To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.
This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loan repayment rates. There is also essential Medicare information and foreign currency exchange information.
Individual tax rates
Individual tax rates for residents |
||
| 2019-20 Tax thresholds | ||
| Taxable income | Rate (%) | Tax on this income |
| $0 to $18,200 | 0 | Nil tax payable |
| $18,201 to $37,000 | 19 | 19c for each $1 over $18,200 |
| $37,001 to $90,000 | 32.5 | $3,572 plus 32.5c for each $1 over $37,000 |
| $90,001 to $180,000 | 37 | $20,797 plus 37c for each $1 over $90,000 |
| $180,001 and above | 45 | $54,097 plus 45c for each $1 over $180,000 |
| 2020-21 Tax thresholds | ||
| Taxable income | Rate (%) | Tax on this income |
| $0 to $18,200 | 0 | Nil tax payable |
| $18,201 to
$45,000 |
19 | 19c for each $1 over
$18,200 |
| $45,001 to
$120,000 |
32.5 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 to
$180,000 |
37 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and above | 45 | $51,667 plus 45c for each $1 over $180,000 |
Individual tax rates for non-residents |
||
| 2019-20 Tax thresholds | ||
| Taxable income | Rate (%) | Tax on this income |
| $0 to $90,000 | 32.5 | 32.5c for each $1 |
| $90,001 to $180,000 | 37 | $29,250 plus 37c for each $1 over $90,000 |
| $180,001 and above | 45 | $62,550 plus 45c for each $1 over $180,000 |
| 2020-21 Tax thresholds | ||
| Taxable income | Rate (%) | Tax on this income |
| $0 to $120,000 | 32.5 | 32.5c for each $1 |
| $120,001 to
$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 |
2020-21 Resident minors’ tax rate on eligible taxable income |
|
| Taxable income | Tax on this income |
| Up to $416 | Nil |
| $417 to $1,307 | 66% for the part over $416 |
| $1,308 and above | 45% on the entire amount |
2020-21 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 to $663 | $135.20 + 66% for the part over $416 |
| $664 and above | 45% on the entire amount |
Tax Offsets
Tax offsets for individuals |
|
| 2020-21 Low Income Tax Offset | |
| Taxable income | Tax offset |
| Up to $37,500 | $700 |
| $37,501 to $45,000 | $700 – (5% of excess over
$37,500) |
| $45,001 to $66,667 | $325 – (1.5% of excess over $45,000) |
| $66,668 and above | Nil |
| 2020-21 Low and Middle Income Tax Offset | |
| Taxable income | Tax offset |
| Up to $37,000 | $255 |
| $37,001 to $48,000 | $255 plus 7.5c for each $1 over $37,000 |
| $48,001 to $90,000 | $1,080 |
| $90,001 to $126,000 | $1,080 less 3c for each $1 over $90,000 |
| $126,001 and above | Nil |
| 2020-21 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 |
| Note: Offset entitlements reduce by 12.5c for each $1 of rebate income in excess of the shade-out threshold. No entitlement when rebate income reaches the cut-out threshold. | |||
Corporate tax rates
2020-21 Corporate entity tax rates |
Rate |
| Private and public companies (base rate entities) | 26% |
| Private and public companies (other) | 30% |
| Public trading trusts (base rate entities) | 26% |
| 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 $832 | 55% of excess over $416 |
| Taxable income $833 and above | 26% |
| Non-profit companies (other) | |
| First $416 taxable income | Nil |
| Taxable income $417 to $915 | 55% of excess over $416 |
| Taxable income $916 and above | 30% |
FBT rates and thresholds
FBT rates and thresholds |
|||
| FBT and gross-up rates | |||
| FBT year | Rate | Type 1 | Type 2 |
| 2019-20 | 47% | 2.0802 | 1.8868 |
| 2020-21 | 47% | 2.0802 | 1.8868 |
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 | Motor- cycles | |
| 31 March 2020 | 55c | 66c | 16c | |
| 31 March 2021 | 56c | 67c | 17c | |
| Record keeping exemption | ||||
| 2020-21 $8,853 | 2019-20 $8,714 | |||
| FBT – Benchmark interest rate | ||||
| 2020-21 4.80% | 2019-20 5.37% | |||
| Car parking threshold | ||||
| 2020-21 $9.15 | 2019-20 $8.95 | |||
Division 7A – Benchmark interest rate |
|
| 2020-21 4.52% | 2019-20 5.37% |
Improvement threshold |
|
| 2020-21 $155,849 | 2019-20 $153,093 |
Cents per km car rates |
|
| 2020-21 72c per km | 2019-20 68c per km |
Motor vehicles |
2020-21 |
2019-20 |
| Luxury car tax limit | $68,740 | $67,525 |
| Fuel efficient luxury car tax limit | $77,565 | $75,526 |
| Car depreciation limit | $59,136 | $57,581 |
| Maximum input tax credit claim for cars | $5,376 | $5,234 |
Medicare
Medicare |
| 2020-21 Medicare levy |
| Levy is 2% of an individual’s taxable income. |
| 2019-201 Medicare levy for families with dependants | |||
| Number of dependants2 | Family taxable income $ | ||
| Nil levy payable | Reduced levy shade-in range
(10% of excess over nil band) |
Normal 2% payable | |
| 0 | To
$38,474 |
$38,475 to $48,092 | $48,093 and above |
| 1 | To
$42,007 |
$42,008 to $52,508 | $52,509 and above |
| 2 | To
$45,540 |
$45,541 to $56,924 | $56,925 and above |
| 3 | To
$49,073 |
$49,074 to $61,340 | $61,341 and above |
| 4 | To
$52,606 |
$52,607 to $65,757 | $65,758 and above |
| 5 | To
$56,139 |
$56,140 to $70,173 | $70,174 and above |
| 6 | To
$59,672 |
$59,673 to $74,589 | $74,590 and above |
| 1: And later years unless amended.
