2021-22 Lodgement Rates and Thresholds

The essential information is right here in one spot to prevent you from having to laboriously research for the proper tax rate or suitable threshold.

In this guide you'll find the latest tax rates and thresholds:


Individual Tax Rates

Individual Tax Rates For Residents

2020-21 Tax thresholds

Taxable Income

Rate (%)

Tax on this Income

$0 – $18,200

0

Nil

$18,201 – $45,000

19

19c for each $1 over $18,200

$45,001 – $120,000

32.5

$5,092 plus 32.5c for each $1 over $45,000

$120,001 – $180,000

37

$29,467 plus 37c for each $1 over $120,000

$180,001 & above

45

$51,667 plus 45c for each $1 over $180,000

2021-22 Tax thresholds

Taxable Income

Rate (%)

Tax on this Income

$0 – $18,200

0

Nil

$18,201 – $45,000

19

19c for each $1 over $18,200

$45,001 – $120,000

32.5

$5,092 plus 32.5c for each $1 over $45,000

$120,001 – $180,000

37

$29,467 plus 37c for each $1 over $120,000

$180,001 & above

45

$51,667 plus 45c for each $1 over $180,000

2021-22 Resident Minors’ Tax Rate on Eligible Taxable Income

Taxable Income

Tax on this income

Up to $416

Nil

$417 – $1,307

66% for the part over $416

$1,308 and above

45% on the entire amount

Individual Tax Rates For Non-Residents

2020-21 Tax thresholds

Taxable Income

Rate (%)

Tax on this Income

$0 – $120,000

32.5

32.5c for each $1

$120,001 – $180,000

37

$39,000 plus 37c for each $1 over $120,000

$180,001 and above

45

$61,200 plus 45c for each $1 over $180,000

2021-22 Tax thresholds

Taxable Income

Rate (%)

Tax on this Income

$0 – $120,000

32.5

32.5c for each $1

$120,001 – $180,000

37

$39,000 plus 37c for each $1 over $120,000

$180,001 and above

45

$61,200 plus 45c for each $1 over $180,000

2021-22 Non-Resident Minors’ Tax Rate on Eligible Taxable Income

Taxable Income

Tax on this income

Up to $416

32.5% on the entire amount

$417 – $663

$135.20 + 66% for the part over $417

$664 and above

45% on the entire amount

Tax Offsets

Tax Offsets for Individuals

2021-22 Low Income Tax Offset

Taxable Income

Tax Offset

$Up to $37,500

$700

$37,001 – $45,000

$700 – (5% of excess over $37,500)

$45,001 – $66,667

$325 – (1.5% of excess over $45,000)

$66,668 and above

Nil

2021-22 Low and Middle Income Tax Offset

Taxable Income

Tax Offset

Up to $37,000

$255

$37,001 – $48,000

$255 plus 7.5c for each $1 over $37,000

$48,001 – $90,000

$1,080

$90,001 – $126,000

$1,080 less 3c for each $1 over $90,000

$126,001 and above

Nil

2021-22 Senior Australian and Pensioners Tax Offset (SAPTO)

Family Status

Maximum

tax offset

Shade-out

Income

Threshold

Cut-out Income Threshold

Single

$2,230

$32,279

$50,119

Married or de facto (each)

$1,602

$28,974

$41,790

Separated Due to Illness (each)

$2,040

$31,279

$47,599

Corporate Tax Rates

2021-22 Corporate Entity Tax Rates

Private and public companies (base rate entities)

25%

Private and public companies (other)

30%

Public trading trusts (base rate entities)

25%

Public trading trusts (other)

30%

Life Insurance Companies

Ordinary class

30%

Complying superannuation class

15%

Non-profit companies (base rate entities)

First $416 of taxable income

Nil

Taxable income $417 to $762

55% of excess over $416

Taxable income $763 and above

25%

Non-profit companies (other)

