FAQs – SMSF Audits
Get the answers to your SMSF audit, compliance and financial reporting questions.
What is total superannuation balance?
Total superannuation balance is the total value of member’s super interests on a given date.
Total superannuation balance is the sum of the following:
| Accumulation interests (+) transfer balance account (or modified transfer balance account) (+) rollover superannuation benefits in transit (–) structured settlement contributions paid into your superfund (+) Outstanding Limited recourse borrowing arrangement (‘LRBA’) amount1 |
1. Only apply to LRBA amount that entered into by the SMSF or small APRA from 1 July 2018, if either:
- LRBA entered with an associate of the Fund; or
- member has satisfied a condition of release with NIL cashing restriction
What are the contribution rules?
Contribution rules (from 1 July 2007)
| Contribution type | Member age under 67 | Member age 67-69 | Member age 70-74 | Member age 75 + |
|---|---|---|---|---|
| Undeducted contributions |  7 | Must be gainfully employed at least on part-time basis3,7,8,11 | Must be gainfully employed at least on part-time basis 3,7,8,11 |  9 |
| Eligible for co-contributions | | 7,11 | Only if less than age 71 at end of financial year of contribution 7,11 | |
| Deductible contributions | If less than age 18, must have some income from eligible employment1 or income from the carrying on of a business2, but this income must make up less than 10% of assessable income. 5,6 | Must be gainfully employed at least on part-time basis 3,6,8 | Must be gainfully employed at least on part-time basis3,6,8 | 9 |
| Employer contributions | | | | 9 |
| Superannuation guarantee | | | 4 | 4 |
| Mandated employer contributions (e.g. under award) | | | | |
| Salary sacrifice | | | | 9 |
| Downsizer contributions10 | | | | |
Please note that a rollover is not a contribution; rollovers can generally be undertaken at any age. Thus, while member contributions cannot be made after age 75, a CGT Exempt component (via the small business CGT Retirement Exemption) can be created and rolled over after age 75.
NOTES:
- Eligible employment means: the holding of any office or appointment; or the performance of any functions or duties; or the engaging in of any work; or the doing of any acts or things that results in the person being treated as an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (assuming that subsection 12 (11) of that Act had not been enacted).
- Business refers to any profession, trade, employment, vocation or calling, but does not include occupation as an employee.
- Gainfully employed at least on a part-time basis refers to someone who is gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year. This employment period must be satisfied before the date of the contribution.
- From 1 July 2013, employees over 70 will be entitled to super guarantee payments from their employer.
- This deduction cannot create a tax loss, i.e. the person must have derived income from employment or business (excluding passive income) and the deduction cannot exceed that income.
- Effective 1 July 2017, the 10% condition is removed for the 2017-2018 and future financial years.
- From 2023-2024, individual with a total superannuation balance of > $1.9 million as at 30 June of the previous financial year will no longer be eligible to make non-concessional contributions and government co-contributions. It was $1.7 million from 2021-2022 and 2022-2023. From 2017-2018 to 2020-2021 was $1.6 million
- From 1 July 2020, those aged 67-74 with a TSB below $300,000 are able to make voluntary contributions for 12 months from the end of the financial year in which they last met the work test.
- Can contribute no later than 28 day from the end of the month in which a member turns 75 years and satisfied work test or work test exemption.
- From 1 January 2023, minimum age to make downsizer contribution is 55 years old (previously, 60 years old from 1 July 2022 and 65 years old from 1 July 2018). There is no maximum age limit.
- From 1 July, 2022, members no longer need to satisfy work test requirement to make contributions, except for personal concessional contributions.
