Rates & Thresholds

Thumbnail image for Changes to Income Tax Rates and LITO [Video]
By April 10, 2012

By now, most people are probably aware that the tax-free threshold is going up. But what about some of the other changes that are on the way as a result of the Clean Energy reforms? The government have made good use of the media to let taxpayers know that they ...

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Thumbnail image for HELP Repayment Rates 2011
By July 1, 2011

Higher education does not come cheap…. I could have cried when I saw my latest HELP statement. Ouch! If you have a HELP debt, you must start repaying that debt when your ‘repayment income’ is above the threshold for compulsory repayment. The following rates and thresholds apply for the 2010-11 financial ...

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Thumbnail image for Medicare Levy Low Income Thresholds 2011
By June 30, 2011

The Medicare Levy is currently paid by taxpayers at a rate of 1.5% of taxable income. Low income individuals or families might be eligible for an exemption or reduction from paying the Levy, based on family income. The 2010-11 Medicare Levy Low income thresholds for individuals and families are outlined below: ...

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Low Income Tax Offset for 2011
By June 19, 2011

Last year the post titled Low Income Tax Offset for 2010  proved to be one of the most popular topics. With Tax Time just around the corner, it’s time we update that information and take a look at LITO for 2011. This year, adult taxpayers do not pay tax until their income is above ...

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Thumbnail image for Reforms to Car FBT Rates
By May 10, 2011

The Government will change the fringe benefit treatment of cars to remove the unintended incentive for people to drive their vehicle further than they need to, in order to obtain a larger tax concession. Under the ‘statutory formula’ method, a person’s car fringe benefit is determined by multiplying the relevant ...

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Thumbnail image for Medicare Low-Income Thresholds: Small Increase
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The Medicare Levy is not payable (or is payable at reduced rates) by individuals and families on low incomes and by certain pensioners. From the 2010-11 income year, the Medicare levy low-income threshold will increase to $31,789 (up from $31,196) for couples, and to $18,839 (up from $18,488) for singles. ...

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Thumbnail image for Low Income Tax Offset for 2010
By June 16, 2010

UPDATED: Information for 2011 is available here. For whatever reason, “low income tax offset” has been the most commonly searched for phrase on our main site and blog since they both began in 2007.  So, what is it? Well, it’s a non-refundable tax offset. This means it can reduce your tax ...

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