We're a Baker Tilly network member
Learn more

Tax Facts 2021-22

A centralised resource to access key personal and corporate tax rates, superannuation thresholds, state duties and charges, and lodgement and payment dates.
Individual tax rates (federal)
Income tax rates

Resident individual rates

Taxable income

Tax payable

$0 – $18,200

Nil

$18,201 – $45,000

19% of excess over $18,200

$45,001 – $120,000

$5,092 + 32.5% of excess over $45,000

$120,001 – $180,000

$29,467 + 37% of excess over $120,000

$180,001+

$51,667 + 45% of excess over $180,000

Non-resident individual rates

Taxable income

Tax payable

$0 – $120,000

32.5%

$120,001 – $180,000

$39,000 + 37% of excess over $120,000

$180,001+

$61,200 + 45% of excess over $180,000

Resident minor rates

Other income

Tax payable

$0 – $416

Nil

$417 – $1,307

66% of excess over $416

$1,308+

45% of total amount of income that is not excepted income#

# Excepted income includes employment income.

Working holiday maker rates

Taxable income

Tax payable

$0 – $45,000

15%

$45,001 – $120,000

$6,750 + 32.5% of excess over $45,000

$120,001 – $180,000

$31,125 + 37% of excess over $120,000

$180,001+

$53,325 + 45% of excess over $180,000

Medicare levies and surcharges

Individual Medicare levy rates

Taxable income*

Levy payable

$0 – $23,226

Nil

$23,227 – $29,032

10% of excess over $23,226

$29,033

2.0% of entire amount

Rates may change if the taxpayer has a spouse on 30 June and family income is below $39,167 plus $3,597 for each dependant child or student.

* If the individual received a lump sum superannuation payment and is entitled to a tax offset in respect thereof, taxable income is reduced by so much of the taxable component of the payment as does not exceed the low rate cap.

Medicare levy surcharge thresholds

Singles

Families

Rate#

$0 – $90,000

$0 – $180,000

0.00%

$90,001 – $105,000

$180,001 – $210,000

1.00%

$105,001 – $140,000

$210,001 – $280,000

1.25%

$140,001+

$280,001+

1.50%

# While the surcharge is calculated on taxable income, liability to the surcharge is based on income for surcharge purposes exceeding the thresholds.

Business and payroll related taxes and due dates (federal)
Company tax rates

Company tax rates

Company

Rate

Base rate entity*

25%

All other companies

30%

* Applicable to companies with aggregated turnover less than $50m and passive income of no more than 80% of total assessable income.

Note: the franking rate is based on the lower company tax rate if the threshold requirements are satisfied by reference to 2020-21 income details.

Fringe benefits tax

FBT motor vehicle statutory fraction

Total km travelled

1

2

0 – 14,999

0.26

0.20

15,000 – 24,999

0.20

0.20

25,000 – 40,000

0.11

0.20

40,001+

0.07

0.20

Note: 1, contracts existing before 7:30pm on 10 May 2011.  2, contracts entered into after 7:30pm on 10 May 2011.

Fringe benefits tax

Rate

47.0%

Fringe benefits gross-up factor – Type 1

2.0802

Fringe benefits gross-up factor – Type 2

1.8868

Car parking threshold

$9.25

Benchmark interest rate (loan benefits
and cars using operating costs method)

4.52%

Quarterly lodgement and payment due dates

IAS, BAS, PAYG instalments

Quarter ended

30 Jun

30 Sep

31 Dec

31 Mar

Due date*

28 Jul

28 Oct

28 Feb

28 Apr

* An extension may be available in certain circumstances.

Private Company loans (Division 7A)

Income year

Benchmark interest rate

2021/2022

4.52%

2020/2021

4.52%

2019/2020

5.37%

Lump sum and employment termination payments

Annual leave

Unused annual leave

Tax

On resignation or retirement:

Leave accrued before 18 August 1993

100% included in assessable income and taxed at a maximum rate of 32%

Leave accrued after 17 August 1993

100% included in assessable income and taxed at marginal rates

On genuine redundancy, approved early retirement, invalidity:

All annual leave

100% included in assessable income and taxed at a maximum rate of 32%

Long service leave

Unused long service leave

Tax

On resignation or retirement:

