FINANCIAL ADVISER POCKET GUIDE 2013 - 2014 CONTENTS TAXATION SUperannuation SOC

FINANCIAL ADVISER POCKET GUIDE 2013 - 2014 CONTENTS TAXATION SUperannuation SOCIAL SECURITY Online Resources Tax Rates 04 Other Tax Rates 06 Tax Offsets 07 Contributions 10 Taxation of Superannuation 13 Superannuation Income Streams 16 Employment Termination Payments 20 Age Pension 22 Life Tables, Australia, 2005 – 2007 26 Online Resources 29 TAXATION Tax Rates Resident personal tax rateS (2013/2014) Medicare levy (2013/2014) Taxable Income Marginal Rate* Tax Payable No levy Reduced levy* Full 1.5% $0 – $18,200 Nil Nil $18,201 – $37,000 19.0% 19c for each $1 over $18,200 $37,001 – $80,000 32.5% $3,572 plus 32.5c for each $1 over $37,000 $80,001 – $180,000 37% $17,547 plus 37c for each $1 over $80,000 $180,001 & over 45% $54,547 plus 45c for each $1 over $180,000 All other taxpayers other than those eligible for SAPTO (2013/2014) Single $0 – $20,542 $20,543 – $24,167 $24,168 & over Couple $0 – $33,693 $33,694 – $39,638 $39,639 & over Add $3,094 to the ‘lower threshold’ and $3,640 to the ‘upper threshold for each dependent child or student. Eligible for SAPTO (2013/2014)** Single $0 – $32,279 $32,280 – $37,975 $37,976 & over Couple $0 – $46,000 $46,001 – $54,117 $54,118 & over *Note: The rates above exclude Medicare levy of 1.5% on taxable income for residents *Note: Reduced Medicare levy is 10c (shade in rate) for every dollar over the ‘lower threshold. The full 1.5% is applicable where taxable income is over the ‘upper threshold’ for the reduced Medicare levy. From 1 July 2014 the Medicare Levy will increase to 2% of taxable income. Mentor Education www.mentor.edu.au Non-resident personal tax rates (2013/2014) Tax rate for Minors – unearned income (2013/2014) Medicare levy surcharge (2013/2014) Taxable Income Marginal Rate* Tax Payable Income Marginal rate Single Family Surcharge $0 – $80,000 32.5% 32.5c for each $1 $80,001 – $180,000 37% $26,000 plus 37c for each $1 over $80,000 $180,001 & over 45% $63,000 plus 45c for each $1 over $180,000 $0 – $416 Nil $417 – $1,307 66% of each $1 over $416 $1,308 & over 45% of the entire income Tier 1 $ 88,001 – $102,000 $176,001 – $204,000 1.00% Tier 2 $102,001 – $136,000 $204,001 – $272,000 1.25% Tier 3 $136,001 & over $272,001 & over 1.50% *Note: Medicare levy do not apply to non-residents. *Note: ‘Earned income’ is taxed at adult marginal rates. LITO is no longer available for ‘unearned income’ of minors. *Note: *The threshold includes taxable income, reportable fringe benefits, reportable super contributions and total net investment loss, and is increased by $1,500 per child after the first. Single parents and couples (including de facto couples) are subject to family tiers. Medicare levy surcharge only applies if not covered by private health insurance. There is no substitute for Quality Training TAXATION 05 Tax rate Company 30% Superannuation fund: • Complying 15% • Non-complying 45% Insurance and Friendly Society Bonds 30% Fringe benefit tax rate (FBT year end 31 March 2014) OTHER TAX RATES Fringe benefit provided Gross-up rate After 30/06/2000 which have been eligible to an input tax credit under GST regime 2.0647 Does not attract an input tax credit 1.8692 FBT rate is 46.5% and calculated on the tax-inclusive value of the fringe benefit provided in the year. Mentor Education www.mentor.edu.au Capital gains tax Asset bought before 20 September 1985 Asset bought between 20 September 1985 and 20 September 1999 Assets bought on or after 21 September 1999 Capital gains tax exempt For assets held for more than 12 months, taxpayers can choose to either: 1. Pay capital gains tax on 50% of the difference between the original cost base and the disposal price) OR 2. Pay capital gains tax on the difference between the indexed cost base and the disposal price. The indexed cost base is the original cost base multiply by the frozen CPI index (123.4) as at September 1999 divide by the CPI index for quarter of acquisition. For assets held for less than 12 months, capital gains tax is payable on the whole gain. For assets held for more than 12 months, taxpayer pay capital gains tax on 50% of the difference between the cost base and the disposal price. Only the 50% discount applies. No indexation is available. For assets held for less than 12 months, capital gains tax is payable on the whole gain. The assessable capital gain is included in the individual’s taxable income and is taxed at marginal tax rate. Tax offsets, previously known as rebates, reduce the tax payable by an individual. Tax OFFSETS Max. Offset* Shade-out threshold Cut-out threshold Low income earner $445 $37,000 $66,667 *Reduces by 1.5c for each $1 of taxable income over $37,000. Tax free threshold is effectively $20,542. LITO