| |
Tax Rate |
Income |
15% |
| Special Income |
45% |
| Residents |
2006-07 |
$0 - $6,000 |
Nil |
| $6,001 – $25,000 |
15c for each $1 over $6,000 |
| $25,001 – $75,000 |
$2,850 plus 30c for each $1 over $25,000 |
| $75,001 – $150,000 |
$17,850 plus 40c for each $1 over $75,000 |
| $150,001 and over |
$47,850 plus 45c for each $1 over $150,000 |
| Residents |
2007-08 |
$0 - $6,000 |
Nil |
| $6,001 – $30,000 |
15c for each $1 over $6,000 |
| $30,001 – $75,000 |
$3,600 plus 30c for each $1 over $30,000 |
| $75,001 – $150,000 |
$17,100 plus 40c for each $1 over $75,000 |
| $150,001 and over |
$47,100 plus 45c for each $1 over $150,000 |
| |
Concessional Contributions |
Transitional concessional contributions * |
Non-concessional ** |
2007-08 |
$50,000 |
$100,000 |
$150,000 |
* Between 1 July 2007 and 30 June 2012, the transitional concessional contributions cap will apply to people aged 50 and over.
** For non-concessional contributions a ‘bring-forward’ option exists whereby people that are under 65 years of age can make non-concessional contributions of up to $450,000 over a three-year period.
NOTE: If you have more than one fund, all concessional contributions made to all your funds are added together and count towards the cap.
Component |
Tax Payable (%) |
Under 55 |
Under 55 - 60 |
Over age 60 |
Tax Free |
Nil |
Nil |
Nil |
Taxable |
20% |
Tax-Free up to $140,000 then taxed at 15% |
Nil |
Age |
Minimum % Withdrawal |
Under 65 |
4 |
65-74 |
5 |
| 74-79 |
6 |
| 80-84 |
7 |
| 85-89 |
9 |
| 90-94 |
11 |
| 95 or more |
14 |
Year |
Lower Income Threshold |
Higher Income Threshold |
2007-08 |
$28,980 |
$58,980 |
2006-07 |
$28,000 |
$58,000 |
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