Rates & Thresholds

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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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

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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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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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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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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EDIT: Refer to Medicare Levy Low Income Thresholds 2011 for the latest rates and how to claim this on your 2011 tax return. The rate of the Medicare levy is 1.5% of taxable income.  In some cases, you may be exempt from the medicare levy or eligible for a reduction based on ...

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As we head into the new financial year, I’ll be posting some of the most commonly searched for tax titbits… rates, rebates, deductions, etc. When it comes to personal tax thresholds, the table you will use depends on whether you are considered a “resident for tax purposes” or not.

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Luxury car tax threshold for 2009–10

The luxury car tax (LCT) threshold is $57,180 for the 2009–10 financial year. The car limit for fuel efficient cars is $75,000. A 33% LCT rate applies to most cars over these thresholds. The maximum goods and services tax (GST) credit that can be claimed by clients that purchase a ...

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Failure to Lodge (FTL) Penalty Rates

A Failure to Lodge (FTL) penalty is an administrative penalty which the Tax Office can impose on a taxpayer for failure to lodge a return, statement, notice or other document on time. The base penalty is $110 (1 penalty unit) for each 28 day period or part thereof. This is ...

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Senior Australians Tax Offset Thresholds 2009

You need to meet four conditions to be eligible for the senior Australians tax offset (SATO). These conditions relate to factors such as age, income, and eligibility for Australian Government pensions and similar payments. Generally, it is available to a taxpayer who: – Was at or above age pension age at 30 ...

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