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Useful Information

Fringe Benefits Tax: YE 31 March 2022

Statutory interest rate: 4.52%

LAFHA Reasonable Food and Drink in Australia (TD 2021/3)

Car parking threshold $9.25

Persons Receiving Allowance

$ Per Week

Record keeping exemption $8,923

One adults

283

 

Two adults

425

Gross up and tax rates:

Three adults

567

Type 1

Type 2

FBT Rate

One adult and one child

354

2.0802

1.8868

47%

Two adults and one child

496

 

Two adults and two children

567

Non-Car c/km rates (TD 2021/4)

Two adults and three children

638

Engine Capacity

C/km Per FBT Year

Three adults and one child

638

0 - 2500 cc

56

Three adults and two children

709

Over 2500 cc

67

Four adults

709

Motor cycles

17

'Adults': 12 years and over before the beginning of the FBT year.

 

In relation to larger family groupings, the above figures apply.

Elections (pdf)

Declarations (pdf) (doc)

plus $142 and $71 for each additional adult and child.

 

 

Housing CPI Figures

State or Territory

NSW

Vic

Qld

SA

WA

Tas

ACT

NT

CPI

0.975

1.000

0.998

1.011

0.991

1.043

1.018

0.947

 

Income Tax: YE 30 June 2022

 

Individual Tax Rates

Taxable Income

Residents

Non-Residents

0 - $18,200

Nil

32.5c for each dollar

$18,201 - $45,000

Nil + 19c for each dollar over $18,200

(Different rules for working holiday makers)

$45,001 - $120,000

$5,092 + 32.5c for each $1 over $45,000

 

$120,001 - $180,000

$29,467 + 37c for each $1 over $120,000

$39,000 + 37c for each $1 over $120,000

$180,0001 -

$51,667 + 45c for each $1 over $180,000

$61,200 + 45c for each $1 over $180,000

 

 

Medicare Levy and Medicare Surcharge: YE 20 June 2022

 

Medicare Levy: 2% of taxable income (residents only).

 

Medicare Surchage (residents only):

 

Tier 1

Tier 2

Tier 3

Singles

$90,001 - $105,000

$105,001 - $140,000

$140,001 or more

Families

$180,001 - $210,000

$210,001 - $280,000

$280,001 or more

 

The family income threshold is increased by $1,500 for each

dependant child (as defined) after the first child.

Rate

1%

1.25%

1.5%

 

ATO Cents Per Kilometre Rate: YE 30 June 2022

 

0.72 cents per kilometre (no matter what size of car engine)

 

Superannuation Guarantee YE 30 June 2022

Minimum level of superannuation support:

10% x ordinary time earnings (as defined) of an employee (as defined).

Maximum superannuation contribution base:

$58,920 per quarter ($235,680 per annum).

 

 

Tax Free Redundancy Thresholds YE 30 June 2022

$11,341, plus $5,672 for each completed year of service

Payroll Tax Rates and Thresholds Australia-Wide

 

State or Territory

Rate

Monthly Annual Australian Wages Threshold

Monthly Tax Threshold(Per Calendar Month)

New South Wales

4.85%

$1,200,000

(Note 1)

Victoria (Note 2)

4.85% (2.425%)

$650,000

$54,166

Queensland (Note 3)

4.75%

$1,300,000

$108,333

South Australia

(Note 4)

(Note 4)

(Note 4)

Western Australia (Note 5)

(Note 5)

$1,000,000

$83,333

Tasmania (Note 1)

4% (initial) 6.1%

$1,250,000 (initial) $2m

(Note 1)

ACT

6.85%

$2,000,000

$166,666

Northern Territory

5.5%

$1,500,000

$125,000

 

Note 1A: NSW and Tasmania calculate the monthly threshold based on the number of days in the month:

Days in Month

NSW Monthly Threshold

Tasmania Monthly Threshold

28 days

$92,055

$99,043/$158,469

30 days

$98,630

$102,459/$163,934

31 days

$101,918

$105,874/$169,398

 

