From the category archives:

Rates & Thresholds

Low Income Tax Offset for 2010

June 16, 2010
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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 liability (sometimes to zero) but you won’t receive a refund of any unused portion. [...]

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Medicare Levy Low Income Thresholds for 2010

June 16, 2010
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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 family income.
The Medicare Levy is not payable (or is payable at reduced rates) by individuals and families on low incomes and by certain pensioners.
Individuals
The 2009-10 Medicare [...]

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Personal Income Tax Rates for 2010

June 16, 2010
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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

July 26, 2009

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 luxury car is $5,198. This applies regardless [...]

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Failure to Lodge (FTL) Penalty Rates

July 7, 2009

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 multiplied by a factor of two [...]

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Senior Australians Tax Offset Thresholds 2009

June 25, 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 June 2009:
- Receives the Commonwealth age pension or [...]

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Low Income Tax Offset Threshold 2009

June 24, 2009

An increase to the Low Income Tax Offset (LITO) was announced in the 08/09 Federal Budget. For the 2008-09 income tax year, the maximum offset is $1,200. This amount reduces by four cents in every dollar of taxable income above $30,000 until it erodes entirely at $60,000.
Adult taxpayers eligible for the full LITO will not pay [...]

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General Interest Charge (GIC) Rates

June 17, 2009

The general interest charge (GIC) is  a uniform interest rate imposed by the Tax Office where there is a late payment of a tax debt. It begins to accrue on unpaid amounts from the due date until the balance is paid in full.
GIC rates for the next quarter are typically announced two weeks before the start of [...]

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Medicare Levy Low Income Thresholds for Individuals 2009

June 15, 2009

To help pay for the Medicare health scheme, resident taxpayers are subject to a Medicare levy. The rate of the Medicare levy is 1.5% of taxable income. Most Australians will have to pay the Medicare levy. Generally, tax offsets do not reduce this levy. In some cases, you may be exempt from the medicare levy [...]

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FBT: Benchmark Interest Rate

May 8, 2009

The benchmark interest rate for the fringe benefit tax year commencing 1 April 2009 has dropped to 5.85%.
This replaces the previous FBT year’s rate of 9%. The rate of 5.85% is used to calculate the taxable value of:
- a fringe benefit provided by way of a loan; and
- a car fringe benefit where an employer [...]

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SFSS Repayment Thresholds and Rates 2009

May 8, 2009

The Student Financial Supplement Scheme (SFSS) was a voluntary loan scheme to help tertiary students cover their expenses while studying. The scheme ceased in December 2003. In the fifth year of the loan being taken out, the Tax Office takes responsibility for collecting the balance of the outstanding loan, which becomes an accumulated Financial Supplement [...]

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SFSS Repayment Thresholds and Rates 2007-08

May 8, 2009

The Student Financial Supplement Scheme (SFSS) was a voluntary loan scheme to help tertiary students cover their expenses while studying. The scheme ceased in December 2003.
In the fifth year of the loan being taken out, the Tax Office takes responsibility for collecting the balance of the outstanding loan, which becomes an accumulated Financial Supplement debt.

You [...]

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Personal Income Tax Rates 2009

May 8, 2009

Please note that different tables apply depending upon whether you are considered a resident for tax purposes. The tables below relate to the financial year ending 30 June 2009.
Resident Individuals

The following table of rates apply to resident individual tax payers for the 2008-09 financial year.

Taxable Income $
 
 

Tax Payable
 
 

0 – 6,000
Nil

6,001 – 34,000
15% of excess over [...]

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Personal Income Tax Rates 2007-08

May 8, 2009

Please note that different tables apply depending upon whether you are considered a resident for tax purposes.
The tables below relate to the financial year ending 30 June 2008.
Resident Individuals
The following table of rates apply to resident individual tax payers for the 2007-08 financial year.
 

Taxable Income $

 

Tax Payable

0 – 6,000
Nil

6,001 – 30,000
15% of excess over $6,000

30,001 [...]

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HELP Repayment Thresholds and Rates 2009

May 6, 2009

You will be required to start repaying your HELP debt when your repayment income is above the minimum threshold for compulsory repayment. The following rates and thresholds apply for the 2008-09 financial year.

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