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