2020-21 Lodgment Rates and Thresholds

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.

This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds (including current gross-up factors) and student loan repayment rates. There is also essential Medicare information and foreign currency exchange information.

Individual tax rates

Individual tax rates for residents

2019-20 Tax thresholds
Taxable income Rate (%) Tax on this income
$0 to $18,200 0 Nil tax payable
$18,201 to $37,000 19 19c for each $1 over $18,200
$37,001 to $90,000 32.5 $3,572 plus 32.5c for each $1 over $37,000
$90,001 to $180,000 37 $20,797 plus 37c for each $1 over $90,000
$180,001 and above 45 $54,097 plus 45c for each $1 over $180,000
2020-21 Tax thresholds
Taxable income Rate (%) Tax on this income
$0 to $18,200 0 Nil tax payable
$18,201 to

$45,000

19 19c for each $1 over

$18,200

$45,001 to

$120,000

32.5 $5,092 plus 32.5c for each $1 over $45,000
$120,001 to

$180,000

37 $29,467 plus 37c for each $1 over $120,000
$180,001 and above 45 $51,667 plus 45c for each $1 over $180,000

Individual tax rates for non-residents

2019-20 Tax thresholds
Taxable income Rate (%) Tax on this income
$0 to $90,000 32.5 32.5c for each $1
$90,001 to $180,000 37 $29,250 plus 37c for each $1 over $90,000
$180,001 and above 45 $62,550 plus 45c for each $1 over $180,000
2020-21 Tax thresholds
Taxable income Rate (%) Tax on this income
$0 to $120,000 32.5 32.5c for each $1
$120,001 to

$180,000

37 $39,000 plus 37c for each $1 over $120,000
$180,001 and above 45 $61,200 plus 45c for each $1 over $180,000

2020-21 Resident minors’ tax rate on eligible taxable income

Taxable income Tax on this income
Up to $416 Nil
$417 to $1,307 66% for the part over $416
$1,308 and above 45% on the entire amount

2020-21 Non-resident minors’ tax rate on eligible taxable income

Taxable income Tax on this income
Up to $416 32.5% on the entire amount
$417 to $663 $135.20 + 66% for the part over $416
$664 and above 45% on the entire amount

Tax Offsets

Tax offsets for individuals

2020-21 Low Income Tax Offset
Taxable income Tax offset
Up to $37,500 $700
$37,501 to $45,000 $700 – (5% of excess over

$37,500)

$45,001 to $66,667 $325 – (1.5% of excess over $45,000)
$66,668 and above Nil
2020-21 Low and Middle Income Tax Offset
Taxable income Tax offset
Up to $37,000 $255
$37,001 to $48,000 $255 plus 7.5c for each $1 over $37,000
$48,001 to $90,000 $1,080
$90,001 to $126,000 $1,080 less 3c for each $1 over $90,000
$126,001 and above Nil
2020-21 Senior Australian and Pensioners Tax Offset (SAPTO)
Family status Maximum tax offset Shade-out income threshold Cut-out income threshold
Single $2,230 $32,279 $50,119
Married or de facto (each) $1,602 $28,974 $41,790
Separated due to illness

(each)

$2,040 $31,279 $47,599
Note: Offset entitlements reduce by 12.5c for each $1 of rebate income in excess of the shade-out threshold. No entitlement when rebate income reaches the cut-out threshold.

Corporate tax rates

2020-21 Corporate entity tax rates

Rate

Private and public companies  (base rate entities) 26%
Private and public companies (other) 30%
Public trading trusts  (base rate entities) 26%
Public trading trusts (other) 30%
Life Insurance companies
  Ordinary class 30%
  Complying superannuation class 15%
Non-profit companies (base rate entities)
  First $416 of taxable income Nil
  Taxable income $417 to $832 55% of excess over $416
  Taxable income $833 and above 26%
Non-profit companies (other)
  First $416 taxable income Nil
  Taxable income $417 to $915 55% of excess over $416
  Taxable income $916    and above 30%

FBT rates and thresholds

FBT rates and thresholds

FBT and gross-up rates
FBT year Rate Type 1 Type 2
2019-20 47% 2.0802 1.8868
2020-21 47% 2.0802 1.8868

Car fringe benefits

Statutory formula method 
The statutory fraction is 20%
Taxable value of a fringe benefit of a motor vehicle other than a car (c/km basis)
FBT year ending 0 to 2500cc Over 2500cc Motor- cycles
31 March 2020 55c 66c 16c
31 March 2021 56c 67c 17c
Record keeping exemption
2020-21            $8,853 2019-20            $8,714
FBT – Benchmark interest rate
2020-21             4.80% 2019-20              5.37%
Car parking threshold
2020-21               $9.15 2019-20              $8.95

Division 7A – Benchmark interest rate

2020-21              4.52% 2019-20              5.37%

Improvement threshold

2020-21         $155,849 2019-20        $153,093

Cents per km car rates

2020-21     72c per km 2019-20     68c per km

Motor vehicles

2020-21

2019-20

Luxury car tax limit $68,740 $67,525
Fuel efficient luxury car tax limit $77,565 $75,526
Car depreciation limit $59,136 $57,581
Maximum input tax credit claim for cars $5,376 $5,234

Medicare

Medicare

2020-21 Medicare levy
Levy is 2% of an individual’s taxable income.
2019-201 Medicare levy for families  with dependants
Number of dependants2 Family taxable income $
Nil levy payable Reduced levy shade-in range

(10% of excess over nil band)

Normal 2% payable
0 To

$38,474

$38,475  to $48,092 $48,093 and above
1 To

$42,007

$42,008  to $52,508 $52,509 and above
2 To

$45,540

$45,541  to $56,924 $56,925 and above
3 To

$49,073

$49,074  to $61,340 $61,341 and above
4 To

$52,606

$52,607  to $65,757 $65,758 and above
5 To

$56,139

$56,140  to $70,173 $70,174 and above
6 To

$59,672

$59,673  to $74,589 $74,590 and above
1: And later years unless amended.