First $416 of taxable income

Nil

Taxable income $417 to $915

55% of excess over $416

Taxable income $763 and above

30%

FBT Rates and Threshold

Car Fringe Benefits

Statutory formula method

The statutory fraction is 20%

Taxable value of a fringe benefit of a motor vehicle

other than a car (c/km basis)

FBT year ending

0 to

2500cc

Over

2500cc

Motorcycles

31 March 2021

56c

67c

`17c

31 March 2022

56c

67c

17c

Cents per km car rates

2021-22

72c per km

2020-21

72c per km

Car parking threshold

2021-22

$9.25

2020-21

$9.15

Motor vehicles

2021-22

2020-21

Luxury car tax limit

$69,152

$68,740

Fuel efficient luxury car tax limit

$79,659

$77,565

Car depreciation limit

$60,733

$59,136

Maximum input tax credit claim for cars

$5,521

$5,376

Division 7A – Benchmark Interest Rate

2021-22

4.52%

2020-21

4.52%

Capital Improvement Threshold

2021-22

$156,784

2020-21

$155,849

Record keeping exemption

2021-22

$8,393

2020-21

$8,853

FBT – Benchmark interest rate

2021-22

4.52%

2020-21

4.80%

FBT – Benchmark interest rate

FBT Year

Rate

Type 1

Type 2

2020-21

47%

2.0602

1.8868

2021-22

47%

2.0802

1.8868

Medicare

2020-21 Medicare levy

Levy is 2% of an individual’s taxable income.

2020-211 Medicare levy for families with dependants

Family taxable income $


Nil levy payable

Reduced levy shade-in range (10% of excess over nil band)

Normal 2% payable

0

$39,167

$39,168 – $48,958

$48,959

1

$42,765

$42,764 – $53,454

$53,455

2

$46,361

$46,362 – $57,950

$57,951

3

$49,958

$49,959 – $62,446

$62,447

4

$53,555

$53,556 – $66,942

$66,943

5

$57,152

$57,153 – $71,438

$71,439

6

$60,749

$60,750 – $75,934

$75,935

1: And later years unless amended.

2: For more than 6 dependant children and/or students add $3,597 per child/student.

2020-211 Medicare levy reduction threshold

Taxable income

Medicare levy payable

$0 – $23,226

Nil

$23,227 – $29,032

10% of excess over $23,226

$29,033 & above

25 of taxable income

2020-211 Medicare levy surcharge

Income*: Single

Income*: Family**

Rate

$0-$90,000

$0-$180,000

0%

$90,001-$105,000

$180,001-$210,000

1%

$105,001-$140,000

$210,001-$280,000

1.25%

$140,001 & above

$280,001 & above

1.5%

* Includes taxable income, reportable fringe benefits, reportable super contributions, net investment losses, exempt foreign income and any net amount subject to family trust distribution tax.

**Threshold increases by $1,500 for each additional dependent child after the first.

2020-211 Medicare levy threshold:

Individuals who qualify for the SAPTO2

Taxable income

Medicare levy payable

$0 – $36,705

Nil

$36,706 – $45,881

10% of excess over $36,705

$45,882 & above

2% of taxable income

1: The taxable income ranges and rates for 2021-22 are expected to be released in June 2022.

2: The pensioner tax offset and the senior Australians tax offset were merged from 1 July 2012.

Superannuation

Superannuation rates & thresholds 2021-22

SLS1 low-rate cap amount (indexed)

$225,000

SLS1 untaxed plan cap amount (indexed)

$1,615,000

Life benefit ETP 2 cap (indexed)

$225,000

Death benefit ETP 2 cap (indexed)

$225,000

Tax-free part of a genuine redundancy payment or early retirement scheme payment (indexed)

$11,341

For each completed year of service add

$5,672

Govt co-contribution (max $500)


Lower income threshold

$41,112

Higher income threshold

$56,112

Transfer balance cap

$1.7m

Contribution caps


Concessional (indexed)

$27,500

Non-concessional

$110,000

CGT cap (indexed)

$1,615,000

Non-concessional with bring forward option (non-indexed)

