Individual Income Tax Rates
Tax rates 2007-08
|
|
Tax on this income
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$1 $6,000
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Nil
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$6,001 $30,000
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15c for each $1 over $6,000
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$30,001 $75,000
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$3,600 plus 30c for each $1 over $30,000
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$75,001 $150,000
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$17,100 plus 40c for each $1 over $75,000
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$150,001 and over
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$47,100 plus 45c for each $1 over $150,000
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Tax rates 2008-09
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Taxable income
|
Tax on this income
|
|
$0 $6,000
|
Nil
|
|
$6,001 $34,000
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15c for each $1 over $6,000
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|
$34,001 $80,000
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$4,200 plus 30c for each $1 over $34,000
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$80,001 $180,000
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$18,000 plus 40c for each $1 over $80,000
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$180,001 and over
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$58,000 plus 45c for each $1 over $180,000
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Tax rates 2009-10
|
Taxable income
|
Tax on this income
|
|
$0 $6,000
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Nil
|
|
$6,001 $35,000
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15c for each $1 over $6,000
|
|
$35,001 $80,000
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$4,350 plus 30c for each $1 over $35,000
|
|
$80,001 $180,000
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$17,850 plus 38c for each $1 over $80,000
|
|
$180,001 and over
|
$55,850 plus 45c for each $1 over $180,000
|
The above rates do not include the Medicare Levy of 1.5%
New Workplace Awards and Regulations
Very Important for Employers and employees!
Some of you may or may not have heard recently that from 1 January workplace obligations and minimum standards have received a complete over haul. It is very important that employers understand their obligations and employees understand what they are entitled to.
Up until 31 December 2008 employment conditions were regulated by the federal government for companies and all other entities were regulated by the state. From 1 January 2010 the federal government have enacted the Fair Work Act 2009 and most states (including Queensland) have passed on their powers to the commonwealth meaning that we now are effectively regulated by one government department which is Fair Work Australia. They will be in charge of enforcing all minimum standards and resolving any workplace disputes regarding unfair dismissal, termination of employment etc.
The essence of the fair work act was the introduction of the National Employment Standards (NES). These are the bare minimum conditions that all employees will be entitled to. In summary they are as follows:
1. Maximum weekly hours of work 38 hours per week, plus reasonable additional hours.
2. Requests for flexible working arrangements allows parents or carers of a child under school age or of a child under 18 with a disability, to request a change in working arrangements to assist with the childs care.
3. Parental leave and related entitlements up to 12 months unpaid leave for every employee, plus a right to request an additional 12 months unpaid leave, plus other forms of maternity, paternity and adoption related leave.
4. Annual leave 4 weeks paid leave per year, plus an additional week for certain shift workers.
5. Personal / carers leave and compassionate leave 10 days paid personal / carers leave, two days unpaid carers leave as required, and two days compassionate leave (unpaid for casuals) as required.
6. Community service leave unpaid leave for voluntary emergency activities and leave for jury service, with an entitlement to be paid for up to 10 days for jury service.
7. Long service leave a transitional entitlement for certain employees who had certain LSL entitlements before 1/1/10 pending the development of a uniform national long service leave standard.
8. Public holidays a paid day off on a public holiday, except where reasonably requested to work.
9. Notice of termination and redundancy pay up to 4 weeks notice of termination (5 weeks if the employee is over 45 and has at least 2 years of continuous service) and up to 16 weeks redundancy pay, both based on length of service.
10. Provision of a Fair Work Information Statement employers must provide this statement to all new employees. It contains information about the NES, modern awards, agreement-making, the right to freedom of association, termination of employment, individual flexibility arrangements, rights of entry, transfer of business, and the respective roles of Fair Work Australia and the Fair Work Ombudsman.
In addition to the NES new award wages were introduced. These awards are called modern awards and work in conjunction with the NES. They stipulate the minimum pay and conditions of employment for various occupations and can be found at the fair work website www.fairwork.gov.au
If you have any questions regarding the new workplace rules please call us or alternatively you can call fair work Australia on 13 13 94.
Superannuation 'clearing house' service
The Government has announced a new measure to cut red tape for many businesses which have to make superannuation contributions to numerous super funds for their employees. From July 2010, small businesses will be able to pay one superannuation contribution to a 'clearing house', which will then forward payments on to super funds nominated by the employer.
Medicare is the nominated clearing house and small businesses will be able to begin registering with it online in May 2010 (for a July start).
How will the service work?
Small businesses with less than 20 employees will register for the service online and pay their superannuation contributions to Medicare, which will split them up and forward them on to the nominated super funds.
Employers will pass on choice-of-fund nominations to Medicare.
Medicare will develop an online system for registration and on-going payments, with payments initially being made via electronicfunds transfer (EFT).
Self-education Expenses Potentially Deductible Against Youth Allowance
In a recent case before the Full Federal Court, a taxpayer who was studying to obtain a teaching
degree has successfully argued that she was entitled to claim expenses of self-education which
qualified her to receive the Youth Allowance.
This is yet to be appealed by the Commissioner.