Leave accrued before 16 August 1978

5% included in assessable income and taxed at marginal rates

Leave accrued 16 August 1978 – 17 August 1993

100% included in assessable income and taxed at a maximum rate of 32%

Leave accrued after 17 August 1993

100% included in assessable income and taxed at marginal rates

On genuine redundancy, approved early retirement, invalidity:

Leave accrued before 16 August 1978

5% included in assessable income and taxed at marginal rates

Leave accrued after 15 August 1978

100% included in assessable income and taxed at a maximum rate of 32%

Genuine redundancy/approved early retirement

Tax free amount

$11,341 + ($5,672 × completed years of service)

Remainder

Taxed as employment termination payment up to ETP cap of $225,000

Employment termination payments – Life benefit termination payment

Component / Age at end of income year

Amount subject to withholding

Rate of withholding

Tax Free component

All ages

Nil

Nil

Taxable component

Under preservation age

Up to lesser cap amount*

32%

Preservation age and over

Up to lesser cap amount*

17%

All ages

Excess

47%

* The amounts are the “whole-of-income” cap ($180,000 less the recipient’s taxable income) and the ETP cap ($225,000 for 2021-22 less life benefit termination payments received in the same or an earlier year in respect of the same termination event).  Only the ETP cap applies to genuine redundancy and invalidity payments.
Superannuation rates and caps
Superannuation contributions

Concessional contributions limit

Age

Limit

All ages

$27,500

Note: Unused concessional contributions for 2018/19 and later years may be carried forward for up to five years in limited circumstances.

Non-concessional contributions limit

Age at any time in the financial year

Limit

Under age 67

$110,000*^

67 years and over

$110,000*

* Individuals with a total superannuation balance above $1.7m on 30 June of the preceding year will be ineligible to make further non-concessional contributions.

^ Individuals under 67 years at any time in the financial year may bring forward contributions of up to three times the standard non-concessional contribution limit across a fixed three-year period, subject to the table below.

Total superannuation balance on 30 June 2021

Maximum non-concessional contributions limit

$0 – $1,479,999

$330,000

$1,480,000 – $1,589,999

$220,000

$1,590,000 – $1,699,999

$110,000

$1,700,000+

Nil

Contribution standards

Age of member at time of contribution

Acceptance conditions

Under age 67

No conditions

Age 67 but less than 75

Member must be gainfully employed for a minimum of 40 hours in any consecutive 30 days of the year of contribution, or contributions are mandated

Age 75 or over

Contributions cannot be accepted unless mandated

Superannuation guarantee

Rate

10%

Maximum contribution base

$58,920 per quarter

Contributions tax and surcharge (Division 293 tax)

Income* and concessional contributions

Contributions tax

Surcharge

Total

$0 – $250,000

15%

Nil

15%

$250,001+

15%

15%

30%

* Income = taxable income + reportable fringe benefits + total net investment loss less some super lump sum payments.
Note: If your income + concessional contributions > $250,000 the concessional contributions above $250,000 will be subject to surcharge.

Downsizer contribution

Age of member at time of contribution

Limit

Age 65 and over

$300,000

Note: There are strict eligibility and compliance requirements when making downsizer contributions including a ten-year ownership period and a contract of sale dated on or after 1 July 2018.

Superannuation contributions CGT cap

CGT cap amount

Amount*

$1,615,000

* CGT cap amount is a lifetime limit that is indexed.

Note: Amounts that may count towards the CGT cap include capital proceeds from the disposal of assets that qualify for the 15-year CGT exemption + capital gains that are disregarded under the CGT retirement exemption limit (of up to $500,000).

Superannuation income streams

Pension payment – taxed fund

Component / Age at date payment received

Amount subject to withholding

Pension tax offset

Tax Free component

All ages

Nil

Nil

Taxable component

Below preservation age^

Entire amount at marginal rates

Nil

Preservation age but below age 60^

Entire amount at marginal rates

15%

Aged 60 and over

Nil

Nil

^ If no TFN 47% must be withheld from taxable component.