2: For more than 6 dependant children and/or students add $3,533 per child/student.

2019-201 Medicare levy surcharge
Income*: Single Income*: Family** Rate
$0-$90,000 $0-$180,000 0%
$90,001-$105,000 $180,001-$210,000 1%
$105,001-$140,000 $210,001-$280,000 1.25%
$140,001 & above $280,001 & above 1.5%
*  Includes taxable income, reportable fringe benefits, reportable super contributions, net investment losses, exempt foreign income and any net amount subject to family trust distribution tax.

**Threshold increases by $1,500 for each additional dependent child after the first.

2019-201 Medicare levy reduction threshold
Taxable income Medicare levy payable
$0 to $22,801 Nil
$22,802 to $28,501 10% of excess over $22,801
$28,502 & above 2% of taxable income
2019-201 Medicare levy threshold: Individuals who qualify for the SAPTO2
Taxable income Medicare levy payable
$0-$36,056 Nil
$36,057-$45,069 10% of excess over $36,056
$45,070 & above 2% of taxable income
1: The taxable income ranges and rates for 2020-21 are expected to be released in June 2021.

2: The pensioner tax offset and the senior Australians tax offset were merged from 1 July 2012.

Superannuation

2020-21 Superannuation rates & thresholds

SLS1 low rate cap amount (indexed) $215,000
SLS1 untaxed plan cap amount (indexed) $1,565,000
Life benefit ETP 2 cap (indexed) $215,000
Death benefit ETP 2 cap (indexed) $215,000
Tax-free part of a genuine redundancy payment or early retirement scheme payment (indexed) $10,989
For each completed year  of service add $5,496
Government co-contribution (max $500)
    Lower income threshold $39,837
    Higher income threshold $54,837
Transfer balance cap $1.6m
Contribution caps
    Concessional (indexed) $25,000
    Concessional

(temporary, non-indexed)

$25,000
    Non-concessional $100,000
    CGT cap (indexed) $1,565,000
    Non-concessional with bring      forward option (non-indexed) Up to $300,000
Division 293 threshold for high income earners $250,000
Carry forward concessional contributions – total superannuation balance at end of previous financial year Less than $500,000
Work test exemption – total superannuation balance at end of

previous financial year

Less than $300,000
1: Superannuation Lump Sum (SLS)

2: Employment Termination Payment (ETP)

2020-21 Super rates and thresholds cont

Superannuation Guarantee (SG)
   Prescribed minimum employer     contribution rate 9.50%
   Maximum contribution base     (per SG quarter) $57,090
Minimum account based pension withdrawal
   Under 65 years 2%
   65 to less than 75 years 2.5%
   75 to less than 80 years 3%
   80 to less than 85 years 3.5%
   85 to less than 90 years 4.5%
   90 to less than 95 years 5.5%
   95 years and over 7%
Transition to retirement maximum withdrawal 10%

2020-21 Preservation age table

Date of birth
   Before 1 July 1960 55
   1 July 1960 to 30 June 1961 56
   1 July 1961 to 30 June 1962 57
   1 July 1962 to 30 June 1963 58
   1 July 1963 to 30 June 1964 59
   1 July 1964 or later 60

Foreign currency exchange rates

Foreign currency exchange rates for the financial year ended 30 June 2020

Country Average rate for the year Nearest actual rate at year end Currency
Foreign currency equivalent to $1 Australian
China NA 4.8523 Yuan
Europe 0.6217 0.6111 Euro
Japan 74.3606 73.9400 Yen
New

Zealand

1.0736 1.0703 NZ dollar
Singapore 0.9512 0.9576 Singapore dollar
UK 0.5462 0.5586 Pound sterling
USA 0.6878 0.6863 US dollar
Note: For a complete list of countries, see the 2020-21 Tax Summary at 22.340.

Study and training loan repayment thresholds

2020-21 Study and training loan repayment thresholds and rates: HELP, VSL, SFSS, SSL, ABSTUDY SSL AND TSL

HELP repayment income Rate
Below $46,620 Nil
$46,620 to $53,826 1.0%
$53,827 to $57,055 2.0%
$57,056 to $60,479 2.5%
$60,480 to $64,108 3.0%
$64,109 to $67,954 3.5%
$67,955 to $72,031 4.0%
$72,032 to $76,354 4.5%
$76,355 to $80,935 5.0%
$80,936 to $85,792 5.5%
$85,793 to $90,939 6.0%
$90,940 to $96,396 6.5%
$96,397 to $102,179 7.0%
$102,180 to $108,309 7.5%
$108,310 to $114,707 8.0%
$114,708 to $121,698 8.5%
$121,699 to $128,999 9.0%
$129,000 to $136,739 9.5%
$136,740 and above 10.0%

Note: All information is current as at 8 October 2020.

Disclaimer: This tool is a guide only. Independent legal, financial and/or tax advice is recommended.

mnygroup.com.au

This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.

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