Tax Facts 2023-24
Resident individual rates
|
Taxable income |
Tax payable |
|---|---|
|
$0 – $18,200 |
Nil |
|
$18,201 – $45,000 |
19% of excess over $18,200 |
|
$45,001 – $120,000 |
$5,092 + 32.5% of excess over $45,000 |
|
$120,001 – $180,000 |
$29,467 + 37% of excess over $120,000 |
|
$180,001+ |
$51,667 + 45% of excess over $180,000 |
Non-resident individual rates
|
Taxable income |
Tax payable |
|---|---|
|
$0 – $120,000 |
32.5% |
|
$120,001 – $180,000 |
$39,000 + 37% of excess over $120,000 |
|
$180,001+ |
$61,200 + 45% of excess over $180,000 |
Resident minor rates
|
Other income |
Tax payable |
|---|---|
|
$0 – $416 |
Nil |
|
$417 – $1,307 |
66% of excess over $416 |
|
$1,308+ |
45% of total amount of income that is not excepted income# |
# Excepted income includes employment income.
Working holiday maker rates
|
Taxable income |
Tax payable |
|---|---|
|
$0 – $45,000 |
15% |
|
$45,001 – $120,000 |
$6,750 + 32.5% of excess over $45,000 |
|
$120,001 – $180,000 |
$31,125 + 37% of excess over $120,000 |
|
$180,001+ |
$53,325 + 45% of excess over $180,000 |
Individual Medicare levy rates
|
Taxable income* |
Levy payable |
|---|---|
|
$0 – $24,276 |
Nil |
|
$24,277 – $30,345 |
10% of excess over $24,276 |
|
$30,346 |
2.0% of entire amount |
Rates may change if the taxpayer has a spouse on 30 June and family income is below $40,939 plus $3,760 for each dependant child or student.
* If the individual received a lump sum superannuation payment and is entitled to a tax offset in respect thereof, taxable income is reduced by so much of the taxable component of the payment as does not exceed the low rate cap.
Medicare levy surcharge thresholds
|
Singles |
Families |
Rate# |
|---|---|---|
|
$0 – $90,000 |
$0 – $180,000 |
0.00% |
|
$90,001 – $105,000 |
$180,001 – $210,000 |
1.00% |
|
$105,001 – $140,000 |
$210,001 – $280,000 |
1.25% |
|
$140,001+ |
$280,001+ |
1.50% |
# While the surcharge is calculated on taxable income, liability to the surcharge is based on income for surcharge purposes exceeding the thresholds.
|
Company |
Rate |
|---|---|
|
Base rate entity* |
25% |
|
All other companies |
30% |
* Applicable to companies with aggregated turnover less than $50m and passive income of no more than 80% of total assessable income.
Note: the franking rate is based on the lower company tax rate if the threshold requirements are satisfied by reference to income details for the immediately preceding income year.
FBT motor vehicle statutory fraction
|
Total km travelled |
1 |
2 |
|---|---|---|
|
0 – 14,999 |
0.26 |
0.20 |
|
15,000 – 24,999 |
0.20 |
0.20 |
|
25,000 – 40,000 |
0.11 |
0.20 |
|
40,001+ |
0.07 |
0.20 |
Note: 1, contracts existing before 7:30pm on 10 May 2011. 2, contracts entered into after 7:30pm on 10 May 2011.
Fringe benefits tax
|
Rate |
47.0% |
|
Fringe benefits gross-up factor – Type 1 |
2.0802 |
|
Fringe benefits gross-up factor – Type 2 |
1.8868 |
|
|
2022-23 FBT Year |
2023-24 FBT Year |
|---|---|---|
|
Car parking threshold |
$9.72 |
$10.40 |
|
Benchmark interest rate (loan benefits and cars using operating costs method) |
4.52% |
7.77% |
IAS, BAS, PAYG instalments
|
Quarter ended |
30/06/2023 |
30/09/2023 |
31/12/2023 |
31/03/2024 |
|
Due date* |
28/07/2023 |
30/10/2023 |
28/02/2024 |
28/04/2024 |
* An extension may be available in certain circumstances.
