Depreciation Calculation, Depreciation Rules, Construction and Building Depreciation, Income Tax Rates
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ADDITIONAL TAX INFO
Income Tax Rates
Residents
These rates apply to individuals who:
These rates apply to individuals who:
- are residents of Australia for tax purposes for the whole financial year and
- did not leave full-time education for the first time during the financial year.
| Tax rates 2009-10 | |
| Taxable income | Tax on this income |
| $0 – $6,000 | Nil |
| $6,001 – $35,000 | 15c for each $1 over $6,000 |
| $35,001 – $80,000 | $4,350 plus 30c for each $1 over $35,000 |
| $80,001 – $180,000 | $17,850 plus 38c for each $1 over $80,000 |
| $180,001 and over | $55,850 plus 45c for each $1 over $180,000 |
| Tax rates 2010-11 | |
| Taxable income | Tax on this income |
| $0 – $6,000 | Nil |
| $6,001 – $37,000 | 15c for each $1 over $6,000 |
| $37,001 – $80,000 | $4,650 plus 30c for each $1 over $37,000 |
| $80,001 – $180,000 | $17,550 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,550 plus 45c for each $1 over $180,000 |
| Tax rates 2011-12 | |
| Taxable income | Tax on this income |
| $0 – $6,000 | Nil |
| $6,001 – $37,000 | 15c for each $1 over $6,000 |
| $37,001 – $80,000 | $4,650 plus 30c for each $1 over $37,000 |
| $80,001 – $180,000 | $17,550 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,550 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 1.5%
Calculators
A simple tax calculator is available to help you calculate the tax on your taxable income. The comprehensive tax calculator also takes into account Medicare levy, HECS/ SFSS repayments, tax offsets and tax credits to give you an estimate of the amount of your tax refund or debt.
Company tax rates Tax rates 2009-10 & 2010-11
| Rate % | |
| Companies generally including corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts |
30 |
| Private Companies generally taxable income |
30 |
Rates of depreciation for Construction Costs (Capital Works)
Capital Works deductions may be available for expenditure on the construction of buildings, structural improvements, extensions, alterations or improvements. Capital Works deductions are not available for expenditure on plant.
If refurbishment or renovation work has been carried out to the property after 17 July 1985 eg: new kitchen or extensions then a capital works deductions is available.
For structural improvement such as the addition of retaining walls or pergolas then a capital works deduction is available for such improvements after 27 Feb 1992.
| Dates | Hotels, Motels & Guest Houses | Manufacturing | Commercial | Residential | Structural Improvements |
| Today to 27th Feb 1992 | 4% | 4% | 2.5% | 2.5% | 2.5% |
| 26th Feb 1992 to 16th Sep 1987 | 2.5% | 2.5% | 2.5% | 2.5% | |
| 15th Sep 1987 to 18th Jul 1985 | 4% | 4% | 4% | 4% | |
| 17th Jul 1985 to 22nd Aug 1984 | 4% | 4% | 4% | ||
| 21st Aug 1984 to 20th Jul 1982 | 2.5% | 4% | 2.5% | ||
| 19th Jul 1982 to 21st Aug 1979 | 2.5% | 2.5% |
Common Depreciable items and their effective lives (Plant & Equipment)
You cannot claim a deduction for a depreciating asset’s decline in value if you are allowed a capital works deduction for the asset.
If your depreciating asset is not plant and it is fixed to or otherwise part of a building or structural improvement, your expenditure will generally be construction expenditure for capital works and only a capital works deduction may be available.
Plant includes items that are articles within the ordinary meaning of the word. A curtain, a desk or a dishwasher would all be considered articles. A structure attached to land or forms part of the structure of the premises such as a cloths hoist or pergola would not be considered articles.
All plant & articles are deemed to have their own effective lives as determined by the tax commissioner. Even if the plant is considered old it would be considered to have some effective life as it is still in use and working order. Common effective lives for common plant and equipment are:
Effective Lives
| Assets | Years |
| Carpet | 10 |
| Tiles | Not avail. Part of the building |
| Light Shades | 5 |
| Fixed down lights |
Not avail. Part of the building |
| Kitchen cooktops |
12 |
| Kitchen benchtops | Not avail. Part of the building |
| Laundry - Clothes dryers | 10 |
| Laundry – Taps and sink |
Not avail. Part of the building |
Low-value Pooling
An optional low-value pooling arrangement came into effect from 1 July 2001. It applies to items of plant costing less than, or having a value less than, $1,000. Assets allocated to a low-value pool adopt the diminishing value rate of 18.75% in the first income year that they are attributed to the pool and at 37.5% each year thereafter. The low-value pool has the effect of ‘accelerating’ the depreciation on low cost and low value items of plant and dramatically alters the amount of your depreciation claim.
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