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

Three adults and two children

725

Over 2500 cc

Four adults

724

Motor cycles

'Adults': 12 years and over before the beginning of the FBT year.

In relation to larger family groupings, the above figures apply.

Declarations

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

Housing CPI Figures

State or Territory

NSW

Vic

Qld

Tas

ACT

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

1.25%

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)

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.

Seminars Australia Pty Ltd

ABN: 83 981 851 753

E: admin99@seminarsaustralia.com.au (without the numbers)