Warnocks July Newsletter - 2019 Tax Fact Sheet
Income Tax rates 2018–19, for Residents of Australia
A person or an entity can register for GST on a voluntary basis, if GST turnover is less than $75,000. Registration is required if GST turnover is more than $75,000, or $150,000 in the case of a non-profit body.
| Taxable Income | Tax on This Income |
|---|---|
$0 - $18,200 | Nil |
$18,201 - $37,000 | 19c for each $1 over $18,200 |
$37,001 - $90,000 | $3,572 plus 32.5c for each $1 over $37,000 |
$90,001 – $180,000 | $20,797 plus 37c for each $1 over $90,000 |
$180,001 and over | $54,097 plus 45c for each $1 over $180,000 |
Medicare Levy of 2% is in addition to the rates above.
Low Income Tax Offset: a maximum of $445 if taxable income is $37,000 or less. Reduces by 1.5 cents for each dollar a person earns over $37,000.
Low and Middle Income Tax Offset (LAMITO) is up to $530 pa for Australians with taxable income less than $90,000. Australians with taxable income of up to $125,333 will receive a part LAMITO.
Company Tax rate for companies that are carrying on a business is 27.5%, if aggregated turnover is less than $50million. Tax rate for companies not carrying on a business is 30%.
GST is 10% on taxable supplies, which include goods, services, advice or information, and other items considered to be supplied. Exempt supplies include: Food (not prepared), health, education, child care, and exports.
A person or an entity can register for GST on a voluntary basis, if GST turnover is less than $75,000. Registration is required if GST turnover is more than $75,000, or $150,000 in the case of a non-profit body.
Input-Taxed Supplies: GST is not payable on input-taxed supplies, which include: Financial Supplies, Precious Metals sales, Residential leases and sales of Residential Premises, food supplied by school canteens, and supplies related to fundraising events by charities. Input tax credits are not available.
Land Tax is levied annually on the unimproved value of taxable land.
Taxable Value of Land | Land Tax Payable in Victoria |
|---|---|
$0 - $249,999 | Nil |
$250,000 - $599,999 | $275 + 0.2% on excess |
$600,000 - $999,999 | $975 + 0.5% on excess |
$1,000,000 – $1,799,999 | $2,975 + 0.8% on excess |
$1,800,000 – $2,999,999 | $9,375 + 1.3% on excess |
$3,000,000 and over | $24,975 + 2.25 % on excess |
Special higher rates can apply to trusts, companies and absentee owners.