Minimum annual payment amount

Age of beneficiary on 1 July (or start of pension if first year)

Reduced percentage factor for 2021-22 financial year

Under age 65*

2.0%

65 – 74

2.5%

75 – 79

3.0%

80 – 84

3.5%

85 – 89

4.5%

90 – 94

5.5%

Age 95 and over

7.0%

* If the pension is operating under transition to retirement rules, a maximum payment amount of 10% applies.

Superannuation pension cap (general transfer balance cap)

Cap

$1,700,000

Preservation age

Date of birth

Preservation age

Before 1 July 1960

55 years

1 July 1960 – 30 June 1961

56 years

1 July 1961 – 30 June 1962

57 years

1 July 1962 – 30 June 1963

58 years

1 July 1963 – 30 June 1964

59 years

On or after 1 July 1964

60 years

Superannuation fund payments

Lump sum payments – taxed fund

Component / Age at date payment received

Amount subject to withholding

Rate of witholding

Tax Free component

All ages

Nil

Nil

Taxable component

Under preservation age^

Entire amount

22%

Preservation age but below age 60^

Up to low rate cap amount*

Nil

Preservation age but below age 60^

Excess above low rate cap amount*

17%

Aged 60 and over

Nil

Nil

* Low rate cap amount of $225,000 is a lifetime limit that is indexed.
^ If no TFN, 47% must be withheld from taxable component.

Accessing superannuation

Age of member

Condition of release*

Preservation age but less than age 60

Member has ceased all forms of gainful employment and never intends to be gainfully employed again

Age 60 but less than age 65

Member has ceased a position of gainful employment after attaining age 60

Age 65 or over

None

* Trust deed requirements must be met. Transition to retirement rules may provide restricted access after attaining preservation age.

State-based taxes, rates and duties
Victoria

Duty on transfer of real property – standard rates

Dutiable value

Duty payable*

$0 – $25,000

1.4% of entire amount

$25,001 – $130,000

$350 + 2.4% of excess over $25,000

$130,001 – $960,000

$2,870 + 6% of excess over $130,000

$960,001 – $2,000,000

5.5% of dutiable value of the property

$2,000,001+

$110,000 plus 6.5% of the dutiable value that exceeds $2,000,000

* A surcharge of 8% applies to foreign purchasers of residential property.

Duty on transfer of real property – concessional rates for principal place of residence contracts

Dutiable value**

Duty payable*

$130,001 – $440,000

$2,870 + 5% of excess over $130,000

$440,001 – $550,000

$18,370 + 6% of excess over $440,000

* A surcharge of 8% applies to foreign purchasers of residential property.
** General rates apply where dutiable value is no more than $130,000 or more than $550,000.

Land tax – general rates

Taxable value of land holdings

Land tax payable#

$0 – 299,999

Nil

$300,000 – $599,999

$375 + 0.2% of excess over $300,000

$600,000 – $999,999

$975 + 0.5% of excess over $600,000

$1,000,000 – $1,799,999

$2,975 + 0.8% of excess over $1,000,000

$1,800,000 – $2,999,999

$9,375 + 1.55% of excess over $1,800,000

$3,000,000+

$27,975 + 2.55% of excess over $3,000,000

# Levied on owners of land at midnight on 31 December.  A surcharge of 2% applies to absentee owners.

Surcharge rates for Trusts

Taxable value of land holdings

Land tax payable#

$0 – $24,999

Nil

$25,000 – $249,999

$82 + 0.375% of excess over $25,000

$250,000 – $599,999

$926 + 0.575% of excess over $250,000

$600,000 – $999,999

$2,938 + 0.875% of excess over $600,000

$1,000,000 – $1,799,999

$6,438 + 1.175% of excess over $1,000,000

$1,800,000 – $2,999,999

$15,838 + 1.0114% of excess over $1,800,000

$3,000,000+

$27,975 + 2.55% of excess over $3,000,000

# Levied on owners of land at midnight on 31 December.  A surcharge of 2% applies to absentee owners.

Payroll tax

Monthly gross wages

Annual gross wages

Rate

Up to $58,333

Up to $700,000

Nil

Excess above $58,333

Excess above $700,000

4.85%

A discounted rate of 1.2125% applies to qualifying regional employers.

