In addition to the announcements in the 2011-12 Federal Budget which take effect from 1 July 2012, a number of other legislative changes came into effect during the 2011-12 financial year.

Resident tax rates for individuals

The tax free threshold has been increased to $18,200 and other thresholds have been re-aligned as shown below:

Taxable income	Tax payable
$0-18,200	Nil
$18,201 to 37,000	Nil +19% of excess over $18,200
$37,001 to $80,000	$3,572 + 32.5% of excess over $37,000
$80,001 to $180,000	$17,547 + 37% of excess over $80,000
$180,001+	$54,547 + 45% of excess over $180,000

 

Increase in Superannuation Guarantee

Over the next six financial years the Superannuation Guarantee will increase from 9% to 12%, commencing from 1 July 2013 as shown below:

Year	Rate
2013-14	9.25%
2014-15	9.5%
2015-16	10%
2016-17	10.5%
2017-18	11%
2018-19	11.5%
2019-20	12%

Low income super contribution

The government will provide a new super contribution of up to $500 dollars annually for eligible low-income earners from the 2012-13 income year. The payment will be 15% of the eligible concessional contributions (including employer contributions) made by or on behalf of an individual with an adjusted taxable income of up to $37,000 (not indexed). To qualify, an individual must be an Australian tax resident and at least 10% of their income must be from employment or business sources. The ATO will determine eligibility based on an individual’s tax return