TAX DATA CARD

2013/14

Tax, Business & Accounting Specialists

Unit 2 273 Abbotsford Rd

Bowen Hills Qld 4006
Ph: 07 3252 9477
Fax: 07 3252 9677
Email: tony@mcaqld.com.au
Web: www.mcaqld.com.au

Individual Rates/Medicare Levy

Resident Tax Rates 2013/14
Taxable Income

Tax

Rates of Excess

0
- $18,200
$18,201- $37,000
$37,001- $80,000
$80,001-$180,000
$180,001 +

NIL
Nil
+19% of excess over 18,200
3,572 +32.5% of excess over 37,000
17,547 +37% of excess over 80,000
54,547 +45% of excess over 180,000

Resident Tax Rates 2014/15

Taxable Income

Tax

Rates of Excess

0
- $18,200
$18,201- $37,000
$37,001- $80,000
$80,001-$180,000
$180,001 +

NIL
Nil
+19% of excess over 18,200
3,572 +32.5% of excess over 37,000
17,547 +37% of excess over 80,000
54,547 +45% of excess over 180,000

For taxable incomes exceeding $180,000, the 2% budget levy applies for that part of
the taxable income exceeding $180,000. Non-refundable tax offsets cannot be used to
offset the budget repair levy; only the foreign income tax offset can be used to offset
against the levy.
Non - Resident Individuals
Taxable Income

Tax

Rates on Excess

0
- $80,000
$80,001 -$180,000
180,001 +

32.5%
26,000 +37%of excess over 80,000
63,000 +45% of excess over 180,000

MEDICARE LEVY
Medicare Levy: General Rate
Medicare Levy: General Rate

1.5% for 30 June 2014

2%
for 30 June 2015

No Medicare levy charged if taxable income less than $20,542 for 30 June 2014.
Additional 1%, 1.25% or 1.5% Levy (surcharge) is payable depending on taxable
income and reportable fringe benefits, thresholds for 30 June 2014:
Single (No Children)
Family (No Children)

$88,000
$176,000

Increased by $1,500 for each dependent child after first.

No surcharge if a Taxpayer has private Hospital Health Cover.

Tax offsets/rebates
Dependant/concessional rebates 2013/14
TAXPAYER

Dependent Spouse
Child housekeeper (No Dep Chd/Stud)
Child housekeeper (with Dep Chd/Stud)
Invalid relative
Parent (of taxpayer or spouse)
Student (notional only)
Child under 21 years (non-student)
First child (notional only)
Each additional child (notional only)
Sole Parent (notional only)
Housekeeper
No dependent child/student
With dependent child/student

MAXIMUM
REBATE $

MAXIMUM
ATI %

2,471
2,015
2,413
907
1,812
376

10,166
8,342
9,934
3,910
7,530
1,785

376
282
1,607

1,785
1,409
N/A

2,015
2,413

N/A
N/A

Low Income Taxpayers - offset

The low income taxpayer offset for 2013/14 is provided on assessment
TAXABLE INCOME (TI)
0$37,000
37,001-$66,666
66,667 +

REBATE $
$445
445 (TI - $37,000 x 1.5%)
Nil

NET MEDICAL TAX OFFSET (NMETO)

As part of the May 2013 Federal Budget, the net medical tax offset (NMETO) would
be phased out by the end of the 2019 income year.
The following transitional arrangements apply whereby claims for the NMETO can
only be made as follows, subject to satisfying the income test set out below:

For the 2014 income year, the NMETO can be claimed in respect of the full
range of eligible out of pocket medical expenses if the offset was claimed in
the 2013 income year;
For the 2015 income year, the NMETO can be claimed in respect of the full
range of eligible out of pocket medical expenses if the offset was claimed in
both the 2013 and 2014 income year;
In all other cases, the NMETO can only be claimed in respect of out of pocket
medical expenses relating to disability aids, attendant care or aged care up to
and including the 2019 income year, and
From 1 July 2019 (ie from 2020 income year) , the NMETO is abolished for
all taxpayers.

The NMETO has been income tested since 1 July 2012. For the 2014 income year, the
NMETO is claimed as follows:

Status

Adjustable taxable
income for rebates
$88,000 or less

Single
Greater than $88,000
$176,000 or less
Family
Greater than $176,000

Medical expenses
$2,162 or less
Greater than $2,162
$5,100 or less
Greater than $5,100
$2,162 or less
Greater than $2,162
$5,100 or less
Greater than $5,100

Rate of
Offset
%
0
20
0
10
0
20
0
10

COMPANY TAX

Company Tax Rates

Company Rate
2013/14

30%

Company Installments

1st Install
2nd Install
3rd Install
4th Install

Quarterly
GST Payer
2014/15
Other

Quarterly
GST Payer
2014/15
Tax Agents

28.10.14
28.02.15
28.04.15
28.07.15

12.11.14
28.02.15
13.05.15
12.08.15

Company 2014 tax return Lodgement date for tax agents:

Two or more prior year returns outstanding
Latest year lodged large business *
Non Taxable 2013 latest year lodged large business
Latest year lodged total income > $1M
New Company taxable with no previous Lodgement
History
All other companies taxable in latest year lodged
Non taxable or refund in prior year as well as actual
Non taxable or refund in current year

01.12.14
01.12.14
28.02.15
28.02.15
28.02.15
15.05.15
15.05.15

* Large business is a company or part of a group where at least one member has
income > $10M and all public companies.
Private Company Loans
Income Year