New South Wales

Duty on transfer of real property – standard transfer duty

Property value

Transfer duty rate

$0 – $14,000

$1.25 per $100^

$14,001 to $32,000

$175 + $1.50 for every $100 over $14,000

$32,001 to $85,000

$445 + $1.75 for every $100 over $32,000

$85,001 to $319,000

$1,372 + $3.50 for every $100 over $85,000

$319,001 to $1,064,000

$9,562 + $4.50 for every $100 over $319,000

Over $1,064,001

$43,087 + $5.50 for every $100 over $1,064,000

^ The minimum is $10.

Duty on transfer of real property – premium transfer duty (residential properties only)

Property value

Premium rate

From 1 July 2021
Over $3,194,000

$160,237 + $7.00 for every $100 over $3,194,000

Duty on transfer of real property – surcharge purchaser duty

Foreign persons* must pay an additional purchaser surcharge of 8% on the purchase of any residential land bought^.
* Foreign persons also include foreign corporations and trusts.
^ Purchaser duty may also be levied on other types of transactions such as declaring a trust or transferring a lease.

Land tax

Threshold

Rate of duty

General threshold – $755,000

$100 + 1.6% of land value above the threshold, up to the premium threshold

Premium threshold – $4,616,000

$61,876 + 2% of land value above the threshold

Land tax – surcharge land tax

If you are a foreign person who owns residential land in NSW, you must pay a land tax surcharge in addition to any land tax you may already pay, at 2% from the 2018 land tax year (31 December 2018) onwards.

Payroll tax

Annual threshold

Rate

$1,200,000

4.85%*

* The payroll tax rate is reduced from 5.45% to 4.85% for the period on and from 1 July 2020 until the end of 30 June 2022.

Payroll tax – monthly thresholds

Days in the month

Threshold

28

$92,055

30

$98,630

31

$101,918

Queensland

Duty on transfer of real property – standard rates

Dutiable value

Duty payable

$0 – $5,000

Nil

$5,001 – $75,000

$1.50 for each $100 over $5,000

$75,001 – $540,000

$1,050 + $3.50 for each $100 over $75,000

$540,001 – $1,000,000

$17,325 + $4.50 for each $100 over $540,000

$1,000,001+

$38,025 + $5.75 for each $100 over $1,000,000

Duty on transfer of real property – concessional rates for principal place of residence contracts

Dutiable value**

Duty payable*

$0 – $350,000

$1.00 for each $100

$350,001 – $540,000

$3,500 + $3.50 for each $100 over $350,000

$540,001 – $1,000,000

$10,150 + $4.50 for each $100 over $540,000

$1,000,001+

$30,850 + $5.75 for each $100 over $1,000,000

* A surcharge of 7% applies to foreign purchasers of residential property.
** Further concessions apply to first home owners.

Land tax – general rates

Taxable value of land holdings

Land tax payable*

$0 – $599,999

Nil

$600,000 – $999,999

$500 + 1% of excess over $600,000

$1,000,000 – $2,999,999

$4,500 + 1.65% of excess over $1,000,000

$3,000,000 – $4,999,999

$37,500 + 1.25% of excess over $3,000,000

$5,000,000 – $9,999,999

$62,500 + 1.75% of excess over $5,000,000

$10,000,000+

$150,000 + 2.25% of excess over $10,000,000

* Higher rates apply to foreign landholders.

Rates for Trusts, Companies and Superannuation Funds

Taxable value of land holdings

Land tax payable*

$0 – $349,999

Nil

$350,000 – $2,249,999

$1,450 + 1.7% of the excess over $350,000

$2,250,000 – $4,999,999

$33,750 + 1.5% of excess over $2,250,000

$5,000,000 – $9,999,999

$75,000 + 2.25% of excess over $5,000,000

$10,000,000+

$187,500 + 2.75% of excess over $10,000,000

* A 2% surcharge applies to foreign landowners.

Payroll tax

Monthly gross wages

Annual gross wages

Rate

Up to $108,333

Up to $1,300,000

Nil

Excess above $108,333

Excess above $1,300,000
up to $6,500,000

4.75%

Excess above $108,333

Excess above $1,300,000
and more than $6,500,000

4.95%

A discounted rate of 1% applies to qualifying regional employers.