Complying loans
|
Income year |
Benchmark interest rate |
|---|---|
|
2023-24 |
8.27% |
|
2022-23 |
4.77% |
|
2021-22 |
4.52% |
Interest only investment agreements
|
Income Year |
7-year % |
10-year % |
|---|---|---|
|
2023-24 |
8.27 |
10.28 |
|
2022-23 |
4.77 |
6.82 |
|
2021-22 |
4.52 |
6.51 |
Annual leave
|
Unused annual leave |
Tax |
|---|---|
|
On resignation or retirement: |
|
|
Leave accrued before 18 August 1993 |
100% included in assessable income and taxed at a maximum rate of 32% |
|
Leave accrued after 17 August 1993 |
100% included in assessable income and taxed at marginal rates |
|
On genuine redundancy, approved early retirement, invalidity: |
|
|
All annual leave |
100% included in assessable income and taxed at a maximum rate of 32% |
Long service leave
|
Unused long service leave |
Tax |
|---|---|
|
On resignation or retirement: |
|
|
Leave accrued before 16 August 1978 |
5% included in assessable income and taxed at marginal rates |
|
Leave accrued 16 August 1978 – 17 August 1993 |
100% included in assessable income and taxed at a maximum rate of 32% |
|
Leave accrued after 17 August 1993 |
100% included in assessable income and taxed at marginal rates |
|
On genuine redundancy, approved early retirement, invalidity: |
|
|
Leave accrued before 16 August 1978 |
5% included in assessable income and taxed at marginal rates |
|
Leave accrued after 15 August 1978 |
100% included in assessable income and taxed at a maximum rate of 32% |
Genuine redundancy/approved early retirement
2022-23 income year
|
Tax free amount |
$11,591 + ($5,797 × completed years of service) |
|
Remainder |
Taxed as employment termination payment up to ETP cap of $230,000 |
2023-24 income year
|
Tax free amount |
$11,985 + ($5,994 × completed years of service) |
|
Remainder |
Taxed as employment termination payment up to ETP cap of $235,000 |
Employment termination payments – Life benefit termination payment
|
Component / Age at end of income year |
Amount subject to withholding |
Rate of withholding |
|---|---|---|
|
Tax free component |
||
|
All ages |
Nil |
Nil |
|
Taxable component |
|
|
|
Under preservation age |
Up to lesser cap amount* |
32% |
|
Preservation age and over |
Up to lesser cap amount* |
17% |
|
All ages |
Excess |
47% |
* The amounts are the ‘whole-of-income’ cap ($180,000 less the recipient’s taxable income) and the ETP cap ($230,000 for 2022-23 less life benefit termination payments received in the same or an earlier year in respect of the same termination event). Only the ETP cap applies to genuine redundancy and invalidity payments.
The ETP cap is $230,000 for 2022-23 ($235,000 for 2023-24) less life benefit termination payments received in the same or an earlier year in respect of the same termination event.
Concessional contributions limit
|
Age |
Limit |
|---|---|
|
Up to age 75 |
$27,500*^ |
* Unused concessional contributions for 2018/19 and later years may be carried forward for up to five years in limited circumstances meaning your concessional contributions limit may be higher than the standard limit above.
^ If you made the contribution during the period starting on the day you turn 67 and ending on the day that is 28 days after the end of the month in which you turn 75, you must satisfy the work test or the work test exemption. To satisfy the work test you must have been gainfully employed for at least 40 hours in any period of 30 consecutive days during the income year (work test).
To satisfy the work test exemption you must satisfy all of the following conditions:
- you met the work test in the previous financial year;
- you have not been, and do not intend to be, gainfully employed for at least 40 hours within 30 consecutive days in the current year;
- your total super balance with all super providers was below $300,000 at 30 June 2023, and
- you have not previously claimed a personal tax deduction under the work test exemption in any previous year.
