Check our tax and super guide for the latest rates, rules and limits that apply to residents and non-residents.
- Personal Income Tax Rates – Residents
- Personal Income Tax Rates – Non-residents
- Personal Income Tax Rates – Minors
- Low Income Tax Offset
- Minimum Pension Drawdown Percentages
- Maximum Superannuation Contribution Base
- Superannuation Contribution Limits
- Capital Gains Tax (CGT) Cap
- Superannuation Co-contribution Income Thresholds
- Determining your Preservation Age
- Superannuation Conditions of Release & Cashing Restrictions
- Age Pension Assets Test Thresholds
- Land Tax (Victoria)
| Personal Income Tax Rates - Residents | |
|---|---|
| Taxable Income | 2020-21 (%) |
| $0 to $18,200 | Nil |
| $18,201 to $45,000 | 19 |
| $45,001 to $120,000 | 32.5 |
| $120,001 to $180,000 | 37 |
| Over $180,000 | 45 |
| The above rates do not include the Medicare levy of 2%. The LITO and LMITO tax offsets can further lower your income tax if you earn less than $126,000 per annum. | |
| Personal Income Tax Rates - Non-residents | |
|---|---|
| Taxable Income | 2020-21 (%) |
| $0 to $120,000 | 32.5 |
| $120,001 to $180,000 | 37 |
| Over $180,000 | 45 |
| Personal Income Tax Rates - Minors | |
|---|---|
| Taxable Income | 2020-21 (%) |
| $0 to $416 | Nil |
| $417 to $1,307 | 66 |
| Over $1,307 * | 45 |
* Excludes exempted income such as employment income and Medicare Levy |
|
| Low Income Tax Offset | ||
|---|---|---|
| Taxable Income (TI) | Reduction in offset (R) | Maximum offset |
| $0 to $37,000 | Nil | $445 |
| $37,001 to $66,666 | (TI - $37,000) x 0.015 | $445 - R |
| $66,667+ | $445 | Nil |
| Minimum Pension Drawdown Percentages | |
|---|---|
| Age | 2020-21 (%) |
| Under 65 | 2 |
| 65 - 74 | 2.5 |
| 75 - 79 | 3 |
| 80 - 84 | 3.5 |
| 85 - 89 | 4.5 |
| 90 - 94 | 5.5 |
| 95 and over | 7 |
| Maximum Superannuation Contribution Base | |
|---|---|
| Financial Year | 2020-21 |
| Rate | 9.5% |
| Maximum Quarterly Contribution Base | $57,090 ($228,360 per annum) |
| Superannuation Contribution Limits 2020-21 | |
|---|---|
| Concessional | |
| Under 67 or under 75 and meet work test* or have work test exemption | $25,000 |
| Non-Concessional | |
| Under 67 | $100,000 or $300,000 using 'bring forward' rules |
| 67 to 75 and meet work test* or have work test exemption | $100,000 |
* Member must be gainfully employed for a minimum of 40 hours in a consecutive 30-day period prior to the contribution being made. |
|
| Capital Gains Tax (CGT) Cap | |
|---|---|
| Financial Year | Amount of Cap |
| 2020-21 | $1.565 million |
| Superannuation Co-contribution Income Thresholds | ||
|---|---|---|
| Financial Year | Lower income threshold | Upper income threshold |
| 2020-21 | $39,837 | $54,837 |
To receive a government co-contribution you must: (i) have made one or more eligible personal super contributions to your super account during the financial year; (ii) pass the income threshold test and 10% eligible income test; (iii) be less than 71 years old at the end of the relevant financial year; (iv) not hold a temporary visa at any time during the financial year unless you are a New Zealand citizen or it was a prescribed visa; (v) lodge your tax return for the relevant financial year; (vi) have a total superannuation balance that is less than the transfer balance cap ($1.6 million for the 2017-18); (vii) not have contributed more than your non-concessional contributions cap. |
||
| Determining your preservation age | |
|---|---|
| Date of birth | Preservation age |
| Before 1 July 1960 | 55 |
| 1 July 1960 - 30 June 1961 | 56 |
| 1 July 1961 - 30 June 1962 | 57 |
| 1 July 1962 - 30 June 1963 | 58 |
| 1 July 1963 - 30 June 1964 | 59 |
| After 1 July 1964 | 60 |
| Conditions of Release & Cashing Restrictions | |
|---|---|
| Condition of Release | Cashing Restrictions |
| Retirement | Nil |
| Attaining preservation age | Any of the following: (i) transition to retirement pension, (ii) non-commutable pension, or (iii) non-commutable annuity. |
| Attaining age 65 | Nil |
| Death | Nil |
| Terminal medical condition | Nil |
| Permanent Incapacity | Nil |
| Temporary incapacity | Must be a non-commutable income stream for continuing the gain or reward the person was receiving previously and not exceed the period of incapacity. |
| Preserved super benefit worth less than $200 | Nil |
| Temporary resident leaving Australia permanently | Withdrawal benefit can be paid as either (i) a single lump sum, or (ii) a transfer, rollover or contribution that ensures the amount is cashed. |
| Severe financial hardship | Assuming the financial hardship tests are met, the person may take a single lump sum payment of between $1,000 and $10,000 every 12 months. |
| Compassionate grounds | Taking into account the person's financial capacity, a single lump sum that (i) is reasonably required, and (ii) does not exceed 3 months' loan repayments or 12 months interest on the outstanding loan balance. |
| Termination of gainful employment | For preserved benefits: non-commutable lifetime pension or annuity. For restricted non-preserved benefits: Nil |
| Age Pension Asset Test Thresholds | ||||
|---|---|---|---|---|
| Homeowner | Non-Homeowner | |||
| Full Pension | Pension cut out | Full Pension | Pension cut out | |
| Single | $268,000 | $583,000 | $482,500 | $797,500 |
| Couple | $401,500 | 876,500 | $616,000 | $1,091,000 |
Notes: Pension reduced by $78 per annum per $1,000 over full pension threshold. Full pension thresholds are indexed each 1 July in line with the CPI. The upper asset test thresholds are increased from 20 September and 20 March each year. The lower asset test thresholds are increased from 1 July each year. |
||||
Land Tax (Victoria) |
|
|---|---|
| General Rates | |
| Taxable value of land holding | Land Tax payable |
| $0 - $249,999 | Nil |
| $250,000 - $599,999 | $275 + 0.2% of excess over $250,000 |
| $600,000 - $999,999 | $975 + 0.5% of excess over $600,000 |
| $1,000,000 - $1,799,999 | $2,975 + 0.8% of excess over $1,000,000 |
| $1,800,000 - $2,999,999 | $9,375 + 1.3% of excess over $1,800,000 |
| $3,000,000+ | $24,975 + 2.25% of excess over $3,000,000 |
| Surcharge Rates for Trusts | |
| Taxable value of land holding | Land Tax payable |
| $0 - $24,999 | Nil |
| $25,000 - $249,999 | $82 + 0.375% of excess over $25,000 |
| $250,000 - $599,999 | $926 + 0.575% of excess over $250,000 |
| $600,000 - $999,999 | $2,938 + 0.875% of excess over $600,000 |
| $1,000,000 - $1,799,999 | $6,438 + 1.175% of excess over $1,000,000 |
| $1,800,000 - $2,999,999 | $15,838 + 0.7614% of excess over $1,800,000 |
| $3,000,000+ | $24,975 + 2.25% of excess over $3,000,000 |