TAX RATES FOR 2006 / 2007
TABLE 1 RESIDENT FOR FULL YEAR
TAXABLE INCOME TAX
$1 to $6,000 Nil
$6,001 to $25,000 15 cents for each $1 over $6,000
$25,001 to $75,000 $2,850 plus 30 cents for each $1 over $25,000
$75,001 to $150,000 $17,850 plus 40 cents for each $1 over $75,000
$150,001 and over $47,850 plus 45 cents for each $1 over $150,000
TABLE 2 NON-RESIDENT FOR FULL YEAR
TAXABLE INCOME TAX
$1 to $25,000 29 cents for each $1
$25,001 to $75,000 $7,250 plus 30 cents for each $1 over $25,000
$75,001 to $150,000 $22,250 plus 40 cents for each $1 over $75,000
$150,001 and over $52,250 plus 45 cents for each $1 over $150,000
MEDICARE LEVY
* 1.5% of Taxable Income
* You do not pay any Medicare Levy if your taxable income is $16,740 or less.
More than $16,740 but less than $19,694, your Medicare is 10 cents for every
dollar above $16,284.
* Families with income less than $28,247 do not pay Medicare. This threshold
increases by $2,594 for each dependent child or student. (Refer Tax Pack Pg
101 for shading income ranges in which reduced levy applies).
* Medicare Levy Surcharge – Item M2 (Includes Fringe Benefits):-
- an additional 1% is charged if taxable income exceeds $50,000 and the
taxpayer has no Private Health Insurance.
- also applies if combined family income exceeds $100,000 plus $1,500 for
the second and every subsequent child. Eg. Family with two children, the
threshold is $101,500.
NB: THIS ITEM IS COMPULSORY AND MUST BE COMPLETED
1) Low Income Tax Offset of $600 applies to income less than $25,000 – reduces
by 4 cents for every $1 over $25,000 but less than $40,000.
2) Family Tax Benefit Part A and B (Refer Tax Pack Pg. 71-75 & FTB Booklet)
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3) 30% Childcare Tax Rebate – (Refer Tax Pack Pg.93)
4) Baby Bonus – (Refer Tax Pack Pg.95) & Calculator available on ATO
Website
5) Mature Age Worker Tax Offset – To be eligible for the offset of $500 you
must:
- have had net income from working within certain limits
- have been an Australian resident on 30th June 2007 and
- have been aged 55 years or older as at 30th June 2007
MATURE AGE WORKER TAX OFFSET
Net income from working Tax Offset
$0 or negative amount Nil
$1 – $9,999 Calculated at 5c per dollar
$10,000 – $53000 $500
$53,001 – $62,999 Reduced by 5c per dollar above $53,000
$63,000+ Nil
6) Private Health Insurance Rebate
The government has increased the private health insurance rebate from 30%
to:
- 35% for policies covering at least one person aged 65 years to 69 years, and
- 40% for policies covering at least one person aged 70 years and older.
These changes apply to private health insurance cover from 1 April 2005.
7) Beneficiary, Senior Australians or Pensioner Tax offset – See Taxpack page
86-89
HECS RATES TABLE
HECS Repayment Income Repayment rate % of
HECS Repayment Income
0 – 38,148 Nil
38,149 – 42,494 4%
42,495 – 46,838 4.5%
46,839 – 49,300 5%
49,301 – 52,994 5.5%
52,995 – 57,394 6%
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57,395 – 60,414 6.5%
60,415 – 66,485 7%
66,486 – 70,846 7.5%
70,847 + 8%
HECS repayment income is the sum of taxable income and reportable fringe benefits,
adjusted for net rental losses and exempt foreign employment income.
SFSS RATES TABLE
TAXABLE INCOME Repayment rate % of
Taxable Income
0 – 38,148 Nil
38,149 – 46,838 2%
46,838 – 66,485 3%
66,486 + 4%
RATES PER BUSINESS KILOMETRE
NON-ROTARY ROTARY RATE
1,600 cc (1.6 L) or less 800cc (0.8 L) or less 58c per
KM
1,601 – 2600 cc (1.601 L – 2.6 L) 801 – 1300 cc (0.801L – 69c per
1.3L) KM
2,601 cc (2.601 L) and over 1,301 cc (1.301 L) and over 70c per
KM
LUXURY CAR LIMITS FOR THE LAST 10 YEARS
2006-07 $57,009 2001-02 $55,134
2005-06 $57,009 2000-01 $55,134
2004-05 $57,009 1999-00 $55,134
2003-04 $57,009 1998-99 $55,134
2002-03 $57,009 1997-98 $55,134
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