Non-concessional contributions limit
|
Age at any time in the financial year |
Limit |
|---|---|
|
Under age 75 |
$110,000^ |
|
75 years and over |
Nil |
^ Individuals under 75 years at any time in the financial year may bring forward contributions of up to three times the standard non-concessional contribution limit across a fixed three-year period, subject to the table below.
|
Total superannuation balance on 30 June 2023 |
Maximum non-concessional contributions limit |
|---|---|
|
$0 – $1,679,999 |
$330,000 |
|
$1,680,000 – $1,789,999 |
$220,000 |
|
$1,790,000 – $1,899,999 |
$110,000 |
|
$1,900,000+ |
Nil |
Contribution standards
|
Age of member at time of contribution |
Acceptance conditions |
|---|---|
|
Under age 75 |
No conditions |
|
Age 75 or over |
Contributions cannot be accepted unless mandated |
Superannuation guarantee
|
Year |
Rate |
Maximum contribution base |
|---|---|---|
|
2023-24 |
11% |
$62,270 per quarter |
Contributions tax and surcharge (Division 293 tax)
|
Income* and concessional contributions |
Contributions tax |
Surcharge |
Total |
|---|---|---|---|
|
$0 – $250,000 |
15% |
Nil |
15% |
|
$250,001+ |
15% |
15% |
30% |
* Income = taxable income + reportable fringe benefits + total net investment loss less some super lump sum payments.
Note: If your income + concessional contributions > $250,000 the concessional contributions above $250,000 will be subject to surcharge.
Downsizer contribution
|
Age of member at time of contribution |
Limit |
|---|---|
|
Age 55 or over* |
$300,000 |
Note: There are strict eligibility and compliance requirements when making downsizer contributions including a ten-year ownership period.
CGT cap amount
|
Amount* |
$1,705,000 |
* CGT cap amount is a lifetime limit that is indexed.
Note: Amounts that may count towards the CGT cap include capital proceeds from the disposal of assets that qualify for the 15-year CGT exemption + capital gains that are disregarded under the CGT retirement exemption limit (of up to $500,000).
Pension payment – taxed fund
|
Component / Age at date payment received |
Amount subject to withholding |
Pension tax offset |
|---|---|---|
|
Tax free component |
||
|
All ages |
Nil |
Nil |
|
Taxable component |
|
|
|
Below preservation age^ |
Entire amount at marginal rates |
Nil |
|
Preservation age but below age 60^ |
Entire amount at marginal rates |
15% |
|
Aged 60 and over |
Nil |
Nil |
^ If no TFN 47% must be withheld from taxable component.
Minimum annual payment amount
|
Age of beneficiary on 1 July |
2023-24 income year |
|---|---|
|
Under age 65* |
4% |
|
65 – 74 |
5% |
|
75 – 79 |
6% |
|
80 – 84 |
7% |
|
85 – 89 |
9% |
|
90 – 94 |
11% |
|
Age 95 and over |
14% |
* If the pension is operating under transition to retirement rules, a maximum payment amount of 10% applies.
Superannuation pension cap (general transfer balance cap)
|
Cap |
$1,900,000 |
Preservation age
|
Date of birth |
Preservation age |
|---|---|
|
Before 1 July 1960 |
55 years |
|
1 July 1960 – 30 June 1961 |
56 years |
|
1 July 1961 – 30 June 1962 |
57 years |
|
1 July 1962 – 30 June 1963 |
58 years |
|
1 July 1963 – 30 June 1964 |
59 years |
|
On or after 1 July 1964 |
60 years |
Lump sum payments – taxed fund
|
Component / Age at date payment received |
Amount subject to withholding |
Rate of witholding |
|---|---|---|
|
Tax free component |
||
|
All ages |
Nil |
Nil |
|
Taxable component |
|
|
|
Under preservation age^ |
Entire amount |
22% |
|
Preservation age but below age 60^ |
Up to low rate cap amount* |
Nil |
|
Preservation age but below age 60^ |
Excess above low rate cap amount* |
17% |
|
Aged 60 and over |
Nil |
Nil |
* Low rate cap amount of $235,000 is a lifetime limit that is indexed.
^ If no TFN, 47% must be withheld from taxable component.
Accessing superannuation
|
Age of member |
Condition of release* |
|---|---|
|
Preservation age but less than age 60 |
Member has ceased all forms of gainful employment and never intends to be gainfully employed again |
|
Age 60 but less than age 65 |
Member has ceased a position of gainful employment after attaining age 60 |
|
Age 65 or over |
None |
* Trust deed requirements must be met. Transition to retirement rules may provide restricted access after attaining preservation age.