What are concessional contributions caps?
| Year | Contribution cap for ages below 50 years | Contribution cap for ages 50 years and above |
|---|---|---|
| 2024 - 2025 | $30,000 | $30,000 |
| 2023-2024 | $27,5005 | $27,5005 |
| 2022-2023 | $27,5005 | $27,5005 |
| 2021-2022 | $27,5005 | $27,5005 |
| 2020-2021 | $25,000 5 | $25,000 5 |
| 2019-2020 | $25,000 5 6 | $25,000 5 6 |
| 2018-2019 | $25,000 5 | $25,000 5 |
| 2017-2018 | $25,000 | $25,000 |
| 2016-2017 | $30,000 4 | $35,000 |
| 2015-2016 | $30,000 3 | $35,000 |
| 2014-2015 | $30,000 2 | $35,000 |
| 2013-2014 | $25,000 | $25,000 |
| 2012-2013 | $25,000 | $25,000 1 |
| 2011-2012 | $25,000 | $50,000 |
| 2010-2011 | $25,000 | $50,000 |
| 2009-2010 | $25,000 | $50,000 |
| 2008-2009 | $50,000 | $100,000 |
| 2007-2008 | $50,000 | $100,000 |
| 2006-2007 | n/a | n/a |
- If age 59 years or over on 30 June 2013, concessional contributions cap is $35,000.
- If age 49 years or over on 30 June 2014, concessional cap is $35,000.
- If age 49 years or over on 30 June 2015, concessional cap is $35,000.
- If age 49 years or over on 30 June 2016, concessional cap is $35,000.
- From 1 July 2018 members can accrue any unused concessional contribution cap for a maximum of 5 years. However member can only make additional concessional contribution for any unused amount from 2019-2020 financial year onwards, provided their total superannuation balance at the end of 30 June of the previous financial year is less than $500,000.
- 2019-2020 unused cap amount that is not used by the end of 2024-2025 will expire.
What are non-concessional contributions caps?
| Year | Contribution cap |
|---|---|
| 2024-2025 | $120,000 |
| 2023-2024 | $110,0001 |
| 2022-2023 | $110,0001 |
| 2021-2022 | $110,0001 |
| 2020-2021 | $100,000 1 |
| 2019-2020 | $100,000 1 |
| 2018-2019 | $100,000 1 |
| 2017-2018 | $100,000 1 |
| 2016-2017 | $180,000 |
| 2015-2016 | $180,000 |
| 2014-2015 | $180,000 |
| 2013-2014 | $150,000 |
| 2012-2013 | $150,000 |
| 2011-2012 | $150,000 |
| 2010-2011 | $150,000 |
| 2009-2010 | $150,000 |
| 2008-2009 | $150,000 |
| 2007-2008 | $150,000 |
| 2006-2007 | $1,000,000 |
- Individual with a total superannuation balance of equal to or more than $1.7 million as at 30 June of the previous financial year will no longer be eligible to make non-concessional contributions and government co-contributions. Refer to bring forward contribution caps table below if the individual triggers bring forward contribution from 1 July 2017.
- Non-concessional contributions cap exemptions.
-
- Proceeds from settlement of personal injury
- Government co-contribution payments
- Rollovers from taxed superannuation funds
- Proceeds from sale of small business CGT assets up to cap limit. (Refer to lifetime capital gain tax cap limit table below.)
- Downsizer contributions up to lifetime $300,000 limit.
- Re-contribution of amounts withdrawn under COVID-19 early release (between 1 July 2021 and 30 June 2030)
What is lifetime capital gain tax cap limit?
| Year | CGT Cap amount |
|---|---|
| 2024-2025 | $1,780,000 |
| 2023-2024 | $1,705,000 |
| 2022-2023 | $1,650,000 |
| 2021-2022 | $1,615,000 |
| 2020-2021 | $1,565,000 |
| 2019-2020 | $1,515,000 |
| 2018-2019 | $1,480,000 |
| 2017-2018 | $1,445,000 |
| 2016-2017 | $1,415,000 |
| 2015-2016 | $1,395,000 |
| 2014-2015 | $1,355,000 |
| 2013-2014 | $1,315,000 |
| 2012-2013 | $1,255,000 |
| 2011-2012 | $1,205,000 |
| 2010-2011 | $1,155,000 |
| 2009-2010 | $1,100,000 |
| 2008-2009 | $1,045,000 |
| 2007-2008 | $1,000,000 |
What is bring forward contribution cap?
