| Resident taxable income thresholds for the 2020/21 income year | 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 and over |
$51,667 + 45% of excess over $180,000 |
|
The Medicare levy of 2% generally applies in addition to these rates. |
|
Information Required
You will need to provide us with information to assist in preparing your income tax return. Please check the following and provide any relevant statements, accounts, receipts, etc., to help us prepare your return.
Income/Receipts:
▢ Details of your employer(s) and wages.
▢ Lump sum and termination payments.
▢ Government pensions and allowances.
▢ Other pensions and/or annuities (including JobKeeper payments).
▢ Allowances (e.g., entertainment, car, tools).
▢ Interest, rent and dividends.
▢ Distributions from partnerships or trusts.
▢ Details of any assets sold that were either used for income-earning purposes or which may be liable for capital gains tax (‘CGT’).
Expenses/Deductions (in addition to those mentioned above):
▢ Award transport allowance claims.
▢ Bank charges on income-earning accounts (e.g., term deposits).
▢ Bridge/road tolls (if travelling on work).
▢ Car parking (if travelling on work).
▢ Conventions, conferences and seminars.
▢ Depreciation of library, tools, business equipment (incl. portion of home computer).
▢ Gifts or donations.
▢ Home office running expenses, such as:
▢ cleaning;
▢ cooling and heating;
▢ depreciation of office furniture;
▢ lighting; and
▢ telephone and internet.
▢ Interest and dividend deductions, such as:
▢ account keeping fees;
▢ ongoing management fees;
▢ interest on borrowings to buy shares; and
▢ advice relating to changing investments (but not setting them up).
▢ Interest on loans to purchase equipment or income-earning investments.
▢ Motor vehicle expenses (if work-related).
▢ Overtime meal expenses.
▢ Rental property expenses, including:
▢ advertising expenses;
▢ council and water rates;
▢ insurance;
▢ interest;
▢ land tax;
▢ property management fees;
▢ genuine repairs and maintenance; and
▢ telephone expenses.
▢ Superannuation contributions.
▢ Sun protection items.
▢ Tax agent fees.
▢ Telephone expenses (if work-related).
▢ Tools of trade.