Duty on transfer of real property – standard rates
|
Dutiable value |
Duty payable* |
|---|---|
|
$0 – $25,000 |
1.4% of entire amount |
|
$25,001 – $130,000 |
$350 + 2.4% of excess over $25,000 |
|
$130,001 – $960,000 |
$2,870 + 6% of excess over $130,000 |
|
$960,001 – $2,000,000 |
5.5% of dutiable value of the property |
|
$2,000,001+ |
$110,000 plus 6.5% of the dutiable value that exceeds $2,000,000 |
* A surcharge of 8% applies to foreign purchasers of residential property.
Duty on transfer of real property – concessional rates for principal place of residence contracts
|
Dutiable value** |
Duty payable* |
|---|---|
|
$130,001 – $440,000 |
$2,870 + 5% of excess over $130,000 |
|
$440,001 – $550,000 |
$18,370 + 6% of excess over $440,000 |
* A surcharge of 8% applies to foreign purchasers of residential property.
** General rates apply where dutiable value is no more than $130,000 or more than $550,000.
Land tax – general rates
|
Taxable value of land holdings |
Land tax payable# |
|---|---|
|
$0 – 299,999 |
Nil |
|
$300,000 – $599,999 |
$375 + 0.2% of excess over $300,000 |
|
$600,000 – $999,999 |
$975 + 0.5% of excess over $600,000 |
|
$1,000,000 – $1,799,999 |
$2,975 + 0.8% of excess over $1,000,000 |
|
$1,800,000 – $2,999,999 |
$9,375 + 1.55% of excess over $1,800,000 |
|
$3,000,000+ |
$27,975 + 2.55% of excess over $3,000,000 |
# A surcharge of 2% applies to absentee owners. This will increase to 4% on 1 January 2024.
Surcharge rates for Trusts
|
Taxable value of land holdings |
Land tax payable# |
|---|---|
|
$0 – $24,999 |
Nil |
|
$25,000 – $249,999 |
$82 + 0.375% of excess over $25,000 |
|
$250,000 – $599,999 |
$926 + 0.575% of excess over $250,000 |
|
$600,000 – $999,999 |
$2,938 + 0.875% of excess over $600,000 |
|
$1,000,000 – $1,799,999 |
$6,438 + 1.175% of excess over $1,000,000 |
|
$1,800,000 – $2,999,999 |
$15,838 + 1.0114% of excess over $1,800,000 |
|
$3,000,000+ |
$27,975 + 2.55% of excess over $3,000,000 |
# Levied on owners of land at midnight on 31 December. A surcharge of 4% applies to absentee owners.
Land tax rates for the 2024 – 2033 land tax year
Land tax – general rates
|
Taxable value of land holdings |
Land tax payable# |
|---|---|
|
$0 – $49,999 |
Nil |
|
$50,000 – $99,999 |
$500 |
|
$100,000 – $299,999 |
$975 |
|
$300,000 – $599,999 |
$1,350 + 0.3% of excess over $300,000 |
|
$600,000 – $999,999 |
$2,250 + 0.6% of excess over $600,000 |
|
$1,000,000 – $1,799,999 |
$4,650 + 0.9% of excess over $1,000,000 |
|
$1,800,000 – $2,999,999 |
$11,850 + 1.65% of excess over $1,800,000 |
|
$3,000,000 + |
$31,650 + 2.65% of excess over $3,000,000 |
Surcharge rates for Trusts
|
Taxable value of land holdings |
Land tax payable# |
|---|---|
|
$0 – $24,999 |
Nil |
|
$25,000 – $49,999 |
$82 + 0.375% of excess over $25,000 |
|
$50,000 – $99,999 |
$676 + 0.375% of excess over $50,000 |
|
$100,000 – $249,999 |
$1,338 + 0.375% of excess over $100,000 |
|
$250,000 – $599,999 |
$1,901 + 0.675% of excess over $250,000 |
|
$600,000 – $999,999 |
$4,263 + 0.975% of excess over $600,00 |
|
$1,000,000 – $1,799,999 |
$8,163 + 1.275% of excess over $1,000,000 |
|
$1,800,000 – $2,999,999 |
$18,363 + 1.1072% of excess over $1,800,000 |
|
$3,000,000+ |
$31,650 + 2.65% of excess over $3,000,000 |
# A surcharge of 4% applies to absentee owners.
Payroll tax
|
Monthly gross wages |
Annual gross wages |
Rate |
|---|---|---|
|
Up to $58,333 |
Up to $700,000 |
Nil |
|
Excess above $58,333 |
Excess above $700,000 |
4.85% |
A discounted rate of 1.2125% applies to qualifying regional employers.