From 1 July 2017 to 30 June 2021, the bring forward contribution cap amount and period is dependent on member’s total superannuation balance at 30 June of the previous financial year.
| Total superannuation balance on 30 June of the previous financial year | Non-concessional contribution cap for the first year | Bring forward period |
|---|---|---|
| < $1.4M | $300,000 | 3 years 1 |
| $1.4M to below $1.5M | $200,000 | 2 years 1 |
| $1.5M to below $1.6M | $100,000 | 1 year - none available but the member can contribute up to the general non-concessional cap |
| $1.6M or over | Nil | N/A |
- If member has triggered the bring forward rule and has not used up all the bring forward cap, member can contribute the remaining of the bring forward cap in subsequent years provided their total superannuation balance as at 30 June of the previous financial year is below the general transfer balance cap.
From 1 July 2021 to 30 June 2023
| Total superannuation balance on 30 June of previous financial year | Non-concessional contribution cap for the first year | Bring forward period |
|---|---|---|
| < $1.48M | $330,000 | 3 years 1 |
| $1.48 -< $1.59M | $220,000 | 2 years 1 |
| $1.59 -<$1.7M | $110,000 | 1 year - none available but the member can contribute up to the general non-concessional cap |
| $1.7M | Nil | N/A |
- Members lock in their bring forward period and maximum amount in the year they exceed their NCC cap. If triggered prior to 1 July 2021, indexation of NCC cap does not apply.
From 1 July 2023
| Total superannuation balance on 30 June of previous financial year | Non-concessional contribution cap for the first year | Bring forward period |
|---|---|---|
| < $1.68M | $330,000 | 3 years 1 |
| $1.68 -< $1.79M | $220,000 | 2 years 1 |
| $1.79 -<$1.9M | $110,000 | 1 year - none available but the member can contribute up to the general non-concessional cap |
| $1.9M | Nil | N/A |
- Members lock in their bring forward period and maximum amount in the year they exceed their NCC cap. If triggered prior to 1 July 2023, indexation of NCC cap does not apply.
From 1 July 2024
| Total superannuation balance on 30 June of previous financial year | Non-concessional contribution cap for the first year | Bring forward period |
|---|---|---|
| < $1.66M | $360,000 | 3 years 1 |
| $1.66 -< $1.78M | $240,000 | 2 years 1 |
| $1.78 -<$1.9M | $120,000 | 1 year - none available but the member can contribute up to the general non-concessional cap |
| $1.9M | Nil | N/A |
- Members lock in their bring forward period and maximum amount in the year they exceed their NCC cap. If triggered prior to 1 July 2024, indexation of NCC cap does not apply.
What is the Superannuation Guarantee Maximum Contribution base per quarter?
| Year | Contribution cap per quarter |
|---|---|
| 2024-2025 | $65,070 |
| 2023-2024 | $62,270 |
| 2022-2023 | $60,220 |
| 2021-2022 | $58,920 |
| 2020-2021 | $57,090 |
| 2019-2020 | $55,270 |
| 2018-2019 | $54,030 |
| 2017-2018 | $52,760 |
| 2016-2017 | $51,620 |
| 2015-2016 | $50,810 |
| 2014-2015 | $49,430 |
| 2013-2014 | $48,040 |
| 2012-2013 | $45,750 |
| 2011-2012 | $43,820 |
| 2010-2011 | $42,220 |
| 2009-2010 | $40,170 |
| 2008-2009 | $38,180 |
| 2007-2008 | $36,470 |
| 2006-2007 | $35,240 |
What is transfer balance cap?
