From 1 July 2022:
Plus Medicare Levy: 2% (additional 1% surcharge where inadequate private health insurance)
Effective Tax-free Threshold: $23,227
Tax Calculators: www.ato.gov.au
N.B. Temporary tax concessions are available for small business due to COVID-19. please contact us for advice for your situation.
Income
%
0
32.5
37
45
$0 – 18,200
$18,201 – 45,000
Tax on upper limit
$45,001 - $120,000
$180,001 +
$120,001 - $180,000
19
$29,467
$51,667
$5,092
0
Non-concessional (post-tax) contribution cap
Concessional (pre-tax) contribution cap
$110,000 p.a.
$300,000 each for individuals (total $600,000 for couples)
$27,500 p.a. (regardless of age)
$1.6 - 1.7 million*
Maximum cap for transfer to pension phase
Non-concessional (post-tax) contribution from proceeds of sale of home (if aged 60+)
N.B. Temporary tax concessions are available for small business due to COVID-19. Please contact us for advice for your situation.
*Individuals who start their first retirement phase income stream on or after 1 July 2021 will have a personal transfer balance cap of $1.7 million.
The information contained in this app is intended to be of a general nature only and should not be relied upon as legal advice. Any legal matters should be discussed specifically with one of our lawyers.
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