2: For more than 6 dependant children and/or students add $3,533 per child/student. |
|||
| 2019-201 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. |
||
| 2019-201 Medicare levy reduction threshold | |
| Taxable income | Medicare levy payable |
| $0 to $22,801 | Nil |
| $22,802 to $28,501 | 10% of excess over $22,801 |
| $28,502 & above | 2% of taxable income |
| 2019-201 Medicare levy threshold: Individuals who qualify for the SAPTO2 | |
| Taxable income | Medicare levy payable |
| $0-$36,056 | Nil |
| $36,057-$45,069 | 10% of excess over $36,056 |
| $45,070 & above | 2% of taxable income |
| 1: The taxable income ranges and rates for 2020-21 are expected to be released in June 2021.
2: The pensioner tax offset and the senior Australians tax offset were merged from 1 July 2012. |
|
Superannuation
2020-21 Superannuation rates & thresholds |
|
| SLS1 low rate cap amount (indexed) | $215,000 |
| SLS1 untaxed plan cap amount (indexed) | $1,565,000 |
| Life benefit ETP 2 cap (indexed) | $215,000 |
| Death benefit ETP 2 cap (indexed) | $215,000 |
| Tax-free part of a genuine redundancy payment or early retirement scheme payment (indexed) | $10,989 |
| For each completed year of service add | $5,496 |
| Government co-contribution (max $500) | |
| Lower income threshold | $39,837 |
| Higher income threshold | $54,837 |
| Transfer balance cap | $1.6m |
| Contribution caps | |
| Concessional (indexed) | $25,000 |
| Concessional
(temporary, non-indexed) |
$25,000 |
| Non-concessional | $100,000 |
| CGT cap (indexed) | $1,565,000 |
| Non-concessional with bring forward option (non-indexed) | Up to $300,000 |
| Division 293 threshold for high income earners | $250,000 |
| Carry forward concessional contributions – total superannuation balance at end of previous financial year | Less than $500,000 |
| Work test exemption – total superannuation balance at end of
previous financial year |
Less than $300,000 |
| 1: Superannuation Lump Sum (SLS)
2: Employment Termination Payment (ETP) |
|
2020-21 Super rates and thresholds cont |
|
| Superannuation Guarantee (SG) | |
| Prescribed minimum employer contribution rate | 9.50% |
| Maximum contribution base (per SG quarter) | $57,090 |
| Minimum account based pension withdrawal | |
| Under 65 years | 2% |
| 65 to less than 75 years | 2.5% |
| 75 to less than 80 years | 3% |
| 80 to less than 85 years | 3.5% |
| 85 to less than 90 years | 4.5% |
| 90 to less than 95 years | 5.5% |
| 95 years and over | 7% |
| Transition to retirement maximum withdrawal | 10% |
2020-21 Preservation age table |
|
| Date of birth | |
| Before 1 July 1960 | 55 |
| 1 July 1960 to 30 June 1961 | 56 |
| 1 July 1961 to 30 June 1962 | 57 |
| 1 July 1962 to 30 June 1963 | 58 |
| 1 July 1963 to 30 June 1964 | 59 |
| 1 July 1964 or later | 60 |
Foreign currency exchange rates
Foreign currency exchange rates for the financial year ended 30 June 2020 |
|||
| Country | Average rate for the year | Nearest actual rate at year end | Currency |
| Foreign currency equivalent to $1 Australian | |||
| China | NA | 4.8523 | Yuan |
| Europe | 0.6217 | 0.6111 | Euro |
| Japan | 74.3606 | 73.9400 | Yen |
| New
Zealand |
1.0736 | 1.0703 | NZ dollar |
| Singapore | 0.9512 | 0.9576 | Singapore dollar |
| UK | 0.5462 | 0.5586 | Pound sterling |
| USA | 0.6878 | 0.6863 | US dollar |
| Note: For a complete list of countries, see the 2020-21 Tax Summary at 22.340. | |||
Study and training loan repayment thresholds
2020-21 Study and training loan repayment thresholds and rates: HELP, VSL, SFSS, SSL, ABSTUDY SSL AND TSL |
|
| HELP repayment income | Rate |
| Below $46,620 | Nil |
| $46,620 to $53,826 | 1.0% |
| $53,827 to $57,055 | 2.0% |
| $57,056 to $60,479 | 2.5% |
| $60,480 to $64,108 | 3.0% |
| $64,109 to $67,954 | 3.5% |
| $67,955 to $72,031 | 4.0% |
| $72,032 to $76,354 | 4.5% |
| $76,355 to $80,935 | 5.0% |
| $80,936 to $85,792 | 5.5% |
| $85,793 to $90,939 | 6.0% |
| $90,940 to $96,396 | 6.5% |
| $96,397 to $102,179 | 7.0% |
| $102,180 to $108,309 | 7.5% |
| $108,310 to $114,707 | 8.0% |
| $114,708 to $121,698 | 8.5% |
| $121,699 to $128,999 | 9.0% |
| $129,000 to $136,739 | 9.5% |
| $136,740 and above | 10.0% |
Note: All information is current as at 8 October 2020.
Disclaimer: This tool is a guide only. Independent legal, financial and/or tax advice is recommended.
This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
Sophia Sun is a trusted Manager with over 14 years of experience, ensuring high-quality control in accounting, tax, and superannuation with creative problem-solving.
