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News

Lodgment Rates & Threshold Guide

Download our lodgment rates & threshold guide for 2018/19, which lists the most frequently used tax rates and thresholds.

 

Changes to Contributions Cap

On 1 July 2017, the yearly concessional contributions cap was reduced to $25k. This means that the non-concessional contributions cap also decreased to $100k per year, subject to meeting the $1.6m total superannuation balance.

Further information can be found in our lodgment rates & threshold guide (via link above).

 

Increase to Superannuation Guarantee Rate

From 1 July 2014, the superannuation guarantee rate increased from 9.25% to 9.50%. The rate will remain the same until 1 July 2021, when it will increase by 0.50% every year until it reaches 12.00% on 1 July 2025.

 

Changes to Claiming a Deduction for Personal Superannuation Contributions

From 1 July 2017, all individuals are able to claim a deduction for personal superannuation contributions. This is regardless of whether the individual is employed, self employed or an investor. Previously, individuals who were employed were generally unable to claim a deduction unless they met something called the 10% test.

 

Increase to Contributions Tax on Very High Income Earners

From 1 July 2012, tax on concessional contributions for very high income earners increased from 15% to 30%. This will only impact people with incomes greater than $300k per year. This threshold has been reduced to $250k from 1 July 2017.

However, the definition of income for this purpose will not only include taxable income, but also amounts such as concessional contributions, adjusted fringe benefits, total net investment losses (ie. net losses from your investments and rental properties), and tax-free government pensions and benefits.

 

Small Business Accelerated Depreciation

From 7.30pm 12 May 2015 to 30 June 2018, small businesses will be able to immediately write off the cost of any assets purchased for less than $20,000. Any assets costing $20,000 or more, will continue to be depreciated at 15% in the first year, and then at 30% for every subsequent year thereafter.

 

Small Business Tax Cut

From 1 July 2015, small businesses incorporated as companies will benefit from a reduction in the corporate tax rate from 30% to 28.5%. This was further reduced to 27.5% from 1 July 2016.

In addition, unincorporated small business will also benefit in the form of a 5% discount on the tax payable on net business income (up to a maximum of $1,000 per person). The discount was increased to 8% from 1 July 2016.