Business Tax Quick Guide 2011/12
The following income tax rates apply to taxable income.
Flood Levy: Applies generally to individual taxpayers, including non-residents. Exemption exists for those affected by a natural disaster in 2010-11 and received an Australian Government Disaster Recovery Payment.
Low income rebate: $1,500. Full entitlement where income is less than $30,000 and then reducing by 4 cents in every dollar, ceasing where income reaches $67,500. Effective tax-free threshold for low income earners is $16,000.
Medicare levy: 1.5%. Low income threshold: $18,839 for individuals and $31,789 for families.
Medicare levy surcharge: Additional 1% surcharge may apply to those without adequate hospital insurance. Thresholds $80,000 for individuals and $160,000 for families.
For profit: Enterprises are required to be registered for GST if turnover is $75,000 or moreNot-for-profit: Enterprises are required to be registered for GST if turnover is $150,000 or more
Activity Statements lodgement dates
Annual tax period for GST: Lodgement and payment is due on the same date as the tax return.
Quarterly tax period for GST, PAYG Withholding or PAYG Instalments
Note: If we lodge these statements electronically a further four week extension may be available.
Monthly tax period for GST, PAYG Withholding or PAYG Instalments: Lodgement and payment is due 21 days after the end of the relevant month with no extension for electronic lodgement.
2011 Company & trust income tax return lodgement dates
Superannuation Guarantee to be paid by employers: Minimum 9%. Proposed gradual increase from 9% to 12% commencing 1 July 2013, subject to legislation.
Superannuation Guarantee payment due dates: 28 Oct 2011, 28 Jan 2012, 28 Apr 2012, 28 Jul 2012.
Superannuation Guarantee exclusions: Employees aged 70 or over, part-time employees under 18 years of age and employees receiving salary or wages of less than $450 per month.
Maximum Superannuation Contribution Base: $42,220 per quarter. Superannuation is not required to be paid on an employee’s salary or wages in excess of this quarterly limit.
FBT rate: 46.5% Benchmark interest rate: 7.8% Lodgement date: 28 May 2012
Type 1 Gross-up factor: 2.0647 Type 2 Gross-up factor: 1.8692
Payroll tax rate: 4.90% effective from 1 July 2011 Tax free amount: $550,000
Fair Work Australia www.fairwork.gov.au or 13 13 94
Search for: Awards, pay rates, conditions and national employment standards.
WorkSafe Victoria www.worksafe.vic.gov.au
Registration for WorkSafe is required if remuneration exceeds $7,500 per year.
All companies: Within 28 days of the date of change.
Victoria Business Name www.consumer.vic.gov.au
Apply for or renew a business name.
Australian Business Register www.abr.business.gov.au
Search the register to determine if a supplier is registered for GST.
Note: Higher rates apply to land held by a trust
Disclaimer: This publication has been prepared on the basis of information available at the date of preparation. The information is general in nature and is not to be taken as substitute for specific professional advice. We recommend that our advice be sought on specific issues prior to acting on transactions affected.