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Superannuation Guarantee | Superannuation Lump Sum Tax Rates | 2011-12 Flood Levy | Personal Income Tax Rates 2011-12 | Surcharge Tax
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.
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% |
| 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.
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
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.
Refer to the information available on our Surcharge Tax page.