Western Australia

Duty on transfer of real property – general rates*

Dutiable value

Duty payable**

$0 – $80,000

$1.90 per $100 or part thereof

$80,001 – $100,000

$1,520 + $2.85 per $100 or part thereof above $80,000

$100,001 – $250,000

$2,090 + $3.80 per $100 or part thereof above $100,000

$250,001 – $500,000

$7,790 + $4.75 per $100 or part thereof above $250,000

$500,001+

$19,665 + $5.15 per $100 or part thereof above $500,000

* General rate applies to commercial property, rural property that is not also used as residential property, and vacant land which does not qualify for the residential rate.
** A surcharge of 7% applies to foreign purchasers of residential property.

Duty on transfer of real property – residential rates#

Dutiable value

Residential rate of duty*

$0 – $120,000

$1.90 per $100 or part thereof

$120,001 – $150,000

$2,280 + $2.85 per $100 or part thereof above $120,000

$150,001 – $360,000

$3,135 + $3.80 per $100 or part thereof above $150,000

$360,001 – $725,000

$11,115 + $4.75 per $100 or part thereof above $360,000

$725,001+

$28,453 + $5.15 per $100 or part thereof above $725,000

# Residential rate applies to places of residence, rental homes and land on which a residence is constructed within five years from the date the liability to duty arose. It also applies to mixed use property.

Duty on transfer of real property – concessional rates^

Dutiable value

Concessional rate of duty

$0 – $100,000

$1.50 per $100 or part thereof

$100,001 – $200,000

$1,500 + $4.39 per $100 or part thereof above $100,000

^ Concessional rate applies to property that is either a principal place of residence or a WA business asset, and the value of the entire property doesn’t exceed $200,000.

Duty on transfer of real property – First home owner rates*

Dutiable value: home

Residential rate of duty

$0 – $430,000

No duty payable

$430,001 – $530,000

$19.19 per $100 or part thereof above $430,000

$530,001+

You may be eligible for the residential rate of duty

Dutiable value: vacant land

Residential rate of duty

$0 – $300,000

No duty payable

$300,001 – $400,000

$13.01 per $100 or part thereof above $300,000

$400,001+

You may be eligible for the residential rate of duty

* Subject to application.

Land tax

Aggregated taxable value of land

Rate of land tax*

$0 – $300,000

Nil

$300,001 – $420,000

Flat rate of $300

$420,000 – $1,000,000

$300 + 0.25 cent for each $1 in excess of $420,000

$1,000,000 – $1,800,000

$1,750 + 0.90 cent for each $1 in excess of $1,000,000

$1,800,000 – $5,000,000

$8,950 + 1.80 cents for each $1 in excess of $1,800,000

$5,000,000 – $11,000,000

$66,550 + 2.00 cents for each $1 in excess of $5,000,000

$11,000,000+

$186,550 + 2.67 cents for each $1 in excess of $11,000,000

* Excludes Metropolitan region improvement tax rates.

Payroll tax

Monthly gross wages

Rate

Calculation of tax payable

Up to $1m

Nil

Nil

More than $1m but less than $7.5m

5.5%

WA taxable wages – deductable amount x tax rate

$7.5m or more but not exceeding $100m

5.5%

WA taxable wages x tax rate

More than $100m but not exceeding $1.5b

5.5% for wages up to $100m +
6% for wages from $100m to $1.5b

WA taxable wages x tax rate

More than $1.5b

5.5% for wages up to $100m +
6% for wages from $100m to $1.5b +
6.5% for wages above $1.5b

WA taxable wages x tax rate

We provide no assurance to any party in respect of the accuracy or otherwise of the information contained in the Tax Facts. We accept no liability or responsibility for any errors, omissions or changes to the law and/or interpretation, or for any loss arising from the use of Tax Facts. Last update 6 October 2021.

Thank you for you interest

How can we help you?

Business or personal advice
General information
Career information
Media enquiries
Contact expert
Become a member
Specialist query
Please provide as much detail to ensure appropriate allocation of your query
Please highlight a realistic time frame that will enable us to provide advice within a suitable and timely manner. Please note given conflicting demands with our senior personnel, we will endeavour to respond to you within the nominated time frame. If you require an urgent response, please contact us via [email protected] or 03 8610 5477.
CPN Enquiry
Business Radar report
Student careers 2021-22
Find an expert
Search by industry