From 1 July 2017, transfer balance cap applies as the maximum amount each member can transfer into retirement phase.
| Year | General Transfer Balance Cap |
|---|---|
| 2024-2025 | $1,900,000 |
| 2023-2024 | $1,900,000 1 |
| 2022-2023 | $1,700,000 1 |
| 2021-2022 | $1,700,000 1 |
| 2020-2021 | $1,600,000 1 |
| 2019-2020 | $1,600,000 1 |
| 2018-2019 | $1,600,000 1 |
| 2017-2018 | $1,600,000 1 |
- Member’s transfer balance cap is equal to the general transfer balance cap. Members with a transfer balance account (TBA) before 1 July 2023, will have a personal TBC between $1.6m – $1.9m, based on their highest balance in their TBA.
- The cap operates on the basis of ‘credits’ counting to the cap and ‘debits’ removing value from the cap.
| Credits | Debits |
|---|---|
| The value of super interest supporting income streams on 30 June 2017 | Commutations of superannuation income streams |
| Commencement of new superannuation income streams from 1 July 2017 onwards | Structured settlement payments contributed to superannuation |
| The value of reversionary income streams when an individual becomes entitled to them | Certain payments arising from family law splits, fraudulent or void transaction |
| LRBA loan repayment when the LRBA was entered into after 1 July 2017 and the payments result in an increase in the value of the members super interest supporting their retirement phase income stream. | Trustee fails to pay the minimum pension and the income stream stops being in retirement phase |
| Notional earnings accruing to excess transfer balance amounts |
When to lodge transfer balance account reporting (TBAR)?
From 1 July 2023, all SMSFs will be required to report quarterly regardless of a member’s total super balances. This means SMSF trustee must report the event that affects the members transfer balance within 28 days after the end of the quarter in which the event occurs.
All unreported events that occurred before 30 September 2023 must be reported by 28 October 2023.
If a member exceeds their personal transfer balance cap, the SMSF trustee must report the following events sooner:
- a voluntary member commutation of an income stream in response to an excess transfer balance (‘ETB’) determination- this must be reported within 10 business days after the end of the month in which the commutation occurs
- responses to commutation authorities which must be reported within 60 days of the date the commutation authority was issued.
If an individual has exceeded their cap and the ATO issues an excess transfer balance determination or commutation authority based on incomplete or incorrect information, the SMSF trustee must correct the reporting as soon as possible.
What is the preservation age?
| Date of birth | 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 |
| From 1 July 1964 | 60 |
What is ‘basic conditions of release’?
Retirement
- Preservation age to age 60 – must be permanently retired
- Age 60-64 – ceased employment after attaining age 60
Attaining age 65
Other
- Terminal medical condition
- Permanent incapacity
- Temporary incapacity
- Death
- Compassionate grounds including access to $10,000 in 2019/2020 and an additional $10,000 between 1 July 2020 and 31 December 2020 if financially impacted by COVID-19
- Severe financial hardship
- Temporary resident departing Australia permanently
- First Home Super Saver Scheme
- Cease employment and account balance <$200
Conditions of release (other than Transition to Retirement Income Streams (TRIS))
| Preservation age | Condition of release | Benefits |
|---|---|---|
| 55 to 60 years | + Permanently retired | = Benefits can be accessed |
| 60 to 65 years | + Permanently retired or not | = Benefits can be accessed |
| Over 65 years | No other condition or restriction to comply |
What is minimum annual pension?
| Age group | 2007-2008 | 2008-2009, 2009-2010, 2010-2011 | 2011-2012, 2012-2013 | 2013-2014, 2014-2015 2015-2016, 2016-2017 2017-2018, 2018-2019 2019-2020, 2020-2021, 2021-2022, 2022-2023, 2023-20244 |
|---|---|---|---|---|
| Under 65 | 4% | 4% (2% 1) | 4% (3% 2) | 4% |
| 65 - 74 | 5% | 5% (2.5% 1) | 5% (3.75% 2) | 5% |
| 75 - 79 | 6% | 6% (3% 1) | 6% (4.5% 2) | 6% |
| 80 - 84 | 7% | 7% (3.5% 1) | 7% (5.25% 2) | 7% |
| 85 - 89 | 9% | 9% (4.5% 1) | 9% (6.75% 2) | 9% |
| 90 - 94 | 11% | 11% (5.5% 1) | 11% (8.25% 2) | 11% |
| 95+ | 14% | 14% (7% 1) | 14% (10.5%2) | 14% |
NOTES:
No maximum limit applies for account-based pensions (other than balance of account), 10% max limit applies to Transition to Retirement Pensions.