Note 1B: Tasmania

There are two payroll tax thresholds and rates for the 2022 financial year


  • businesses with total wages of less than $1.25m pay no payroll tax

  • businesses with total wages between $1.25m - $2m pay payroll tax at 4%

  • businesses will pay payroll tax at 6.1% on wages above $2m

 

Note 2: Victorian Regional Employers

A lower payroll tax rate of 2.425% applies to regional employers.  A regional employer is one that is based in regional Victoria (as determined by the registered ABN address or principal place of business), and pays at least 85% of Victorian taxable wages to regional employees (employees who perform their services mainly (more than 50 per cent) in regional Victoria during the month).

 

Regional Victoria means the alpine resorts of Mt Baw Baw, Mt Buller, Mt Hotham, Mt Stirling, Falls Creek and Lake Mountain and the regional councils of: Alpine, Greater Geelong, Murrindindi, Ararat, Greater Shepparton, Northern Grampians, Ballarat, Hepburn, Pyrenees, Bass Coast, Hindmarsh, Queenscliffe, Baw Baw, Horsham, South Gippsland, Benalla, Indigo, Southern Grampians, Buloke, Latrobe, Strathbogie, Campaspe, Loddon, Surf Coast, Central Goldfields, Macedon Ranges, Swan Hill, Colac Otway, Mansfield, Towong, Corangamite, Mildura, Wangaratta, East Gippsland, Mitchell, Warrnambool, Gannawarra, Moira, Wellington, Glenelg, Moorabool, West Wimmera, Golden Plains, Mount Alexander, Wodonga, Greater Bendigo, Moyne, Yarriambiack.


Businesses grouped for payroll tax purposes will be separately assessed for the regional rate.

 

Note 3: Queensland

Rates:

4.95% for employers or groups of employers who pay more than $6.5 million in Australian taxable wages.

4.75% for employers or groups of employers who pay $6.5 million or less in Australian taxable wages

Threshold:

The threshold phases out to the point where no reduction amount is available where total Australian wages paid exceed:

Upper Reduction Threshold (Monthly)

Upper Reduction Threshold(Annual)

Taper Rate

$458,333

$5,500,000

$1 for every $4

 

Note 4: South Australia

Total Australian Wages (TAW)

Less than $1,500,001

$1,500,001 - $1.7m

Over $1.7m

Nil

Variable from 0% to 4.95%

[(TAW – 1.5m)/200,000] x 4.95

4.95%

 

The tax free threshold of $600,000 pa ($50,000 per month still applies for employers paying wages over 1.5m.

 

Note 5: Western Australia

 

The threshold phases out to nil where total Australian wages paid exceed the following upper limits:

 

Upper Reduction Threshold(Monthly)

Upper Reduction Threshold(Annual)

Taper Rate

$1,000,000

$7,500,000

$17 for every $133

 

 

 

From 1 July 2020, the following rates will apply (to a maximum of 6.5%):

 

Total Australian Wages (TAW)

Rate

Annual

Monthly

(To a maximum of 6.5%)

$7.5 million or more but not exceeding $100 million

$625,000 – less than $8.33 million

5.5% x (taxable wages - deductible amount)

$7.5 million or more but not exceeding $100 million

$625,000 – less than $8.33 million

5.5% x taxable wages

More than $100 million but not exceeding $1.5 billion

$8.33 million - less than 125 million

(5.5% for wages up to $100 million) + (6% for wages from $100 million to $1.5 billion)

Over $1.5 billion

Over 125 million

(5.5% for wages up to $100 million) + (6% for wages from $100 million to $1.5 billion) + (6.5% for wages above $1.5 billion)

 

Minimum Wages (Award Free Employees)

Adult (age 21 and over) National Minimum Wage (1 July 2021): $20.33/hour or $772.60/38 hour week.  Casuals add a 25% loading.

WA Adult (age 21 and over) Minimum Wage (1 July 2021): $20.50/hour or $779.00/38 hour week. Casuals add 20% loading.

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