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Useful Information
Fringe Benefits Tax: YE 31 March 2023
Statutory interest rate: 4.52%
LAFHA Reasonable Food and Drink in Australia (TD 2022/2)
Car parking threshold $9.72
Persons Receiving Allowance
$ Per Week
Record keeping exemption $9,181
One adults
289
Two adults
434
Gross up and tax rates:
Three adults
579
Type 1
Type 2
FBT Rate
One adult and one child
362
2.0802
1.8868
47%
Two adults and one child
507
Two adults and two children
580
Non-Car c/km rates (TD 2022/3)
Two adults and three children
653
Engine Capacity
C/km Per FBT Year
Three adults and one child
652
0 - 2500 cc
58
Three adults and two children
725
Over 2500 cc
69
Four adults
724
Motor cycles
17
'Adults': 12 years and over before the beginning of the FBT year.
In relation to larger family groupings, the above figures apply.
Housing CPI Figures
State or Territory
NSW
Vic
Qld
SA
WA
Tas
ACT
NT
CPI
0.980
0.990
1.019
1.020
1.044
1.037
1.024
1.030
Income Tax: YE 30 June 2023
Individual Tax Rates
Taxable Income
Residents
Non-Residents
0 - $18,200
Nil
32.5c for each dollar
$18,201 - $45,000
Nil + 19c for each dollar over $18,200
(Different rules for working holiday makers)
$45,001 - $120,000
$5,092 + 32.5c for each $1 over $45,000
$120,001 - $180,000
$29,467 + 37c for each $1 over $120,000
$39,000 + 37c for each $1 over $120,000
$180,0001 -
$51,667 + 45c for each $1 over $180,000
$61,200 + 45c for each $1 over $180,000
Medicare Levy and Medicare Surcharge: YE 20 June 2022
Medicare Levy: 2% of taxable income (residents only).
Medicare Surchage (residents only):
Tier 1
Tier 2
Tier 3
Singles
$90,001 - $105,000
$105,001 - $140,000
$140,001 or more
Families
$180,001 - $210,000
$210,001 - $280,000
$280,001 or more
The family income threshold is increased by $1,500 for each
dependant child (as defined) after the first child.
Rate
1%
1.25%
1.5%
ATO Cents Per Kilometre Rate: YE 30 June 2022
0.72 cents per kilometre (no matter what size of car engine)
Superannuation Guarantee YE 30 June 2023
Minimum level of superannuation support:
10.5% x ordinary time earnings (as defined) of an employee (as defined).
Maximum superannuation contribution base:
$60,220 per quarter ($240,880 per annum).
Tax Free Redundancy Thresholds YE 30 June 2023
$11,591, plus $5,797 for each completed year of service
Payroll Tax Rates and Thresholds Australia-Wide
State or Territory
Rate
Monthly Annual Australian Wages Threshold
Monthly Tax Threshold(Per Calendar Month)
New South Wales
4.85%
$1,200,000
(Note 1)
Victoria (Note 2)
4.85% (2.02%)
$700,000
$58,333
Queensland (Note 3)
4.75%/4.95%
(3.75%/3.95%)
$1,300,000
$108,333
South Australia
(Note 4)
(Note 4)
(Note 4)
Western Australia (Note 5)
(Note 5)
$1,000,000
$83,333
Tasmania (Note 1)
4% (initial) 6.1%
$1,250,000 (initial) $2m
(Note 1)
ACT
6.85%
$2,000,000
$166,666
Northern Territory
5.5%
$1,500,000
$125,000
Note 1: NSW and Tasmania calculate the monthly threshold based on the number of days in the month:
Days in Month
NSW Monthly Threshold
Tasmania Monthly Threshold
28 days
$92,055
$99,043/$158,469
30 days
$98,630
$102,459/$163,934
31 days
$101,918
$105,874/$169,398
Tasmania
There are two payroll tax thresholds and rates:
businesses with total wages of less than $1.25m pay no payroll tax
businesses with total wages between $1.25m - $2m pay payroll tax at 4%
businesses will pay payroll tax at 6.1% on wages above $2m
Note 2: Victorian Regional Employers
The rate is 1.2125% applies to regional employers. A regional employer is one that is based in regional Victoria (as determined by the registered ABN address or principal place of business), and pays at least 85% of Victorian taxable wages to regional employees (employees who perform their services mainly (more than 50 per cent) in regional Victoria during the month).
Note 3: Queensland
Rates
The payroll tax rate is 4.75% for employers or groups of employers who pay $6.5 million or less in Australian taxable wages, and 4.95% for employers or groups of employers who pay more than $6.5 million in Australian taxable wages.
Regional Employers
For regional employers (as defined), the payroll tax rate is 3.75% for employers or groups of employers who pay $6.5 million or less in Australian taxable wages, and 3.95% for employers or groups of employers who pay more than $6.5 million in Australian taxable wages.
Threshold
Upper Reduction Threshold (Monthly)
Upper Reduction Threshold(Annual)
Taper Rate
$541,666
$6,500,000
$1 for every $4
Note 4: South Australia
Total Australian Wages (TAW)
Less than $1,500,001
$1,500,001 - $1.7m
Over $1.7m
Nil
Variable from 0% to 4.95%
[(TAW – 1.5m)/200,000] x 4.95
4.95%
The tax free threshold of $600,000 pa ($50,000 per month still applies for employers paying wages over 1.5m.
Note 5: Western Australia
Upper Reduction Threshold(Monthly)
Upper Reduction Threshold(Annual)
Taper Rate
$625,000
$7,500,000
$2 for every $13
Total Australian Wages (TAW)
Rate
Annual
Monthly
(To a maximum of 6.5%)
$1m - to less than $7.5m
$83,333 – less than $8.33m
5.5% (Threshold applies)
$7.5m – less than $100m
$625,000 – less than $8.33m
5.5%
$100m – less than 1.5b
$8.33m – less than $125m
5.5% for wages up to $100m then 6%
$1.5 billion and over
$125m and over
5.5% for wages up to $100m
6% for wages $100m – less than $1.5b
6.5% for wages $1.5b and over
Minimum Wages (Award Free Employees) From 1 July 2021
Adult (age 21 and over) National Minimum Wage: $20.33/hour or $772.60/38 hour week. Casuals add a 25% loading.
WA Adult (age 21 and over) Minimum Wage: $20.50/hour or $779.00/38 hour week. Casuals add 20% loading.
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