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Taxation Information

Superannuation Guarantee | Superannuation Lump Sum Tax Rates | 2011-12 Flood Levy | Personal Income Tax Rates 2011-12 | Surcharge Tax

Income Tax Concessions for Superannuation Contributions

NTGPASS does not accept pre-tax superannuation contributions from retained members or as a result of employment outside the NT Public Service. This means that salary sacrifice, employer contributions such as superannuation guarantee and tax deductible contributions from self employed members cannot be made to NTGPASS.

Superannuation Guarantee

Minimum Level of Employer Superannuation Suppport
Financial Year	Percentage of Ordinary Time Earnings
1998-99	7%
1999-00	7%
2000-01	8%
2001-02	8%
2002-03 (onwards)	9%

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Superannuation Lump Sum Tax Rates

Tax Free Component	0%
Taxable Component
Taxed Element
Under age 55	20%
Age 55 - 59	0% up to LRC* 15% over LRC*
Age 60 and over	0%
Untaxed Element
Under age 55	30% up to $1.205 million 45% over $1.205 million
Age 55 - 59	15% up to LRC* 30% over LRC* up to $1.205 million 45% over $1.205 million
Age 60 and over	15% up to $1.205 million 45% over $1.205 million

Note: tax rates do not include Medicare Levy (1.5%)

*LRC: Low Rate Cap for 2011-12 is $165,000 and is indexed each financial year to Average Weekly Ordinary Times Earnings in $5,000 amounts.

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2011-12 Flood Levy

The Commonwealth Government has introduced a one off flood levy for the 2011-12 income year that will apply to all taxpayers that have a taxable income of more than $50 000. The levy will apply at 0.5 per cent of taxable income in excess of $50,000, and 1 per cent of taxable income in excess of $100,000. No levy is payable where the person has income of $50,000 or less and the levy will not apply to certain payments including: tax free income from account-based pensions, superannuation amounts rolled over and death benefits paid to dependants. Individuals affected by natural disasters may be eligible for an exemption.

For further information, please visit the ATO website: www.ato.gov.au

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Personal Income Tax Rates 2011-12

Taxable Income	Marginal Income Tax Rate
Up to $6,000	Nil
$6,001 to $37,000	15%
$37,001 to $80,000	30%
$80,001 to $180,000	37%
Excess over $180,000	45%

Note: rates do not include the Medicare Levy of 1.5% of taxable income.

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Superannuation Surcharge

Refer to the information available on our Surcharge Tax page.

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