Summary
2009/10 Personal income tax rates
Core fringe benefits tax data for the year ended 31 March 2010
FBT reporting exemption on Pooled or Shared Cars
Employee Contributions to reduce the impact of FBT
2009/10 Personal income tax rates
Personal tax rates for the year ended 30 June 2010 are: <$6,000 - 0%; $6,001 to $35,000 - 15%; $35,001 to $80,000 - 30%; $80,000 to $180,000 - 38%; and over $180,000 - 45%. The medicare levy is an additional 1.5%
Core fringe benefits tax data for the year ended 31 March 2010:
Salary packaged laptops, printers, and tools of trade must be primarily used for employment purposes to be tax exempt. Primarily is likely to be self evident from one's job role.
The FBT tax rate remains at 46.5%. The FBT rebate for non-profit employers remains at 48%.
Employers need to report aggregate fringe benefits provided in the year over $6,614.
Reportable taxable benefits need to be disclosed on the employee payment summary where they exceed $2,000. [These exclude most exempt benefits, excluding those for employees of PBIs, hosdpitals etc under S 57A FBTAA]
Gross up formulas are 2.0647 where the employer is entitled to claim GST input tax credits and 1.8692 where the employer is not entitled to claim GST input tax credits.
FBT returns are to be lodged by 21 May if self assessed and 28 May if lodged through the employer's tax agent.
FBT is payable quarterly as follows where GST is remitted quarterly and the FBT payable is over $3,000: 28 July, 29 Oct, 28 feb, 28 April, and balance date 21 May 10.
Where it is paid monthly, the above quarterly payment dates are advanced by 7 days.
Illustrative rates for an expatriate employee living-away-from-home-allowance food component are: one adult [ over 12 yo] $211 per week, two adults $338, p/wk, two adults and two children $379 p/wk.
Car fringe benefit statutory fractions are unchanged and are: <15,000kms pa - 26%; 15,000 to 24,999 kms pa - 20%; 25,000 to 40,000 kms pa - 11%; and over 40,000 kms pa - 7%.
The car parking threshhold for is $7.07 per day. [07/08 $6.78].
FBT reporting exemption on Pooled or Shared Cars
Pooled or shared cars from the FBT reporting requirements. A pooled or shared car is a car that is provided by an employer for the private use of two or more employees.
Employee Contributions to reduce the impact of FBT
The ATO reminds employers that employee contributions to reduce the impact of taxable benefits needs to be made from employee post tax income, and is subject to GST input tax in the hands of GST registered employers.