Tax Facts

Resident Adult Tax Rates 2015/16

Taxable Income Tax Payable
$0 - $18,200 Nil
$18,201- $37,000  19c for each $1 in excess of $18,200
$37,001 - $80,000 $3,572 plus 32.5c for each $1 in excess of $37,000
$80,001 - $180,000 $17,547 plus 37c for each $1 in excess of $80,000
Over $180,000 $54,547 plus 45c for each $1 in excess of $180,000

 

The above rates do not include the Medicare levy of 2%. The above rates also do not include the Temporary Budget Repair Levy. The Temporary Budget Repair Levy is payable at a rate of 2% for taxable incomes over $180,000.

 

Superannuation Contribution Rules

Superannuation Guarantee (SG) = 9.5%

Under age 65 A fund can accept any contributions
Age 65-69    A fund can accept:
   -  Mandated (SG or award) employer contributions, or
   -  If the member has worked 40 hours in 30 consecutive days (ie part time basis):
      o Employer contributions other than mandated contributions
      o Member contributions
      o Spouse contributions
Age 70-74 A fund can accept:
   -  Mandated (award) employer contributions, or
   -  If the member has worked 40 hours in 30 consecutive days (ie part time basis):
      o Employer contributions other than mandated contributions
      o Member contributions
 Age 75 and over Mandated employer contributions only

 


Superannuation Contribution Caps 2015/16

Age  Non-concessional  Concessional
Less than 50  $150,000 per year or $450,000 over three years   $30,000
Age 50 – 64   $150,000 per year or $450,000 over three years   $35,000
Age 65 and over  $150,000 per year  $35,000

 

 

Superannuation Preservation Age

Individual born between Preservation age
Before 1 July 1960 55
1 July 1960 – 30 June 1961    56
1 July 1961 – 30 June 1962    57
1 July 1962 – 30 June 1963    58
1 July 1963 – 30 June 1964    59
 After 30 June 1964      60

 

 

Calculators

ASIC Retirement Planning Calculator

ATO Tax Calculator

LPS Financial Risk Calculator

 

Disclaimer
The information contained on this webpage is provided in good faith. While the contents are obtained from various sources that are deemed reliable, it is not guaranteed as accurate or complete and should not be relied upon as such.


'PRPIA Pty Ltd, trading as Life Planning Solutions ABN 61 144 888 433', corporate authorised representative (CAR), number 396092, is authorised to provide financial services on behalf of Charter Financial Planning Limited
Charter Financial Planning Limited (Charter FP)
ABN 35 002 976 294
Australian Financial Services Licensee
Licence number 234665

 

The information contained on this webpage is provided in good faith. While the contents are obtained from various sources that are deemed reliable, it is not guaranteed as accurate or complete and should not be relied upon as such.

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