Up to $330,000

Division 293 threshold for high income earners

$250,000

Carry forward concessional contributions – total superannuation balance at end of previous financial year

Less than $500,000

Work test exemption – total superannuation balance at end of previous financial year

Less than $300,000

1: Superannuation Lump Sum (SLS)

2: Employment Termination Payment (ETP)

2021-22 Super rates and thresholds cont

Superannuation Guarantee (SG)

Prescribed minimum employer contribution rate

10%

Maximum contribution base

(per SG quarter)

$58,920

Minimum account-based pension withdrawal

Under 65 years

4%

65 to less than 75 years

5%

75 to less than 80 years

6%

80 to less than 85 years

7%

85 to less than 90 years

9%

90 to less than 95 years

11%

95 years and over

14%

Transition to retirement

maximum withdrawal

10%

Preservation age table

Date of Birth

Before 1 July 1960

55

1 July 1960 to 30 June 1961

56

1 July 1961 to 30 June 1962

57

1 July 1962 to 30 June 1963

58

1 July 1963 to 30 June 1964

59

1 July 1964 or later

60

Foreign Currency Exchange Rates

Foreign currency exchange rates for the financial year

ended 30 June 2021

Country

Average rate for the year

Nearest

actual rate at year end

Currency

Foreign currency equivalent to $1 Australian

China

4.9413

4.8553

Yuan

Europe

0.6260

0.6320

Euro

Japan

79.5516

83.0700

Yen

New Zealand

1.0742

1.0745

NZ dollar

Singapore

1.0053

1.0109

Singapore dollar

UK

0.5546

0.5429

Pound sterling

USA

0.7468

0.7518

US dollar

Note: For a complete list of countries,

see the 2021-22 Tax Summary at 22.340

Study and Training Loan Repayment Thresholds

2021-22 Study and training loan repayment thresholds and rates: HELP, VSL, SFSS, SSL, ABSTUDY SSL AND TSL

HELP repayment income

Rate

Below $47,014

Nil

$47,014 – $54,282

1.0%

$54,283 – $57,538

2.0%

$57,539 – $60,991

2.5%

$60,992 – $64,651

3.0%

$64,652 – $68,529

3.5%

$68,530 – $72,641

4.0%

$72,642 – $77,001

4.5%

$77,002 – $81,620

5.0%

$81,621 – $86,518

5.5%

$86,519 – $91,709

6.0%

$91,710 – $97,212

6.5%

$97,213 – $103,045

7.0%

$103,046 – $109,227

7.5%

$109,228 – $115,781

8.0%

$115,782 – $122,728

8.5%

$122,729 – $130,092

9.0%

$130,093 – $137,897

9.5%

$137,898 and above

10%

Not sure how to apply this information to your personal situation or business?

We are here to guide you every step along the way. We are your business finance partners and we will help you make the right decision based on the questions you have. Book your free consultation or talk to us on 07 3341 4658

CONTACT US

Postal Office Park Unit 5A, 2994 Logan Rd

Cnr Lexington Rd, Underwood QLD 4119

P.O. Box 1147, Springwood QLD 4127

Mon-Fri, 8am-5pm

Sat, 8am-12pm

DISCLAIMERS

Legal Advice Disclaimer

The information on this website is of a general nature only and has been prepared without taking into account your particular objectives, financial situation or needs.


Before selecting any product or service or acting on any advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs.


If any information in this publication relates to a particular product or service, you should obtain any relevant disclosure statement for that product or service before making a decision about whether to acquire the product or service.

Liability limited by a scheme approved under Professional Standards Legislations.

Corporate Authorisation Representative

Mohammed Saheed (308525) and Acro Financial Services Pty Ltd t/a Acro Wealth Management (1246594) are Authorised Representative of Lifespan Financial Planning Pty Ltd ABN 23 065 921 735, AFSL No. 229892, ACL No. 229892, Level 23, 25 Bligh Street, SYDNEY NSW 2000.

© 2021 Acro Accounting & Financial Planning

Pin It on Pinterest

Share This