Individual Tax Rates

We are specialised in providing SMSF accounting, tax and audit services.

However, there are important information that an individual must know when it comes to their overall taxes. We are affiliated with National Tax & Accountants’ Association (NTAA) as a Member and they have put together a booklet with useful tax tables and detailed information regarding taxes on various entities.

Detailed NTAA booklet can be found here

We have extracted some information that would be useful. These tax tables are mainly for 2021 financial year:

Individual Resident Tax RatesTax on MinorsMedicare LevySpouse Contribution Tax OffsetGovernment Co-contribution

Individual Resident tax rates
 

The following table shows taxes on resident minors who earn and are under 18 years of age:

Tax on Minors

Medicare Levy

 

Tax payer can receive a Spouse Contribution Tax Offset when they deposit a non-concessional contribution to the spouse’s super account. If we are the accountant, you will need to let us know or ensure to have a bank description noting it’s a spouse contribution and we will record it accordingly in the relevant year.

Superannuation Spouse Contribution Tax Offset

More on spouse contributions in an SMSF see here.

If a Member makes a non-concessional contribution into their super and if they meet all the eligibility criteria and is a low or middle income earner they receive a government co-contribution up to $500.

Government Co-contribution

More on how to receive government co-contribution in an SMSF see here.

Tax Savings 

Secondary objective of an effective tax strategy is to contribute into super. Contributions and earnings in super are taxed at an effective rate of 15% in accumulation phase and nil for accounts based pension phase. For more information on how super is taxed in an SMSF, see here.

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Peace Of Mind

We are Melbourne based with clients throughout Australia. Our SMSF administration service is mostly paperless. This enable us to charge a fair fee, resulting in a good value-proposition for you.

No Advice

Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.