
 Singapore 1.0970 1.1090 Singapore dollar
 Solomon Is 6.2635 6.4454 SI dollar
 South Africa 10.6435 10.3227 Rand
 Sri Lanka 115.8425 120.9800 Sri Lankan rupee
 Sweden 6.8531 6.7196 Kronor
 Switzerland 0.7780 0.7659 Swiss franc
 Thailand 27.1034 26.9500 Baht
 UK 0.6199 0.6184 Pound sterling
 USA 0.7891 0.8041 US dollar
 Vanuatu 88.3531 89.6400 Vatu

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2017-18 HELP compulsory repayments
 HELP repayment income (HRI) Rate (of HRI)
 Below $55,874 Nil
 $55,874-$62,238 4%
 $62,239-$68,602 4.5%
 $68,603-$72,207 5%
 $72,208-$77,618 5.5%
 $77,619-$84,062 6%
 $84,073-$88,486 6.5%
 $88,487-$97,377 7%
 $97,378-$103,765 7.5%
 $103,766 and above 8%

2017-18 SFSS compulsory repayments
 Repayment income (RI) Rate (of RI)
 Below $55,874 Nil
 $55,874-$68,602 2%
 $68,603-$97,377 3%
 $97,378 and above 4%

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