is no longer available for unearned income of minors. Low income tax offset (LITO) 2013/2014 There is no substitute for Quality Training TAXATION 07 Mentor Education www.mentor.edu.au Shade-out Cut-out Low income aged person Max. offset* threshold threshold Single $2,230 $32,279 $50,119 Couple (each) $1,602 $28,974 $41,790 Couple separated due to illness (each) $2,040 $31,279 $47,599 *The maximum offset reduces by 12.5c for every dollar of rebate income over the shade-out threshold and erodes entirely at the cut-out threshold. Rebate income includes taxable income, adjusted fringe benefits, reportable super contributions and total net investment loss. Note: The maximum MAWTO is $500 each year. This has not been increased since it was introduced in July 2004. Must be a resident for tax purposes, born before 1 July 1957 and have received ‘net income from working’ to qualify. Senior and Pensioners tax offset (SAPTO) 2013/2014 Mature age worker offset (MAWTO) 2013/2014 Net working income Tax offset $10,000 or less 5% of income $10,001 – $53,000 $500 $53,001 – $63,000 $500 – [‘net working income’ – $53,000) x0.05] There is no substitute for Quality Training *Note: *The threshold includes taxable income, reportable fringe benefits, reportable super contributions and total net investment loss, and is increased by $1,500 per child after the first. Single parents and couples (including de facto couples) are subject to family tiers. For singles and couples or families with adjusted taxable income up to and including $84,000 and $168,000 respectively, an offset is 20% of whatever is left (or ‘the excess’) of net medical expenses over $2,120 that were paid in a financial year may be claimed. Net medical expenses are the total amount spent on medical expenses (on behalf of the taxpayer and their dependants) minus any reimbursement paid by private health insurance or Medicare. There is no upper limit on the amount that can be claimed. Note: From 1 July 2012, singles and couples or families with adjusted taxable income above the thresholds can only claim an offset of 10% of net medical expenses over $5,000 (all thresholds are indexed annually). From 1 July 2013 those taxpayers who claimed the NMETO for the 2012/13 income year will continue to be eligible for the NMETO for the 2013/14 income year if they have eligible out of pocket medical expenses above the relevant thresholds. Similarly, those who claim the NMETO in 2013/14 will continue to be eligible for the NMETO in 2014/15. Private health insurance (PHI) Rebate (2013/2014) Net medical expenses offset NMETO (2012/2013) Single <65 65-69 70+ Family <65 65-69 70+ $ 88,000 or less 30% 35% 40% $176,000 or less 30% 35% 40% Tier 1 $ 88,001 – $102,000 20% 25% 30% $176,001 – $204,000 20% 25% 30% Tier 2 $102,001 – $136,000 10% 15% 20% $204,001 – $272,000 10% 15% 20% Tier 3 $136,001 & over nil nil nil $272,001 & over nil nil nil TAXATION 09 SUPERANNUATION Contributions Acceptance of contributions Concessional Contributions Non-Concessional Contributions Age of member Fund may accept contributions that are: Under age 65 Made by or on behalf of member at any time. Age 65 to 69 Mandated contributions; or Made by or on behalf of the member provided the member meets the work test*. Age 70 to 74 Mandated contributions; or Made by the member or voluntary employer contributions (including salary sacrifice) provided the member meets the work test* and the contributions are received within 28 days of the end of the month in which the member reaches age 75. Age 75 & over Mandated contributions under an industrial Award or workplace agreement. *Work test – member has been gainfully employed for a minimum of 40 hours over 30 consecutive days during the financial year in which the contributions are made. Concessional contributions are sometimes known as ‘before-tax’ contributions and include: • Contributions made by an employer for an employee, including SG contributions, contributions made under a salary sacrifice arrangement; and • Personal contributions that are claimed as a tax deduction (where the person is eligible to claim). Non-concessional contributions are sometimes known as ‘after-tax’ contributions and include: • Personal contributions that an income tax deduction has not been claimed for, such as contributions made from take-home pay; • Contributions made by a contributing spouse to a receiving spouse’s super fund (but not a contribution as an employer); and • uploads/Voyage/ rg146-pocket-guide.pdf

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FINANCIAL ADVISER POCKET GUIDE 2013 - 2014 CONTENTS TAXATION SUperannuation SOC 0 0

• Détails
• Publié le Fev 12, 2022
• Catégorie Travel / Voayage
• Langue French
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