- For 2008/09, 2009/10 and 2010/11 financial years, the minimum limits has been reduced by 50%.
- For 2011/12 and 2012/13 financial years, the minimum limit has been reduced by 25%.
- For 2019/2020, 2020/2021, 2021/2022 and 2022/2023 financial years, the minimum limits has been reduced by 50% due to impact of COVID-19.
- From 2023-2024 onwards 50% reduction does not apply.
What tax is payable on pension payments from taxed fund?
| Age group | Tax payable |
|---|---|
| 60 and over | Not assessable, not exempt income 2 |
| Below preservation age | - Taxed at marginal rates with no tax offset - Tax offset of 15% is available if a disability super benefit |
| Over preservation age and under 60 | Taxed at marginal rates with 15% tax offset |
| Over 60 | All benefits tax-free |
IMPORTANT NOTE:
- Superannuation benefit payment from untaxed funds (i.e.: GESB) in pension and/or lump sum form are subject to different tax rates and may NOT be completely tax-free to individuals over age 60.
- From 1 July 2017, if members are receiving capped defined benefit income streams (including lifetime pensions/ annuities, life expectancy pensions/ annuities existing prior to 1 July 2017 and market-linked pensions/annuities existing prior to 1 July 2017) and the annual pension payment is more than the defined benefit income cap, 50% of the excess amount is taxed at members’ marginal rate.
- On 1 July 2017, an individual on a transition to retirement who has not met a condition of release would not satisfy as an income stream in retirement phase and would not eligible for exempt current pension income (ECPI).
| Year | Defined benefit income cap |
|---|---|
| 2024-2025 | $118,750 |
| 2023-2024 | $118,750 |
| 2022-2023 | $106,250 |
| 2021-2022 | $106,250 |
| 2020-2021 | $100,000 |
| 2019-2020 | $100,000 |
| 2018-2019 | $100,000 |
| 2017-2018 | $100,000 |
What are low-rate cap amounts for SMSF lump sum withdrawals?
| Year | Amount |
|---|---|
| 2024-2025 | $245,000 |
| 2023-2024 | $235,000 |
| 2022-2023 | $230,000 |
| 2021-2022 | $225,000 |
| 2020-2021 | $215,000 |
| 2019-2020 | $210,000 |
| 2018-2019 | $205,000 |
| 2017-2018 | $200,000 |
| 2016-2017 | $195,000 |
| 2015-2016 | $195,000 |
| 2014-2015 | $185,000 |
| 2013-2014 | $180,000 |
| 2012-2013 | $175,000 |
| 2011-2012 | $165,000 |
| 2010-2011 | $160,000 |
| 2009-2010 | $150,000 |
| 2008-2009 | $145,000 |
| 2007-2008 | $140,000 |
What are tax rates on lump sum superannuation benefit payments from taxed funds?
| Age of taxpayer at date of payment | (1) Tax-free component | (2) Taxable component (Element taxed in the fund) |
|---|---|---|
| Below preservation age | 0% | 20% (excluding Medicare Levy) |
| Preservation age - 59 - up to low-rate cap - amount over low-rate cap | 0% | 0% 15% (excluding Medicare Levy) |
| 60 and over | 0% | 0% |
(1) Tax Free Component includes total of Undeducted Contributions, Pre-July 1983 Component, CGT Exempt Component, Concessional Component and Post-June 1994 Invalidity Component crystallised as at 1 July 2007 plus subsequent non-concessional contributions.
