This article is updated annually with new rates, or periodically to highlight changes (if any) to the Senior Australians & Pensioners Tax Offset (SAPTO) rules. This article includes SATO rates for the 2013/2014, 2012/2013, 2011/2012, 2010/2011, 2009/2010 and 2008/2009 years. Since 1 July 2012, … [Read more...]
Due to a budget blowout caused by “an over-hang from the global financial crisis and strong Australian dollar”, the federal government has informally announced (drip fed via a series of casual comments in various interviews) that the income tax cuts, that were to take effect from 1 July 2015, … [Read more...]
Note: For your convenience we have included the latest income tax rates, and the income rates for the previous financial year. Over time, this page will also include relevant tax offsets, such as the Senior Australians and Pensioners Tax Offset (SAPTO), and other tax-related information such as the … [Read more...]
This article is written by Bruce Sutherland, a regular SuperGuide reader, a self-funded retiree and now ex-SMSF trustee. Bruce is a former CEO, and a former strategy consultant, and he holds a degree in Economics. Bruce has closed his SMSF because he believes that a SMSF is no longer tax-effective … [Read more...]
Q: I checked my statement and I put an extra $10 per week into my super and each time an amount is put in, it has been taxed. Is this right? I thought that my contributions were tax-free? A: I’m not certain if you’re asking: whether you pay any tax at all when you use your income to make … [Read more...]
On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus. Mr Swan announced the following superannuation-related changes: Super contributions surcharge for high-income earners. Doubling of the contributions tax to 30% … [Read more...]
Q: Great site! Lots of excellent information. However, I am not sure I agree with your comment "... if you earn less than $37,000 in a year (for the 2010/11 year), you have no real income tax advantages when investing via a superannuation fund." The tax payable on $37,000 (incl Medicare and low … [Read more...]
Q: I am attempting to work out when the 30% tax rate applies to both my wife and my own incomes for the 2010/2011 year. We are both 67 and operate a SMSF to which we can make concessional contributions, and I would like to reduce personal income to the point below which 30% tax rate … [Read more...]
On 2 May 2010, Federal Treasurer Mr Wayne Swan effectively released a mini-budget (in response to the Henry Tax Review) announcing the following changes: Increase in Superannuation Guarantee (SG) from 9% to 12% Tax refund in the form of a Government super contribution to lower-income … [Read more...]
