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How much tax will I pay this year?

Your accountant can calculate the tax payable on your income. Many variables determine an entity’s actual taxable income. The following tables will help you to determine how much tax is payable on your taxable income.

For Companies

The company tax rate is 30%. A company pays tax on their entire income.

Income tax year

Tax payable on entire income

2001-2002

30%

2000-2001

34%

1999-2000

36%

For superannuation funds

The superannuation fund tax rate is 15%.

For Trusts

The trustee, or your accountant, will determine who is presently entitled to the net income of a trust and distribute the income in the most tax-effective manner. Tax is paid by the beneficiaries, or the trustee. Unlike losses in a partnership, the losses are trapped inside the trust and are not distributed to the beneficiaries.

For Partnerships

A partnership doesn’t pay tax. The partnership income or loss is distributed to the partners according to their share, as agreed in the partnership agreement.

For Individual Australian Residents

Personal tax rates - 1 July 2008 – 30 June 2009

Taxable Income

Tax on your income

Up to $6,000

$0

$6,001 - $34,000

15c for each $1 over $6,000

$34,001 - $80,000

$4,200 plus 30c for each $1 over $34,000

$80,001 - $180,000

$18,000 plus 40c for each $1 over $80,000

$180,001 +

$58,000 plus 45c for each $1 over $180,000

Personal tax rates - 1 July 2007 – 30 June 2008

Taxable Income

Tax on your income

Up to $6,000

$0

$6,001- $30,000

15c for each $1 over $6,000

$30,001 - $75,000

$3,600 plus 30c for each dollar over $30,000

$75,001- $150,000

$17,100 plus 40c for each $1 over $75,000

$150,001 +

$47,100 plus 45c for each $1 over $150,000

These rates do not include the Medicare levy. The Medicare levy is 1.5% of your taxable income.

For Individual Non-residents

Personal tax rates – 1 July 2008 – 30 June 2009

Taxable Income

Tax on your income

$0 - $34,000

29c for each $1

$34,001 - $80,000

$9,860 plus 30c for each $1 over $34,000

$80,001 - $180,000

$23,660 plus 40c for each $1 over $80,000

$180,001 +

$63,660 plus 45c for each $1 over $180,000

Personal tax rates – 1 July 2007 – 30 June 2008

Taxable Income

Tax on your income

$0 - $30,000

29c for each $1

$30,000 - $75,000

$8,700 plus 30c for each $1 over $30,000

$75,000 - $150,000

$22,200 plus 40c for each $1 over $75,000

$150,000 +

$52,200 plus 45c for each $1 over $150,000

Non-residents do not pay the Medicare levy.

For Minor Residents (under 18) - 1 July 2007 – 30 June 2008

Div 6AA income

Tax on your income

$0 - $416

$0

$417 - $1,307

66% of the excess over $416

$1,308 +

45% of the entire amount

Calculators

The Australian Taxation Office website offers simple and comprehensive tax calculators for individuals. You will need some knowledge of your tax affairs to use them, however, this can be an easy way to find out the tax payable on your taxable income.

Simple Tax Calculator

Comprehensive Tax Calculator

 

Tax Minimisation Strategies

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