Links
Institute for Public Accountants https://www.publicaccountants.org.au/
Australian Taxation Office https://www.ato.gov.au/Business/
Abn Look up http://abr.business.gov.au/
HECS-Help Debt http://atotaxcalculator.com.au/help-debt
TFN declaration forms https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/TFN-declaration-form.pdf
Fair Work Ombudsman
-Information Statements https://www.fairwork.gov.au/employee-entitlements/national-employment-standards/fair-work-information-statement
Company Tax Rates
| Income year | Aggregated turnover threshold | Tax rate for base rate entities under the threshold | Tax rate for all other companies |
| 2017–18 | $25m | 27.5% | 30.0% |
| 2018–19 to 2019–20 | $50m | 27.5% | 30.0% |
| 2020–21 | $50m | 26.0% | 30.0% |
| 2021–22 and future years | $50m | 25.0% | 30.0% |
personal Tax Rates
TAX RATES 2024-2025
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 16 cents for each $1 over $18,200 |
| $45,001 – $135,000 | $4,288 plus 30 cents for each $1 over $45,000 |
| $135,001 – $190,000 | $31,288 plus 37 cents for each $1 over $135,000 |
| $190,001 and over | $51,638 plus 45 cents for each $1 over $190,000 |
The above rates do not include the Medicare levy of 2%.
TAX RATES 2021-2024
| Taxable income | Tax on this income |
|---|---|
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 19 cents for each $1 over $18,200 |
| $45,001 – $120,000 | $5,092 plus 32.5 cents for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37 cents for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45 cents for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
CAR EXPENSES
2025 KILOMETER RATE – 88 Cents per KM.
2024 KILOMETER RATE – 84 Cents per KM.
2023 KILOMETER RATE – 78 Cents per KM.
2020-2022 KILOMETER RATE – 72 Cents per KM.
CAR DEPRECIATION COST LIMIT 2020-2021
The 2020-2021 motor vehicle depreciation cost limit is $59,136. Effective life of cars increased from 6 2/3 years to 8 years for cars acquired on or after 1 July 2002.
For 2022 the cost limit will be $60,733.
FRINGE BENEFITS TAX
FBT RATE AND GROSS-UP FORMULA
1 April 2024 is 47%
| Fringe benefit type | FBT gross-up rate |
|---|---|
| Type 1 – input tax credit available | 2.0802 |
| Type 2 – all other cases | 1.8868 |
FBT – BENCHMARK INTEREST RATES
The statutory benchmark interest rates fro relevant FBT years are 4.8% (2021 to 31/03/2022) , 4.52% (31/03/2023), 7.77% (31/03/2024) and 8.77% (31/03/2025).
MYOB Hints
- Instructions for Prep PAYG Payment Summaires 30-06-16 – Account Right V2016.2
- Instructions for completing a Cash Basis Business Activity Statement – MYOB v18
- Instructions for uploading full MYOB .myo files, zipped files from USB memory stick/CD
- Instructions for changing SGC from 9.25% to 9.50% – MYOB
- Instructions for Prep of Group Certificates 30/06/14 – MYOB v19.9
- Instructions for Monthly Wages – MYOB v19.7
- Instructions for Completing Monthly IAS – MYOB 2014