Rates & Thresholds

Low Income Tax Offset Threshold 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 ...

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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 ...

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Medicare Levy Low Income Thresholds for Individuals 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 ...

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FBT: Benchmark Interest Rate

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 ...

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SFSS Repayment Thresholds and Rates 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 ...

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SFSS Repayment Thresholds and Rates 2007-08

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 ...

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Personal Income Tax Rates 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 $ ...

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Personal Income Tax Rates 2007-08

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 ...

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HELP Repayment Thresholds and Rates 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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HELP Repayment Thresholds and Rates 2007-08

You will be required to start repaying your HELP debt when your repayment income is above the minimum threshold for compulsory repayment. The following Higher Education Loan Programme (HELP) and HECS repayment thresholds and rates apply for the 2007-08 financial year.

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Updated cents per km rates for 2009

Regulations made and registered this week will amend the Income Tax Assessment Regulations 1997 to update the cents per kilometre rates for calculating motor vehicle expenses for income tax purposes. As these rates have not changed in a couple of years, it was well about time. The rates for the 2008-09 ...

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