(2) Taxed component equates to the value of the superannuation interest less the Tax-Free Component. The total entitlement of an individual in a SMSF is treated as one interest (excluding the balance attributable to an income stream that has begun to be paid from the SMSF).
IMPORTANT NOTE:
Superannuation benefit payment from untaxed funds (i.e.: GESB) in pension and/or lump sum form are subject to different tax rates and may NOT be completely tax-free to individuals over age 60.
What tax is payable on lump sum death benefit payments?
| Lump sum component | Dependent | Non-dependent |
|---|---|---|
| Tax-free component | 0% Non-assessable Non-exempt income | 0% Non-assessable Non-exempt income |
| Taxable component - taxed element | 0% Non-assessable Non-exempt income | 15% Plus Medicare Levy |
| Taxable component - non-taxed component | 0% Non-assessable Non-exempt income | 30% Plus Medicare Levy |
- Limited by the beneficiary’s Transfer Balance Cap (TBC)
- Can only be paid to a dependant
- When paid to a child of the member, they are:
– Aged less than 18
– Aged 18-24 and financial dependant
– Aged 18 or over & disabled (s.8(1) Disability Services Act 1986)
What are the tax rates for income stream death benefit payments?
| Income component | Age at payment date | Amount subject to tax | Tax rate (excludes Medicare Levy) |
|---|---|---|---|
| Tax-free component | Any age | None | Nil |
| Taxable component - Taxed element | Either the deceased or dependent aged 60 or over | None | Nil |
| Both deceased and the dependent aged under 60 | Whole amount | Taxed at marginal tax rates, with a 15% tax offset | |
| Taxable component - Untaxed element | Either the deceased or dependent aged 60 or over | Whole amount | Taxed at marginal tax rates, with a 10% tax offset |
| Both deceased and the dependent aged under 60 | Whole amount | Taxed at marginal tax rates, with no tax offset |
- Limited by the beneficiary’s Transfer Balance Cap (TBC)
- Can only be paid to a dependant
- When paid to a child of the member, they are:
–Aged less than 18
– Aged 18-24 and financial dependant
– Aged 18 or over & disabled (s.8(1) Disability Services Act 1986)
What are the resident marginal tax rates?
| 2024-2025 | Tax on this income |
|---|---|
| $0-$18,200 | Nil |
| $18,201 - $45,000 | 16c for each $1 over $18,200 |
| $45,001 - $135,000 | $4,288 plus 30c for each $1 over $45,000 |
| $135,001 - $190,000 | $31,288 plus 37c for each $1 over $135,000 |
| $190,001 and over | $51,638 plus 45c for each $1 over $190,000 |
The above rates do not include Medicare levy of 2%
| 2023-2024 | Tax on this income |
|---|---|
| $0-$18,200 | Nil |
| $18,201 - $45,000 | 19c for each $1 over $18,200 |
| $45,001 - $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 - $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
The above rates do not include Medicare levy of 2%
| 2022-2023 | Tax on this income |
|---|---|
| $0-$18,200 | Nil |
| $18,201 - $45,000 | 19c for each $1 over $18,200 |
| $45,001 - $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 - $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
The above rates do not include Medicare levy of 2%
| 2021-2022 | Tax on this income |
|---|---|
| $0-$18,200 | Nil |
| $18,201 - $45,000 | 19c for each $1 over $18,200 |
| $45,001 - $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 - $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
The above rates do not include Medicare levy of 2%
| 2020-2021 | Tax on this income |
|---|---|
| $0-$18,200 | Nil |
| $18,201 - $37,000 | 19c for each $1 over $18,200 |
| $37,001 - $90,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $90,001 - $180,000 | $20,797 plus 37c for each $1 over $90,000 |
| $180,001 and over | $54,097 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
| Income 2019-2020 | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $90,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $90,001 – $180,000 | $20,797 plus 37c for each $1 over $90,000 |
| $180,001 and over | $54,097 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
| Income 2018-2019 | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $90,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $90,001 – $180,000 | $20,797 plus 37c for each $1 over $90,000 |
| $180,001 and over | $54,097 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
| Income 2017-2018 | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $37,000 | 19c for each $1 over $18,200 |
| $37,001 – $87,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $87,001 – $180,000 | $19,822 plus 37c for each $1 over $87,000 |
| $180,001 and over | $54,232 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
The temporary budget repair levy ceased applying from 1 July 2017.
