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Rate And Tables Essay

1144 words - 5 pages


Marginal Tax Rates1 (MTR)

|Taxable income (TI) |Tax on this TI (2012/13) |
|$0 - $18,200 |Nil |
|$18,201 - $37,000 |19 cents for each $1 over $18,200 |
|$37,001 - $80,000 |$3,572 plus 32.5 cents for each $1 over $37,000 |
|$80,001 - $180,000 |$17,547 plus 37 cents for each $1 over $80,000 ...view middle of the document...

Offset reduces by 12.5 cents for each dollar of TI in excess of the shade-out threshold.

Tax on Life Benefit Employment Termination Payments

|Component |Age |Tax treatment3 |
|Tax-free component |All ages |0% |
|Taxable component |Preservation age to 59 |Amount up to $175,000 – 15% tax |
| | |Amount over $175,000 – 45% tax |
| |Below preservation age |Amount up to $175,000 – 30% tax |
| | |Amount over $175,000 – 45% tax |

3. Medicare levy (1.5%) is also added where applicable.

Fringe Benefits (FB)

|Type of aggregate FB amount |Gross-up factor |
|Type 1 (GST) |2.0647 |
|Type 2 (no GST) |1.8692 |

Superannuation Contributions

|Member’s age at time |Personal contribution made by|Other contributions – made by|Voluntary employer |Mandated employer |
|of contribution |member |someone other than member or |contribution |contribution |
| | |employer | | |
| |e.g., personal |e.g., spouse contribution, |e.g., salary sacrifice, |e.g., SG contributions |
| |non-concessional, personal |Government co-contribution |other employer |under an industrial |
| |concessional contributions | |contributions in excess of|award |
| | | |SG | |
|Under 65 |Yes |Yes |Yes |Yes |
|65 to 69 |Work test |Work test |Work test |Yes |
|70 - 74 |Work test |No |Work test |Yes |
|75 and over |No |No |No ...

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