Interest Rate %

2013/14
2012/13
2011/12
2010/11
2009/10
2008/09

6.20
7.05
7.80
7.40
5.75
9.45

MOTOR VEHICLES DEDUCTIONS

Engine Capacity (cc)
Conventional
Rotary
Up to 1,600
1,601 2,600
2,601 and over

Up to 800
801-1,300
1,301 and over

Rate/Km(cents)*
2013/14
65c
76c
77c

* Rate/Km Method maximum claim 5,000km

Log Book Method can be used at all times
>5,000km use 1/3 actual expenses or 12% cost of car method
Motor Vehicle depreciation cost limit for 2013/14 is $57,466
Motor Vehicle depreciation cost limit for 2014/15 is $57,466

FRINGE BENEFITS TAX

FBT Rate(31 March 2014)
FBT Rate(31 March 2015)
FBT Rate(31 March 2016)

46.5%
47.0%
49.0%

Benefit Value Gross Up

- If input taxed or GST Free
- If employer receives input tax credit

1.8868
2.0802

FBT Year End

FBT Installment Due Dates
FBT Installment Threshold
FBT Lodgement Date for Tax Agents
Benchmark Interest Rate (2014/15/ FBT Year)
Benchmark Interest Rate (2013/14/ FBT Year)

31 March
21 Jul/Oct/Jan/April
$3,000
28 May 2015
5.95%
6.45%

Car Fringe Benefits Statutory Formula Method Statutory Fraction

Statutory Fraction
Contracts in
Cars acquired under contracts entered into after
7.30pm 10 May 2011
Annualised Kilometres existence up
to 7.30pm
From 10
From 1
From 1
From 1
10 May 2011 May 2011
April 2012 April 2013 April 2014
0 14,999
0.26
0.20
0.20
0.20
0.20
15,000 24,999
0.20
0.20
0.20
0.20
0.20
25,000 40,000
0.11
0.14
0.17
0.20
0.20
40,001 +
0.07
0.10
0.13
0.17
0.20

Car Parking Threshold

FBT Year Ended 31 March
2015
2014

Threshold
$8.26
$8.03

SUPERANNUATION
Employer and Personal Contributions (Concessional)
Higher Concessional Cap Individuals above certain ages
Individual taxpayers who are above a certain age are entitled to a higher concessional
contributions cap as below.
Income Year
2013/14
2014/15

Cap amount if aged 59 years

or over on 30 June 2013
$35,000
$35,000

Cap amount if aged 49 years

or over on 30 June 2014
$25,000
$35,000

Non-Concessional Contributions Caps

Non-concessional contributions include personal contributions for which taxpayers do
not claim an income tax deduction. A person is liable to pay excess contributions tax
if their non-concessional contributions exceed the cap.
Income Year
2013/14
2014/15

Amount of cap
$150,000 or $450,000 over three years
$180,000 or $540,000 over three years

Government Co-contribution Table for Low Income Employees

The superannuation co-contribution was initially introduced by the Government from
1 July 2003 as an incentive to encourage low income earners to save for their own
retirement.
If an individuals income is eligible for the co-contribution and they make personal
superannuation contributions, the Government will match their contribution with a
co-contribution.
Income Year

2013/14

Total Income
$
0 33,516
33,517 48,515
48,516 +

Calculation of Basic
Co-contribution
$500
$500 [3.333% x (total income - $33,516)]
Nil

Superannuation Spouse Contribution Tax Offset

The tax offset applies to non-concessional contributions made by a taxpayer to a
Complying Superannuation Fund or Retirement Savings Account in respect of their
low income earning, or non-working, spouse (married or de facto). The amount of the
offset is as follows.
Spouses Assessable
Income (SAI)
$
0 10,800
10,801 13,799
13,800+

Maximum Rebatable
Contributions (MRC)
$
$3,000
$3,000 [SAI - $10,800]
Nil

Maximum Offset
$
$540
MRC x 18%
Nil

Lump Sum Superannuation Benefits Low Rate Cap Amount

Since 1 July 2007, the application of the low rate threshold for superannuation lump
sum payments has been capped. The low rate cap amount is reduced by any amount
previously applied to the low rate threshold
Income Year
2013/14

Cap Amount
$180,000

Superannuation Guarantee Rate

Employers who provide less than a prescribed level of superannuation support (the
charge percentage) for their employees are liable to pay a superannuation guarantee
charge based on the shortfall plus interest component and an administration charge.
Income Year
2013/14
2014/15

Charge percentage (%)

9.25
9.50

INCOME PRODUCING BUILDING WRITE-OFF RATES

Use of Building
Non-residential buildings
Industrial
Non-industrial buildings

Research & development buildings

Residential buildings
Short-term traveler accommodation

Residential income-producing buildings

Structural Improvements
Environment Protection Earthworks

Capital Works
Commenced

Write-Off
Rate %

27/2/1992 +
20/7/1982 21/8/1984
22/8/1984 15/9/1987
16/9/1987 +
21/11/1987 +

4.0
2.5
4.0
2.5
2.5

22/8/1979 21/8/1984
22/8/1984 15/9/1987
16/9/1987 26/2/1992
27/2/1992 +
18/7/1985 15/9/1987
16/9/1987 +
27/2/1992 +
19/8/1992 +

2.5
4.0
2.5
4.0
4.0
2.5
2.5
2.5

CGT IMPROVEMENT THRESHOLDS

Certain improvements to pre-CGT assets will be deemed to be separate post-CGT
assets where the cost base of the improvement exceeds both the improvement
threshold for the year and 5% of the consideration for the sale of the asset.
Income Year
2013/14
2012/13
2011/12
2010/11
2009/10
2008/09
2007/08
2006/07

Improvement Threshold
$
136,884
134,200
130,418
126,619
124,258
119,594
116,337
112,512