Facts & Figures
Tax Rates (2012-2013)
| Taxable income | Tax on this income |
|---|---|
| Up to $18,200 | Nil |
| $18,201 – $37,000 | Nil + 19% |
| $37,001 – $80,000 | $3,572 + 32.5% |
| $80,001 – $180,000 | $17,547 + 37% |
| Excess over $180,001 | $54,547 + 45% |
| * The above rates do not include the Medicare levy of 1.5% | |
Capital Gains Tax (CGT)
| Asset Acquired | Individual | Company |
|---|---|---|
| To 19/9/1985 | Nil | Nil |
| 20/9/1985 to 21/9/1999* | Tax on 50% of nominal gain Or Tax on 100% of real gain (CPI frozen at 30/9/1999) |
Tax on 100% of real gain (CPI frozen at 30/9/1999) |
| From 22/9/1999* | Tax on 50% of nominal gain | Tax on 100% of nominal gain |
| * If the asset was held for 12 months or less, the full nominal gain is taxable | ||
Super Contribution Limits - Aged less than 50
| Contribution type | Income Year | Amount of cap |
|---|---|---|
| Concessional * | 12/13 | $25,000 |
| Non-concessional ^ | 12/13 | $150,000 per year or $450,000 over three years |
Super Contribution Limits - Aged 50 to 64
| Contribution type | Income Year | Amount of cap |
|---|---|---|
| Concessional * | 12\13 | $25,000 |
| Non-concessional ^ | 12\13 | $150,000 per year or $450,000 over three years |
Super Contribution Limits - Aged 65 and over
| Contribution type | Income Year | Amount of cap |
|---|---|---|
| Concessional * | 12\13 | $25,000 |
| Non-concessional ^ | 12\13 | $150,000 per year |
| * Concessional contributions include employer contributions (including contributions made under a salary sacrifice arrangement) and personal contributions claimed as a tax deduction by a self-employed person. ^ Non-concessional contributions include personal contributions for which you do not claim an income tax deduction. |
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Federal Government Superannuation Co-Contribution*
| Assessable Income (AI) | Personal Contribution | Co-Contribution available |
|---|---|---|
| $31,920 or less | Any amount | Personal contribution x 1 (max $500) |
| $46,920 - $46,919 | $0 - $500 | An amount equal to the lesser of: • Personal contribution x 1, or • $500 – [(AI - $31,920) x 0.03333] |
| $61,919 or more | Any amount | Nil |
| * To qualify for a co-contribution a person must make personal after-tax contributions; 10% or more of the person’s total assessable income is attributable to eligible employment, carrying on a business or a combination of both; lodge an income tax return; be <71 at the end of the financial year; and not be a temporary resident for any part of the year. | ||
Allocated Pension limits 2012/13
The annual minimum income payment is calculated as follows:
Min payment = 1 July account balance x PF
Percentage factors
| Age | % of Account balance For 2012/13 | % of Account balance For 2013\14 |
|---|---|---|
| Under 65 | 3% | 4% |
| 65 to 74 | 3.75% | 5% |
| 75 to 79 | 4.5% | 6% |
| 80 to 84 | 5.25% | 7% |
| 85 to 89 | 6.75% | 9% |
| 90 to 94 | 8.25% | 11% |
| 95 or older | 10.5% | 14% |
| A maximum 10% annual income payment restriction applies to transition to retirement (TTR) income streams until any of the following release conditions is satisfied; that is, severe financial hardship (39-week rule), retirement or attaining age 65. With the exception of TTR income streams, superannuation law does not impose maximum income payment restrictions; however, income stream providers are able to impose these. | ||
Disclaimer
This information was produced as an information service and without assuming a duty of care. It contains general information only and does not constitute tax or financial advice and should not be relied upon as a substitute for financial or professional advice. In preparing this information, Sherrin Partners Financial Advisors Pty Ltd did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, a person needs to consider (with or without the advice or assistance of an adviser) whether this information is appropriate to their needs, objectives and circumstances. This information is based on our interpretation of relevant superannuation, social security and taxation laws as at 1 July 2011.