* The following surcharges are applicable for employers with annual Australian taxable wages above $10 million:
- Mental Health & Wellbeing Levy – 0.5% is payable on Victorian taxable wages above $10 million and additional 0.5% is payable on Victorian taxable wages above $100 million;
- COVID-19 Debt Recovery Levy – 0.5% is payable on Victorian taxable wages above $10 million and additional 0.5% is payable on Victorian taxable wages above $100 million;
Duty on transfer of real property – standard transfer duty
|
Property value |
Transfer duty rate |
|---|---|
|
$0 – $16,000 |
$1.25 for every $100 (minimum $10) |
|
$16,001 – $35,000 |
$200 + $1.50 for every $100 over $16,000 |
|
$35,001 – $93,000 |
$485 + $1.75 for every $100 over $35,000 |
|
$93,001 – $351,000 |
$1,500 + $3.50 for every $100 over 93,000 |
|
$353,001 – $1,168,000 |
$10,530 + $4.50 for every $100 over $351,000 |
|
$1,168,001+ |
$47,295 + $5.50 for every $100 over $1,168,000 |
^ The minimum is $10.
Duty on transfer of real property – premium transfer duty (residential properties only)
|
Property value |
Premium rate |
|---|---|
|
From 1 July 2023 – over $3,505,000 |
$175,830 + $7.00 for every $100 over $3,505,000 |
Duty on transfer of real property – surcharge purchaser duty
Foreign persons* must pay an additional purchaser surcharge of 8% on the purchase of any residential land bought^.
* Foreign persons also include foreign corporations and trusts.
^ Purchaser duty may also be levied on other types of transactions such as declaring a trust or transferring a lease.
Land tax
|
Threshold |
Rate of duty |
|---|---|
|
General threshold – $969,000 |
$100 + 1.6% of land value above the threshold, up to the premium threshold |
|
Premium threshold – $5,925,000 |
$79,396 + 2% of land value above the threshold |
Land tax – surcharge land tax
If you are a foreign person who owns residential land in NSW, you must pay a land tax surcharge in addition to any land tax you may already pay, currently at 2% and will increase to 4% from the 2023 land tax year (31 December 2022) onwards.
Payroll tax
|
Annual threshold |
Rate |
|---|---|
|
$1,200,000 |
5.45% |
Payroll tax – monthly thresholds
|
Days in the month |
Threshold |
|---|---|
|
29 |
$95,082 |
|
30 |
$98,361 |
|
31 |
$101,639 |
Duty on transfer of real property – standard rates
|
Dutiable value |
Duty payable |
|---|---|
|
$0 – $5,000 |
Nil |
|
$5,001 – $75,000 |
$1.50 for each $100 over $5,000 |
|
$75,001 – $540,000 |
$1,050 + $3.50 for each $100 over $75,000 |
|
$540,001 – $1,000,000 |
$17,325 + $4.50 for each $100 over $540,000 |
|
$1,000,001+ |
$38,025 + $5.75 for each $100 over $1,000,000 |
Duty on transfer of real property – concessional rates for principal place of residence contracts
|
Dutiable value** |
Duty payable* |
|---|---|
|
$0 – $350,000 |
$1.00 for each $100 |
|
$350,001 – $540,000 |
$3,500 + $3.50 for each $100 over $350,000 |
|
$540,001 – $1,000,000 |
$10,150 + $4.50 for each $100 over $540,000 |
|
$1,000,001+ |
$30,850 + $5.75 for each $100 over $1,000,000 |
* A surcharge of 7% applies to foreign purchasers of residential property.
