Life Planning Solutions - Tax Facts & Calculators

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Tax Facts

Resident Adult Tax Rates 2010/11

Taxable Income	Tax Payable
$0 - $6,000	Nil
$6,001 - $37,000	15c for each $1 in excess of $6,000
$37,001 - $80,000	$4,650 plus 30c for each $1 in excess of $37,000
$80,001 - $180,000	$17,550 plus 37c for each $1 in excess of $80,000
Over $180,000	$54,550 plus 45c for each $1 in excess of $180,000

The full rate of Medicare Levy is 1.5% of taxable income. High income taxpayers without adequate private hospital insurance may be liable for an additional 1% Medicare Levy surcharge.

The flood levy for 2011/12 only is calculated as:

People earning less than $50,000 or were affected by the floods will not pay a flood levy.
People earning between $50,000 and $100,000 will pay 0.5% of taxable income in excess of $50,000
People earning over $100,000 will pay 0.5% of taxable income in excess of $50,000 and 1.0% of taxable income in excess of $100,000

Superannuation Contribution Rules

Superannuation Guarantee (SG) = 9%

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 2011/12

Age	Non-concessional	Concessional
Less than 50	$150,000 per year or $450,000 over three years	$25,000
Age 50 – 64	$150,000 per year or $450,000 over three years	$50,000
Age 65 and over	$150,000 per year	$50,000

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

Account Based Pension Factors

Age of Pensioner	Minimum annual payments (temporary drawdown relief)
Under 65	4% (3% for 2011/12)
65 – 74	5% (3.75% for 2011/12)
75 – 79	6% (4.5% for 2011/12)
80 – 84	7% (5.25% for 2011/12)
85 – 89	9% (6.75% for 2011/12)
90 – 94	11% (8.25% for 2011/12)
95 and over	14% (10.5% for 2011/12)

Note that no maximum annual payment applies, except for non-commutable allocated pensions paid under transition to retirement rules (in which case a maximum annual payment of 10% of the account balance applies.)

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.