To download a copy of our Checklist for Individual Tax Returns, please click here: 2021 Individual Tax Return Checklist
For our comprehensive calendar of Key Dates for 2021 - 2022, please click here: MW Partners Calendar 2021 – 2022
Resident Income Tax Rates:
|Taxable Income||Tax on Column 1||% on excess ( Marginal Rate )|
*Medicare Levy: Currently, the rate of Medicare Levy is 2%, If your income is below $23,226 no Medicare levy is payable.
*Medicare levy Surcharge: A resident Individual who is not covered by private patient hospital health insurance and “their income for surcharge purposes” is more than $90,000 for singles and $180,000 for couples, an additional surcharge may be payable ranging from 1%-1.5%, Please see Medicare levy income ranges.
Super Contributions Cap 2021/22:
*Concessional Contributions Cap $27,500
*Non Concessional Contributions Cap $110,000 (Non – Concessional contributions are not tax deductable)
Concessional Contributions which exceed the general cap will be taxed at the taxpayers marginal rates less a 15% tax offset in their tax return.
Taxpayers with an adjustable taxable income in excess of $250,000 will be charged 15% on any concessional contributions above the $250,000 threshold.
Capital Gains Tax Discount: A 50% discount is available for CGT assets that have been held for more than 12months by an Australian resident . This applies to individuals and trusts. A 33.33% discount is applicable to complying superfunds. No 50% discount is available for companies.
5% Discount on tax payable for individual business Income: A individual taxpayer with an aggregated annual turnover of under $2 million will be eligible for a small business tax offset. A 5% tax offset on tax payable capped at $1,000 per individual is applicable (This equates to $1,000 off your tax payable).
Company Tax Rate: A company which qualifies as a base rate entity, will be eligible for a reduced tax rate of 26.0% on profits.
Immediate tax write off of assets : Small business are able to write off all costs of acquisition
Disclaimer: The information provided in this guide is believed to be accurate as at September 2021. However the publisher and authors expressly disclaim all and any liability and responsibility to any person, of the consequences of anything done or omitted to be done by any such person in reliance of the contents of this publication. Please seek professional advice on all matters discussed in this publication before acting on such information.