** Further concessions apply to first home owners.
Land tax – general rates
|
Taxable value of land holdings |
Land tax payable* |
|---|---|
|
$0 – $599,999 |
Nil |
|
$600,000 – $999,999 |
$500 + 1% of excess over $600,000 |
|
$1,000,000 – $2,999,999 |
$4,500 + 1.65% of excess over $1,000,000 |
|
$3,000,000 – $4,999,999 |
$37,500 + 1.25% of excess over $3,000,000 |
|
$5,000,000 – $9,999,999 |
$62,500 + 1.75% of excess over $5,000,000 |
|
$10,000,000+ |
$150,000 + 2.25% of excess over $10,000,000 |
* Higher rates apply to foreign landholders.
Rates for Trusts, Companies and Superannuation Funds
|
Taxable value of land holdings |
Land tax payable** |
|---|---|
|
$0 – $349,999 |
Nil |
|
$350,000 – $2,249,999 |
$1,450 + 1.7% of the excess over $350,000 |
|
$2,250,000 – $4,999,999 |
$33,750 + 1.5% of excess over $2,250,000 |
|
$5,000,000 – $9,999,999 |
$75,000 + 2.25% of excess over $5,000,000 |
|
$10,000,000+ |
$187,500 + 2.75% of excess over $10,000,000 |
** A 2% surcharge applies to foreign landowners.
Payroll tax
|
Monthly gross wages |
Annual gross wages |
Rate |
|---|---|---|
|
Up to $108,333 |
Up to $1,300,000 |
Nil |
|
Excess above $108,333 |
Excess above $1,300,000 |
4.75% |
|
Excess above $108,333 |
Excess above $1,300,000 |
4.95% |
A 1% reduction in the rate applies to qualifying regional employers.
An additional mental health levy of 0.25% applies to employers with annual Australian taxable wages of more than $10 million, or 0.75% for employers with annual Australian taxable wages of more than $100 million.
Duty on transfer of real property – general rates*
|
Dutiable value |
Residential rate of duty* |
|---|---|
|
$0 – $120,000 |
$1.90 for every $100 or part thereof |
|
$120,001 – $150,000 |
$2,280 + $2.85 for every $100 or part thereof above $120,000 |
|
$150,001 – $360,000 |
$3,135 + $3.80 for every $100 or part thereof above $150,000 |
|
$360,001 – $725,000 |
$11,115 + $4.75 for every $100 or part thereof above $360,000 |
|
$725,001+ |
$28,453 + $5.15 for every $100 or part thereof above $725,000 |
* General rate applies to a dutiable transaction unless the Duties Act provides otherwise.
** A surcharge of 7% applies to foreign purchasers of residential property.
Duty on transfer of real property – concessional rates^
|
Dutiable value |
Concessional rate of duty |
|---|---|
|
$0 – $120,000 |
$1.50 per $100 or part thereof |
|
$120,001 – $200,000 |
$1,800 + $4.04 per $100 or part thereof above $120,000 |
^ Concessional rate applies to property that is either a principal place of residence or a WA business asset, and the value of the entire property doesn’t exceed $200,000.
Duty on transfer of real property – First home owner rates*
|
Dutiable value: home |
Residential rate of duty |
|---|---|
|
$0 – $430,000 |
No duty payable |
|
$430,001 – $530,000 |
$19.19 per $100 or part thereof above $430,000 |
|
$530,001+ |
You may be eligible for the residential rate of duty |
|
Dutiable value: vacant land |
Residential rate of duty |
|---|---|
|
$0 – $300,000 |
No duty payable |
|
$300,001 – $400,000 |
$13.01 per $100 or part thereof above $300,000 |
|
$400,001+ |
You may be eligible for the residential rate of duty |
* Subject to application.
Land tax
|
Aggregated taxable value of land |
Rate of land tax* |
|---|---|
|
$0 – $300,000 |
Nil |
|
$300,001 – $420,000 |
Flat rate of $300 |
|
$420,001 – $1,000,000 |
$300 + 0.25 cent for each $1 in excess of $420,000 |
|
$1,000,001 – $1,800,000 |
$1,750 + 0.90 cent for each $1 in excess of $1,000,000 |
|
$1,800,001 – $5,000,000 |
$8,950 + 1.80 cents for each $1 in excess of $1,800,000 |
|
$5,000,001 – $11,000,000 |
$66,550 + 2.00 cents for each $1 in excess of $5,000,000 |
|
$11,000,001+ |
$186,550 + 2.67 cents for each $1 in excess of $11,000,000 |
* Excludes Metropolitan region improvement tax rates.
