Tax Rates 2011-2012 Year (Residents)

The 2012 financial year started on 1 July 2011 and ended on 30 June 2012. The financial year for tax purposes for individuals starts on 1st July and ends on 30 June of the following year.

Taxable incomeTax on this income*
0 – $6,000Nil
$6,001 – $37,00015c for each $1 over $6,000
$37,001 – $80,000$4,650 plus 30c for each $1 over $37,000
$80,001 – $180,000$17,550 plus 37c for each $1 over $80,000
$180,001 and over$54,550 plus 45c for each $1 over $180,000

 

These base rates are the same as 2010-11, except that a Flood Levy is added to incomes over $50,000.

* This table does not include:

  • Flood Levy, which is added to incomes over $50,000. Flood Levy only applies for the 2011-12 year.
  • Medicare Levy, which applies on a progressive basis at 1.5% or if applicable, the 1% Medicare Levy Surcharge, subject to income thresholds.
  • the effect of any Low Income Tax Offset. (“LITO”)

For a simple annual tax calculator in spreadsheet which is free to download – click here.

Tax Changes in 2011-12 – What’s happened since the previous year

No Change to Marginal Tax Rates. However..

The basic personal tax scale for 2011-12 remains the same as the previous year, however the flood levy has been added, and the Medicare exemption levels adjusted.

The dependent spouse tax offset is disappearing..

From 1 July 2011 the dependent spouse tax offset is restricted, and is only available for a spouse born before 1 July 1971 or unable to work due to invalidity or carer obligations. There’s more here..

Education Tax Refund..

The Education Tax Refund has been wound up. For final payment details and the replacement School Kids Bonus click here..

Temporary flood and cyclone reconstruction levy (flood levy)..

A temporary levy on taxable income in the 2011-12 financial year. Exemptions can be claimed by completing the flood levy exemption question in the 2012 tax return. More details here..

No More Tax Pack..

The printed Tax pack and supplement bundle used in past years has been replaced with online links and downloadable forms. This should lead to greater accuracy of information, and enable the ATO to publish instant corrections or adjustments as needed. 

Farm management deposits (FMD)..

Under changes to the law, eligible primary producers who received Category C Natural Disaster Assistance and withdrew their deposits within 12 months won’t lose their FMD deposit deduction. Tax return label changes have been implemented.

Removal of low income tax offset on unearned income of minors..

From 1 July 2011, children under 18 years of age won’t get LITO on unearned income. This includes discretionary trust income dividends, interest, rent, royalties and other income from property. Unaffected will be normal salary and wages, and there are concessions and exclusions for the disabled, orphans and investment income from compensation payments, inheritances or marriage breakdown. If unearned income is greater than $416 a tax return may need to be lodged. More on tax for minors here..

Self-managed superannuation funds (SMSF)..

The SMSF annual return has a new field to enter the SMSF auditor number. If not registered with ASIC the number may be left out, with the usual auditor qualification details supplied as in past years. The auditor number is available from ASIC from 31 January 2013.

International dealings schedule (IDS) replaces Schedule 25A and Thin capitalisation schedules..

The new International dealings schedule 2012 is for use by a Company, Partnership or Trust to report on international dealings. The threshold for reporting details of international related party dealings is now $2 million. 

R&D Tax Concession now The R&D Tax Incentive..

The R&D tax concession has been replaced by the R&D tax incentive from 1 July 2011. The Company tax return instructions 2012 have been updated.

 

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This page was last modified on 2017-11-10