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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.

 

plus $145 and $73 for each additional adult and child.

 

 

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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