Personal Income Tax Tables (2012-2013)

Taxable income	Tax on this income
0 - $18,200	Nil
$18,201 - $37,000	19c for each $1 over $18,200
$37,001 - $80,000	$3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000	$17,547 plus 37c for each $1 over $80,000
$180,001 and over	$54,547 plus 45c for each $1 over $180,000
	The above rates do not include the Medicare levy of 1.5%

Company Losses–Small Business Concessions

Refer http://www.ato.gov.au/content/00331932.htm

 

In the 2012-13 Federal Budget, the government announced its intention to provide tax relief for companies by allowing them to carry-back tax losses so they receive a refund against tax previously paid.

A one-year loss carry-back will apply in 2012-13, where tax losses incurred in that year can be carried back and offset against tax paid in 2011-12. For 2013-14 and later years, tax losses can be carried back and offset against tax paid up to two years earlier.

Loss carry-back will:

• be available to companies and entities taxed like companies who elect to carry-back losses
• be capped at $1 million of losses per year
• apply to revenue losses only
• be limited to the company's franking account balance.

Reforms to self-education expense deductions

refer ATO: http://www.ato.gov.au/content/00351802.htm

On 13 April 2013, the government announced a proposal to introduce a $2,000 cap on all work-related self-education expenses.

It is proposed that from 1 July 2014, work-related self-education expenses will have an annual cap of $2,000 a person.

The government has confirmed that employers are currently not liable for fringe benefits tax (FBT) for education and training they provide to their employees - this treatment will be retained, unless an employee enters into a salary sacrifice arrangement for work-related education expenses.