Payroll tax
From 1 July 2023 – when monthly Australian taxable wages are more than $83,333
|
Annual Australian taxable wages |
Rate |
Calculation of tax payable |
|---|---|---|
|
More than $1m but less than $7.5m |
5.5% |
WA taxable wages – deductable amount x tax rate |
|
$7.5m or more |
5.5% |
WA taxable wages x tax rate |
Land tax – general rates
|
Total taxable site value |
Amount of tax |
|---|---|
|
$0 – $668,000 |
Nil |
|
$668,001 – $1,073,000 |
$0.50 for every $100 or part of $100 above $668,000 |
|
$1,073,001 – $1,561,000 |
$2,025+ $1.00 for every $100 or part of $100 above $1,073,000 |
|
$1,561,001 – $2,500,000 |
$6,905 + $2.00 for every $100 or part of $100 above $1,561,000 |
|
$2,500,001+ |
$25,685 + $2.40 for every $100 or part of $100 above $2,500,000 |
Land tax – trusts
|
Total taxable site value |
Amount of tax |
|---|---|
|
$0 – $25,000 |
Nil |
|
$25,001 – $668,000 |
$125 + $0.50 for every $100 or part of $100 above $25,000 |
|
$668,001 – $1,073,000 |
$3,340 + $1.00 for every $100 or part of $100 above $668,000 |
|
$1,073,001 – $1,561,000 |
$7,390 + $1.50 for every $100 or part of $100 above $1,073,000 |
|
$1,561,001 – $2,500,000 |
$14,710 + $2.40 for every $100 or part of $100 above $1,561,000 |
|
$2,500,001+ |
$37,246 + $2.40 for every $100 or part of $100 above $2,500,000 |
Stamp Duty on transfer of land
|
Where value of the property conveyed |
Amount of duty |
|---|---|
|
$0 – $12,000 |
$1.00 for every $1.00 or part of $100 |
|
$12,001 – $30,000 |
$120 + $2.00 for every $100 or part of $100 over $12,000 |
|
$30,001 – $50,000 |
$480 + $3.00 for every $100 or part of $100 over $30,000 |
|
$50,001 – $100,000 |
$1,080 + $3.50 for every $100 or part of $100 over $50,000 |
|
$100,001 – $200,000 |
$2,830 + $4.00 for every $100 or part of $100 over $100,000 |
|
$200,001 – $250,000 |
$6,830 + $4.25 for every $100 or part of $100 over $200,000 |
|
$250,001 – $300,000 |
$8,955 + $4.75 for every $100 or part of $100 over $250,000 |
|
$300,001 – $500,000 |
$11,330 + $5.00 for every $100 or part of $100 over $300,000 |
|
$500,001+ |
$21,330 + $5.50 for every $100 or part of $100 over $500,000 |
Foreign persons or foreign trusts that acquire an interest in residential land in South Australia are required to pay a surcharge of 7% in addition to the Duty otherwise payable.
A number of concessions may be available and other conveyances may be exempt (e.g. transfers from an estate of a deceased person to a beneficiary under a Will).
Payroll tax
|
Total annual Australian taxable wages |
Rate of payroll tax |
|---|---|
|
Does not exceed $1,500,000 |
Nil |
|
Exceeds $1,500,000 but not $1,700,000 |
Variable from 0% to 4.95% |
|
Exceeds $1,700,000 |
4.95% |
Duty on transfer of real property – standard rates
|
Dutiable value |
Duty payable* |
|---|---|
|
$0 – $3,000 |
$50 |
|
$3,001 – $25,000 |
$50 + $1.75 per $100, or part, by which the dutiable value exceeds $3,000 |
|
$25,001 – $75,000 |
$435 + $2.25 per $100, or part, by which the dutiable value exceeds $25,000 |
|
$75,001 – $200,000 |
$1,560 plus $3.50 for every $100, or part, by which the dutiable value exceeds $75,000 |
|
$200,001 – $375,000 |
$5,935 plus $4.00 for every $100, or part, by which the dutiable value exceeds $200,000 |
|
$375,001 – $725,000 |
$12,935 plus $4.25 for every $100, or part, by which the dutiable value exceeds $375,000 |
|
$725,001+ |
$27,810 plus $4.50 for every $100, or part, by which the dutiable value exceeds $725,000 |
* A surcharge of 8% applies to foreign purchasers of residential property and 1.5% of primary production land.
