Tax Update
Statutory Declaration for PAYG payment Summary
If your PAYG Payment Summary (Group Certificate) has been lost or has not received from your payer (employer), please download the form, complete and lodge it together with your tax return.
Statutory Declaration (for missing PAYG payment Summary)
Benchmark Interest Rates
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) |
2011 |
7.4% |
|
2010 |
5.75 |
TD 2009/16 |
2009 |
9.45 |
TD 2008/19 |
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 |
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Resident income tax rates from 1st July 2011
(not including Medicare levy)
| Taxable Income |
Tax rate % |
$0 to $6,000 |
0% |
$6,001 to $37,000 |
15% |
$37,001 to $80,000 |
30% |
$80,001 to $180,000 |
37% |
| Greater than $180,000 |
45% |
Resident income tax rates from 1st July 2010
(not including Medicare levy)
| Taxable Income |
Tax rate % |
$0 to $6,000 |
0% |
$6,001 to $37,000 |
15% |
$37,001 to $80,000 |
30% |
$80,001 to $180,000 |
37% |
| Greater than $180,000 |
45% |
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Non-resident income tax rates from 1st July 2010
| Taxable Income |
Tax rate % |
$0 to $37,000 |
29% |
$37,001 to $80,000 |
$10,730 plus 30c for each $1 over $37,000
|
$80,00 to $180,000 |
$23,600 plus 37c for each $1 over $80,000
|
$180,000 & over |
$60,630 plus 45c for each $1 over $180,000
|
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Deductions for Business Professionals
We have been constantly asked regarding the work related deductions for various occupation including business professionals, the following link will provide information that will be able to help you better understand what claims that you may be entitled when preparing your taxation returns...
Details
Foreign Exchange Rate
All foreign income, deductions and foreign tax paid must be first be converted to Australian dollars before including it in your tax return. From 1 July 2003, these require amounts to be converted at the exchange rate prevailing at the time of a transaction, or at an average rate...
Details
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Deductions for Business Professionals
We have been constantly asked regarding the work related deductions for various occupation including business professionals, the following link will provide information that will be able to help you better understand what claims that you may be entitled when preparing your taxation returns...
Details
Foreign Exchange Rate
All foreign income, deductions and foreign tax paid must be first be converted to Australian dollars before including it in your tax return. From 1 July 2003, these require amounts to be converted at the exchange rate prevailing at the time of a transaction, or at an average rate...
Details
Record Keeping Evaluation Tool
If you are thinking of starting a business and or already in business and would like to know more about record keeping, this Record Keeping Evaluation Tool would be a great help to you...
Details
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Deductions for Mechanical, Automotive and Electrical Trades persons
ATO will be reviewing claims for work-related deductions for various occupation including the Mechanical, Automotive and Electrical Trade persons, the following link will provide information that will be able to help you to better understand what claims that you may be entitled when preparing your taxation returns...
Details
Deductions for information technology professionals
ATO will be reviewing claims for work-related deductions for various occupation including the information technology professionals, the following link will provide information that will be able to help you to better understand what claims that you may be entitled when preparing your taxation returns...
Details
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