| Income 2016-2017 | Tax on this income |
|---|---|
| $0 - $18,200 | Nil |
| $18,201 - $37,000 | 19c for each $1 over $18,200 |
| $37,001 - $87,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $87,001 - $180,000 | $19,822 plus 37c for each $1 over $87,000 |
| $180,001 and over | $54,232 plus 47c** for each $1 over $180,000 |
**Including the Temporary Budget Repair Levy.
The 2% Temporary Budget Repair Levy will expire at the end of the 2017 income year, returning the effective top marginal tax rate to 45%.
The above rates do not include the medical levy of 2%.
| Income 2015-2016 | Tax on this income |
|---|---|
| $0 - $18,200 | Nil |
| $18,201 - $37,000 | 19c for each $1 over $18,200 |
| $37,001 - $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 - $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 47c** for each $1 over $180,000 |
**Including the Temporary Budget Repair Levy. The above rates do not include the Medical levy of 2%.
| Income 2014-2015 | Tax on this income |
|---|---|
| $0 - $18,200 | Nil |
| $18,201 - $37,000 | 19c for each $1 over $18,200 |
| $37,001 - $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 - $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 47c** for each $1 over $180,000 |
** Including the Temporary Budget Repair Levy. The above rates do not include the Medical levy of 2%.
| Income 2013-2014 | Tax on this income |
|---|---|
| $0 - $18,200 | Nil |
| $18,201 - $37,000 | 19c for each $1 over $18,200 |
| $37,001 - $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 - $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 45c for each $1 over $180,000 |
The above rates do not include the Medical levy of 1.5%.
| Income 2012-2013 | Tax on this income |
|---|---|
| $0 - $18,200 | Nil |
| $18,201 - $37,000 | 19c for each $1 over $18,200 |
| $37,001 - $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
| $80,001 - $180,000 | $17,547 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,547 plus 45c for each $1 over $180,000 |
| Income 2011-2012 | Tax on this income |
|---|---|
| $0 - $6,000 | Nil |
| $6,001 - $37,000 | 15c for each $1 over $6,000 |
| $37,001 - $80,000 | $4,650 plus 30c for each $1 over $37,000 |
| $80,001 - $180,000 | $17,550 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,550 plus 45c for each $1 over $180,000 |
The above rates do not include the flood levy.
| Income 2010-2011 | Tax on this income |
|---|---|
| $0 - $6,000 | Nil |
| $6,001 - $37,000 | 15c for each $1 over $6,000 |
| $37,001 - $80,000 | $4,650 plus 30c for each $1 over $37,000 |
| $80,001 - $180,000 | $17,550 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,550 plus 45c for each $1 over $180,000 |
| Income 2009-2010 | Tax on this income |
|---|---|
| $0 - $6,000 | Nil |
| $6,001 - $35,000 | 15c for each $1 over $6,000 |
| $35,001 - $80,000 | $4,350 plus 30c for each $1 over $35,000 |
| $80,001 - $180,000 | $17,850 plus 38c for each $1 over $80,000 |
| $180,001 and over | $55,850 plus 45c for each $1 over $180,000 |
| Income 2008-2009 | Tax on this income |
|---|---|
| $0 - $6,000 | Nil |
| $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 and over | $58,000 plus 45c for each $1 over $180,000 |
| Income 2007-2008 | Tax on this income |
|---|---|
| $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 |
| Income 2006-2007 | Tax on this income |
|---|---|
| $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 |