Duty on transfer of real property – concessional rates for principal place of residence contracts
|
Dutiable value |
Duty payable* |
|---|---|
|
$130,001 – $440,000 |
$2,870 + 5% of excess over $130,000 |
|
$440,001 – $550,000 |
$18,370 + 6% of excess over $440,000 |
* A surcharge of 8% applies to foreign purchasers of residential property.
Land tax – general rates
|
Taxable value of land holdings* |
Land tax payable# |
|---|---|
|
$0 – 99,999.99 |
Nil |
|
$100,000 – $499,999 |
$50 + 0.45% of value over $100,000 |
|
$500,000+ |
$1,850 + 1.5% of value over $500,000 |
* Where two or more properties are held by one owner, the assessed land value of the properties is aggregated. Land tax is then calculated on the total aggregated land value.
# A foreign investor surcharge of 2% applies to property held by a foreign investor.
Duty on transfer of real property – standard rates
|
Dutiable value |
Duty payable** |
|---|---|
|
$0 – $525,000 |
(0.06571441 x V) + 15V, where V = 0.1% of property value |
|
$525,001 – $3,000,000 |
4.95% of the dutiable value of the property |
|
$3,000,001 – $5,000,000 |
5.75% of the dutiable value of the property |
|
$5,000,001+ |
5.95% of dutiable value of the property |
Land tax – general rates
There is no land tax in the Northern Territory.
Duty on transfer of commercial property – standard rates
|
Dutiable value |
Duty payable* |
|---|---|
|
$0 – $1,800,000 |
Nil |
|
$1,800,001+ |
$5.00 per $100 |
Duty on transfer of non-commercial property
|
Dutiable value |
Duty payable |
|---|---|
|
0 – $200,000 |
$1.20 per $100 or part thereof up to $200,000 |
|
$200,001 – $300,000 |
$2,400 plus $2.20 per $100 of the excess over $200,000 |
|
$300,001 – $500,000 |
$4,600 plus $3.40 per $100 of the excess over $300,000 |
|
$501,001 – $750,000 |
$11,400 plus $4.32 per $100 of the excess over $500,000 |
|
$750,001 – $1,000,000 |
$22,200 plus $5.90 per $100 of the excess over $750,000 |
|
$1,000,001 – $1,455,000 |
$36,950 plus $6.40 per $100 of the excess over $1,000,000 |
|
$1,455,001+ |
A flat rate of $4.54 per $100 applied to the total transaction value |
Duty on transfer of non-commercial property – concessional rates for owner occupied transactions
|
Dutiable value |
Duty payable |
|---|---|
|
0 – $260,000 |
$0.49 per $100 or part of thereof up to $260,000 |
|
$260,001 – $300,000 |
$1,274 plus $2.20 per $100 of the excess over $260,000 |
|
$300,001 – $500,000 |
$2,154 plus $3.40 per $100 of the excess over $300,000 |
|
$500,001 – $750,000 |
$8,954 plus $4.32 per $100 of the excess over $500,000 |
|
$750,001 – $1,000,000 |
$19,754 plus $5.90 per $100 of the excess over $750,000 |
|
$1,000,001 – $1,455,000 |
$34,504 plus $6.40 per $100 of the excess over $1,000,000 |
|
More than $1,455,000 |
A flat rate of $4.54 per $100 applied to the total transaction value |
Land tax – general rates
Land tax is made up of two components: a fixed charge of $1.462 and a valuation charge calculated with reference to the average unimproved value of the land (AUV)
|
Taxable value of land holdings |
Land tax payable# |
|---|---|
|
$0 – $150,000 |
0.54% of the AUV |
|
$150,001 – $275,000 |
$810 + 0.64% of the excess AUV over $150,000 |
|
$275,001 – $2,000,000 |
$1,610 + 1.12% of excess over $275,000 |
|
$2,000,001+ |
$20,930 + 1.14% of excess over $2,000,000 |
A surcharge of 0.75% of the AUV is levied on foreign owners of land (other than principal place of residence).