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Old Tennant Creek Telegraph Station
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The Commonwealth Government, through the Australian Taxation
Office, collects tax from individuals and businesses in order
to use the money to spend through its annual budget which is presented
each May for the following Financial Year.
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The GST has been introduced as of 1st July 2000 as a fairer method
of taxing business transactions. payable by the end consumer and
remitted by the vendor.
With the introduction of the Goods and Services Tax the rates
of income tax applied to individuals has changed.
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Tax Rates
Individuals
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| Tax Thresholds |
from 1 July 2011
Income range ($) |
Tax Rate
% |
| $0 - $6,000 |
0 |
| $6,001 - $37,000 |
15 |
| $37,001 - $80,000 |
30 |
| $80,001 - $180,000 |
37 |
| $180,001+ |
45 |
Companies
The income tax rate for companies is 30% as from 1 July 2001. The Federal Government proposes to reduce this rate to 28 % over the next two years from 1 July 2012. Also from 1 July 2012, the Federal Government proposes to allow small businesses to immediately write off assets below $ 5000.
Higher Education Loan Programme (HELP)
repayment thresholds
and rates
2010-2011
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Year
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HECS Repayment Income (HRI)
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Repayment Rate
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| 2010-2011 |
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| $44,913 - $50,028 |
4% of Taxable Income |
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| $50,029 - $55,143 |
4.5% of Taxable Income |
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| $55,144 - $58,041 |
5% of Taxable Income |
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| $58,042 - $62,390 |
5.5% of Taxable Income |
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| $62,391 - $67,570 |
6% of Taxable Income |
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| $67,571 - $71,126 |
6.5% of Taxable Income |
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| $71,127 - $78,273 |
7% of Taxable Income |
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| $78,274 - $83,407 |
7.5% of Taxable Income |
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| $83,408 or more |
8% of Taxable Income |
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If you would like more information on GST contact Marlow Canete & Associates.
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