Benchmark interest rate for the purposes of Division 7A. It is the Indicator Lending Rates – Bank variable housing loans interest rate last published by the Reserve Bank of Australia before the start of the income year.
| For the year ended 30 June |
% |
Additional reference (refer to TD below) |
2008 |
8.05 |
TD 2007/23 |
2007 |
7.55 |
TD 2006/45 |
2006 |
7.3 |
TD 2005/31 |
2005 |
7.05 |
TD 2004/28 |
2004 |
6.55 |
TD 2003/19 |
2003 |
6.3 |
TD 2002/15 |
2002 |
6.8 |
TD 2001/20 |
(not including Medicare levy)
| Taxable Income | Tax rate % |
$0 to $6,000 |
0% |
$6,001 to $34,000 |
15% |
$34,001 to $80,000 |
30% |
$80,001 to $180,000 |
40% |
| Greater than $180,000 | 45% |
| Taxable Income | Tax rate % |
$0 to $34,000 |
29% |
$34,001 to $80,000 |
30% |
$75,001 to $180,000 |
40% |
$180,000 & over |
45% |
Under S.6 of SCC Act, the government is currently contribute $1.5 for every $1 an eligible individual contributes into superannuation, up to the maximum of $1500 per annum for that particular year of income, details follows;
| Maximum amount of co-contributions | |
$ 1500 |
$1500 reduced by 5c for each dollar of income above Lower Income Threshold ($30,000, in 2007 the threshold is $28000) |
for further details, please send us an e-mail or give us a call
In accordance with s.290-150 to S.290-165, personal superannuation contributions are generally deductible for income tax purposes in the year you make them but please observe the following major changes;
New Contribution Rules (from 1 July 2007)
| Income year
Under 50 yo |
Deductibility/Tax rates applicable |
||
Employer and self-employed/substantially self-employed contributions up to $50,000 per annum |
Deductible with 15% contributions tax |
||
Employer and self-employed/substantially self-employed contributions in excess of $50,000 per annum |
Deductible with tax at 46.5% (15% contributions tax plus 31.5% additional tax) |
| Income year
(2007-2012)
Over 50 yo(transitional arrangement) |
Deductibility/Tax rates applicable |
||
Employer and self-employed/substantially self-employed contributions up to $100,000 per annum |
Deductible with 15% contributions tax |
||
Employer and self-employed/substantially self-employed contributions in excess of $100,000 per annum |
Deductible with tax at 46.5% (15% contributions tax plus 31.5% additional tax) |
Note:

Self-employed contribution – Superannuation Deduction Limits, (before 1 July 2007)
You can claim a deduction for personal contributions you make to a complying superannuation fund or RSA if you are either:
Amount of Contribution |
2007 Maximum Deduction |
0 – A$5,000 |
$5,000 |
A$5,000+ |
$5,000 + 75% of every $1 over $5,000 |
Note:
Generally, superannuation contributions are deductible for income tax purposes in the year you make them subject to the following age-based limits.
The following limits apply to:
Deduction limits based on the age of the employee
| Income year | Under age 35 |
Age 35 to 49 |
Age 50 to 70 (& 28 days) |
2006–07 |
$15,260 |
$42,385 |
$105,113 |
2005–06 |
$14,603 |
$40,560 |
$100,587 |
2004–05 |
$13,934 |
$38,702 |
$95,980 |
2003–04 |
$13,233 |
$36,754 |
$91,149 |
2002–03 |
$12,651 |
$35,138 |
$87,141 |
2001–02 |
$11,912 |
$33,087 |
$82,054 |
2000–01 |
$11,388 |
$31,631 |
$78,445 |
Note:

Self-employed contribution – Superannuation Deduction Limits, before 1 July 2007)
You can claim a deduction for personal contributions you make to a complying superannuation fund or RSA if you are either:
Amount of Contribution |
2007 Maximum Deduction |
0 – A$5,000 |
$5,000 |
A$5,000+ |
$5,000 + 75% of every $1 over $5,000 |
Note:

Generally, superannuation contributions are deductible for income tax purposes in the year you make them subject to the following age-based limits.
The following limits apply to:
Deduction limits based on the age of the employee
| Income year | Under age 35 |
Age 35 to 49 |
Age 50 to 70 (& 28 days) |
2006–07 |
$15,260 |
$42,385 |
$105,113 |
2005–06 |
$14,603 |
$40,560 |
$100,587 |
2004–05 |
$13,934 |
$38,702 |
$95,980 |
2003–04 |
$13,233 |
$36,754 |
$91,149 |
2002–03 |
$12,651 |
$35,138 |
$87,141 |
2001–02 |
$11,912 |
$33,087 |
$82,054 |
2000–01 |
$11,388 |
$31,631 |
$78,445 |
Note:

Self-employed contribution – Superannuation Deduction Limits, before 1 July 2007)
You can claim a deduction for personal contributions you make to a complying superannuation fund or RSA if you are either:
Amount of Contribution |
2007 Maximum Deduction |
0 – A$5,000 |
$5,000 |
A$5,000+ |
$5,000 + 75% of every $1 over $5,000 |
Note:
