Frequently Asked Questions
Lodgement & Payment dates for Activity Statements
- September Quarter 28th October
- December Quarter 28th February
- March Quarter 28th April
- June Quarter 28th July
- Monthly Activity Statements are due 21st of the following month
Individual Tax Rates from 1st July 2019
- $0 to $18,200 – 0%
- $18,200 to $37,000 – 19%
- $37,000 to $90,000 – 32.5%
- $90,000 to $180,000 – 37%
- $180,000 and above – 45%
Medicare Levy
The Medicare Levy is 2%.
Superannuation Guarantee
- From 1st July 2017 – 9.5%
- 2017 to 2022 – 9.5%
- 2023 – 10%
- 2024 – 11%
- 2025 – 11.5%
- 2026 & on – 12%
How much tax to withhold from employees wages
Visit the ATO website:
https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=TWC&anchor=TWC#TWC/questions
Company Tax Rate
- Small Business Entity – 27.5%
- Large Business Entity – 30%
Maximum superannuation contribution
- $25,000 per year as a concessional contribution from 1 July 2017
What is a Concessional Superannuation Contribution
- Is a superannuation contribution paid by an employer (SG contribution) and/or a personal superannuation contribution which is claimed as a tax deduction.
What is a Non Concessional Superannuation Contribution
- Is a superannuation contribution made from personal funds which is NOT claimed as a tax deduction. There is a limit of $100,000 per year. There is an ability to bring forward 3 years Non Concessional contributions.
What does it mean to Bring Forward Non Concessional Superannuation Contributions
- The ability to contribute up to $300,000 in one year. This then does exclude further Non Concessional Superannuation contributions until the 3 year period has expired.