Lodgment rates & thresholds guide 2016-17

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, offset limits and benchmarks, rebate levels, allowances, and essential superannuation as well as fringe bene t tax rates and thresholds (including current gross- up factors). Student loan repayment rates and salary levels are also included.

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Individual tax rates for residents
Taxable income	Rate (%)	Tax on this income
2015-16 tax thresholds
$0 – $18,200	0	Nil tax payable
$18,201 – $37,000	19	19c for each $1 over $18,200
$37,001 – $80,000	32.5	$3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000	37	$17,547 plus 37c for each $1 over $80,000
$180,001 & above	47*	$54,547 plus 47c for each $1 over 180,000
2016-17 tax thresholds
$0 – $18,200	0	Nil tax payable
$18,201 – $37,000	19	19c for each $1 over $18,200
$37,001 – $80,000#	32.5	$3,572 plus 32.5c for each $1 over $37,000
$80,001# – $180,000	37	$17,547 plus 37c for each $1 over $80,000
$180,001 & above	47*	$54,547 plus 47c for each $1 over 180,000

*Includes 2% Temporary Budget Repair Levy
#Likely threshold increase from $80,000 to $87,000 not yet enacted
Note: LITO not available for certain minor income.

Individual tax rates for non-residents
2015-16 tax thresholds
$0 – $80,000	32.5	32.5c for each $1
$80,001 – $180,000	37	$26,000 plus 37c for each $1 over $80,000
$180,001 & above	47*	$63,000 plus 47c for each $1 over $180,000
2016-17 tax thresholds
$0 – $80,000#	32.5	32.5c for each $1
$80,001# – $180,000	37	$26,000 plus 37c for each $1 over $80,000
$180,001 & above	47*	$63,000 plus 47c for each $1 over $180,000

*Includes 2% Temporary Budget Repair Levy
#Likely threshold increase from $80,000 to $87,000 not yet enacted

2015-16 resident minors’ tax rate on eligible income
Taxable income	Tax on this income
Up to $416	Nil
$417 – $1,307	68%* for the part over $416
$1,308 & above	47%* on the entire amount

*Includes 2% Temporary Budget Repair Levy
#Likely threshold increase from $80,000 to $87,000 not yet enacted
Note: LITO not available for certain minor income.

2015-16 non-resident minors’ tax rate on eligible income
Taxable income	Tax on this income
Up to $416	34.5%* on the entire amount
$417 – $663	$143.52 + 68%* on the part over $416
$664 & above	47%* on the entire amount

*Includes 2% Temporary Budget Repair Levy

Corporate entity tax rates	Rate
Private and public companies	30% or 28.5%1
Corporate unit trusts and public trading trusts	30% or 28.5%1
Life Insurance companies
Ordinary class	30%
Complying superannuation class	15%
Non-profit companies
First $416 of taxable income	Nil
Taxable income $417 – $9152	55% of excess over $4162
Taxable income $9162 and above	30% or 28.5%1

1. The tax rate is reduced to 28.5% for companies that are “small business entities” (SBEs) with an aggregated annual turnover of less than $2 million from 1 July 2015.
2. Upper limit is reduced from $915 to $863 for non- profit companies that are SBEs from 1 July 2015.

Tax offsets for individuals
2015-16 & 2016-17 Low Income Tax Offset
Taxable income		Tax offset
$0 – $37,000		$445
$37,001 – $66,666		$445 – (1.5% of excess over $37,000)
$66,667 & above		Nil
2015-16 Net Medical Expenses Offset
Tax offset claimable1				Adjusted taxable income
20% of net medical expenses exceeding $2,265				Single2: $90,000 or less Family3: $180,000 or less
10% of net medical expenses exceeding $5,343				Single2: above $90,000 Family3: above $180,000

1. Offset for 2015-16 only available for disability aids, attendant care or aged care.
2. Single at 30 June 2016 and no dependent children.
3. Has a spouse at 30 June 2016, or dependent children at any time during 2015-16, or both.

2015-16 Dependant (Invalid and Carer) Offset
Adjusted taxable income (ATI) is:			Offset amount
$282 or less			$2,588*
$283 – $10,634			$2,588* – [(ATI – $282) ÷ 4]
$10,634 and above			Nil

*This is the maximum offset. Assumes dependant status maintained for full income year.

2015-16 Senior Australian and Pensioners Tax Offset
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.

FBT rates and thresholds
FBT and gross-up rates
FBT year	Rate	Type 1	Type 2
2015-16 & 2016 -17	49%	2.1463	1.9608
2017-18	47%	2.0802	1.8868

Car fringe benefits

Statutory formula method

The statutory fraction is 20%*.

*Applies to “commitments” entered into from May 2011. Previous statutory fractions based on kms travelled may be used for pre-May 2011 commitments.

Taxable value of a fringe benefit of a motor vehicle other than a car (c/km basis)
FBT year ending	0- 2500cc		Over 2500cc	Motor- cycles
31-Mar-16	51c		61c	15c
31-Mar-17	52c		63c	15c

Record keeping exemption
2015-16 $8,164		2016-17 $8,286

FBT – Benchmark interest rate
2015-16 5.65%		2016-17 5.65%

Car parking threshold
2015-16 $8.37		2016-17 $8.48

Div 7A – benchmark interest rate
2015-16	5.45%
2016-17	5.40%

2015-16 CGT improvement threshold
Improvement threshold	$143,392

Motor vehicles
	2015-16	2016-17
Luxury car tax limit	$63,184	$64,132
Fuel efficient luxury car tax limit	$75,375	$75,526
Car depreciation limit	$57,466	$57,581
Maximum input tax credit claim for cars	$5,224	$5,234

2015-16 & 2016-17 Cents per km car rates

66c per km regardless of engine size.

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