CPA Australia Taxation cheat sheet

CPA Australia Taxation

• Resident individual tax rates (2023-24): 0% to $18,200; 19% $18,201-$45,000; 32.5% $45,001-$120,000; 37% $120,001-$180,000; 45% above $180,000; plus 2% Medicare levy (1.25% low-income phase-in).

• Non-resident rates: 32.5% on $0-$120,000; 37% $120,001-$180,000; 45% above $180,000; no tax-free threshold, no Medicare levy.

• Company tax: base rate entity 25% (aggregated turnover < $50m and ≤80% passive income); otherwise 30%.

• Capital gains: individual discount 50% if asset held ≥12 months; complying super fund 33.33%; company 0%. Discount applies after offsetting capital losses.

• CGT small business concessions: 15-year exemption, 50% active asset reduction, retirement exemption ($500k lifetime cap), rollover; require aggregated turnover < $2m or net assets ≤ $6m and active asset.

• Fringe benefits tax: rate 47% for FBT year ending 31 March 2024; gross-up factors 2.0802 (Type 1 GST-creditable) and 1.8868 (Type 2); $30,000 exemption for portable electronic devices used primarily for work.

• Superannuation: concessional contributions cap $27,500 (2023-24); non-concessional $110,000; Division 293 extra 15% tax if income > $250,000; SG rate 11% from 1 July 2023.

• GST: 10% on taxable supplies; registration threshold $75,000 ($150,000 for non-profits); input tax credits for creditable acquisitions; GST-free items include basic food, health, education, exports.

• PAYG withholding: employers must withhold from salary using ATO tax tables; PAYG instalments for business/investment income above thresholds; due dates quarterly (28 Oct, 28 Feb, 28 Apr, 28 Jul) or annual.