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Tax & Super Guide

Tax and Super GuideCheck 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 Income2020-21 (%)
$0 to $18,200Nil
$18,201 to $37,00019
$37,001 to $90,00032.5
$90,001 to $180,00037
Over $180,00045
The above rates do not include the Medicare levy of 2%

 

Personal Income Tax Rates - Non-residents
Taxable Income2020-21 (%)
$0 to $90,00032.5
$90,001 to $180,00037
Over $180,00045

 

Personal Income Tax Rates - Minors
Taxable Income2020-21 (%)
$0 to $416Nil
$417 to $1,30766
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 $37,000Nil$445
$37,001 to $66,666(TI - $37,000) x 0.015$445 - R
$66,667+$445Nil

 

Minimum Pension Drawdown Percentages
Age2020-21 (%)
Under 652
65 - 742.5
75 - 793
80 - 843.5
85 - 894.5
90 - 945.5
95 and over7

 

Maximum Superannuation Contribution Base
Financial Year2020-21
Rate9.5%
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 YearAmount of Cap
2020-21$1.565 million

 

Superannuation Co-contribution Income Thresholds
Financial YearLower income thresholdUpper 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 birthPreservation age
Before 1 July 196055
1 July 1960 - 30 June 196156
1 July 1961 - 30 June 196257
1 July 1962 - 30 June 196358
1 July 1963 - 30 June 196459
After 1 July 196460

 

Conditions of Release & Cashing Restrictions
Condition of ReleaseCashing Restrictions
RetirementNil
Attaining preservation ageAny of the following: (i) transition to retirement pension, (ii) non-commutable pension, or (iii) non-commutable annuity.
Attaining age 65Nil
DeathNil
Terminal medical conditionNil
Permanent IncapacityNil
Temporary incapacityMust 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 $200Nil
Temporary resident leaving Australia permanentlyWithdrawal 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 hardshipAssuming 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 groundsTaking 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 employmentFor preserved benefits: non-commutable lifetime pension or annuity. For restricted non-preserved benefits: Nil

 

Age Pension Asset Test Thresholds
HomeownerNon-Homeowner
Full PensionPension cut outFull PensionPension cut out
Single$268,000$583,000$482,500$797,500
Couple$401,500876,500$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 holdingLand Tax payable
$0 - $249,999Nil
$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 holdingLand Tax payable
$0 - $24,999Nil
$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
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AFSL No. 247124 · Tel (03) 9663 6602 · Melbourne, Victoria