Fundamentals of Australian Taxation TAX1001

Weekly assignments are to be completed and submitted online via the LMS after you have attended or watched the corresponding modules workshop not before. Once weekly assignments have been submitted online, we are unable to reset them under any circumstances to allow a second attempt.
In the event that multiple submissions are received, H&R Block will only record the first result as part of your course results.
Were commend that students take their workings and a copy of their homework submission answers to the following theory
Work consistently throughout the course. If you regularly set aside time to study throughout the course, you will be more likely toAvoid cramming at the last minute.
Access to our online materials will remain active for the duration of this course and to H&R Block staff for the duration of their association with H&R Block. Access to all online platform swill be deactivated when a student withdraws or for all others, on 30 June

Common Abbreviations

ABN	AustralianBusinessNumber	MLS	MedicareLevySurcharge
ADF	AustralianDefenceForce	NANE	Non-AssessableNon-ExemptIncome
ATI	AdjustedTaxableIncome	NCC	Non-ConcessionalContribution
ATO	AustralianTaxationOffice	NCL	Non-CommercialLoss
AV	AdjustableValue	NRAS	NationalRentalAffordabilityScheme
BAS	BusinessActivityStatement	OAV	OpeningAdjustableValue
BSB	Bank,State,Branch	OWDV	OpeningWrittenDownValue
CAV	ClosingAdjustableValue	PAYG	PayAsYouGo
CGT	CapitalGainsTax	PALM	PacificAustraliaLabourMobilityscheme
CPI	ConsumerPriceIndex	PC	PrimeCost
CWDV	ClosingWrittenDownValue	PHI	PrivateHealthInsurance
DGR	DeductibleGiftRecipient	PLS	PractitionerLodgementService
DOB	DateofBirth	PLS	PacificLabourScheme
DTA	DoubleTaxAgreement	PSI	PersonalServicesIncome
DV	DiminishingValue	RESC	ReportableEmployerSuperContribution
DVA	DepartmentofVeteransAffairs	RFB	ReportableFringeBenefits
EFT	ElectronicFundsTransfer	RFBA	ReportableFringeBenefitAmount
ELS	ElectronicLodgementService	RSA	RetirementSavingsAccount
ESS	EmployeeShareScheme	RTA	RegisteredTaxAgent
ETP	EmploymentTerminationPayment	SAPTO	SeniorsandPensionersTaxOffset
FBT	FringeBenefitsTax	SBE	SmallBusiness Entity
FEG	FairEntitlementsGuarantee	SFSS	StudentFinancialSupplementScheme
FHSA	FirstHomeSaverAccount	SG	SuperannuationGuarantee
FHSS	FirstHomeSuperSaver	SIC	ShortfallInterestCharge
FITO	ForeignIncomeTaxOffset	SMSF	SelfManagedSuperFund
FTB	FamilyTaxBenefit	SSL	StudentStart-upLoan
GIC	GeneralInterestCharge	STP	SingleTouchPayroll
GST	Goods&ServicesTax	SWP	SeasonalWorkerProgram
HECS	HigherEducationContributionScheme	TARP	TaxableAustralianRealProperty
HELP	HigherEducationLoanProgram	TD	TaxDetermination
HRI	HELPRepaymentIncome	TFN	TaxFileNumber
IAS	InstalmentActivityStatement	TR	TaxationRuling
ID	ATOInterpretativeDecision	TSL	TradeSupportLoan
ITAA	IncomeTaxAssessmentAct	TV	TerminationValue
LCA	LowCostAsset	UCA	UniformCapitalAllowances
LITO	LowIncomeTaxOffset	UPP	UndeductedPurchasePrice
LSL	LongServiceLeave	WDV	WrittenDownValue
LVA	LowValueAsset	WHM	WorkingHolidayMaker
LVP	LowValuePool	WRE	WorkRelatedExpenses

Days in the year calendar Leap Year

July			August			September			OctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune
From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To
366	1	1	335	1	32	304	1	63	274	1	93	243	1	124	213	1	154	182	1	185	151	1	216	122	1	245	91	1	276	61	1	306	30	1	337
365	2	2	334	2	33	303	2	64	273	2	94	242	2	125	212	2	155	181	2	186	150	2	217	121	2	246	90	2	277	60	2	307	29	2	338
364	3	3	333	3	34	302	3	65	272	3	95	241	3	126	211	3	156	180	3	187	149	3	218	120	3	247	89	3	278	59	3	308	28	3	339
363	4	4	332	4	35	301	4	66	271	4	96	240	4	127	210	4	157	179	4	188	148	4	219	119	4	248	88	4	279	58	4	309	27	4	340
362	5	5	331	5	36	300	5	67	270	5	97	239	5	128	209	5	158	178	5	189	147	5	220	118	5	249	87	5	280	57	5	310	26	5	341
361	6	6	330	6	37	299	6	68	269	6	98	238	6	129	208	6	159	177	6	190	146	6	221	117	6	250	86	6	281	56	6	311	25	6	342
360	7	7	329	7	38	298	7	69	268	7	99	237	7	130	207	7	160	176	7	191	145	7	222	116	7	251	85	7	282	55	7	312	24	7	343
359	8	8	328	8	39	297	8	70	267	8	100	236	8	131	206	8	161	175	8	192	144	8	223	115	8	252	84	8	283	54	8	313	23	8	344
358	9	9	327	9	40	296	9	71	266	9	101	235	9	132	205	9	162	174	9	193	143	9	224	114	9	253	83	9	284	53	9	314	22	9	345
357	10	10	326	10	41	295	10	72	265	10	102	234	10	133	204	10	163	173	10	194	142	10	225	113	10	254	82	10	285	52	10	315	21	10	346
356	11	11	325	11	42	294	11	73	264	11	103	233	11	134	203	11	164	172	11	195	141	11	226	112	11	255	81	11	286	51	11	316	20	11	347
355	12	12	324	12	43	293	12	74	263	12	104	232	12	135	202	12	165	171	12	196	140	12	227	111	12	256	80	12	287	50	12	317	19	12	348
354	13	13	323	13	44	292	13	75	262	13	105	231	13	136	201	13	166	170	13	197	139	13	228	110	13	257	79	13	288	49	13	318	18	13	349
353	14	14	322	14	45	291	14	76	261	14	106	230	14	137	200	14	167	169	14	198	138	14	229	109	14	258	78	14	289	48	14	319	17	14	350
352	15	15	321	15	46	290	15	77	260	15	107	229	15	138	199	15	168	168	15	199	137	15	230	108	15	259	77	15	290	47	15	320	16	15	351
351	16	16	320	16	47	289	16	78	259	16	108	228	16	139	198	16	169	167	16	200	136	16	231	107	16	260	76	16	291	46	16	321	15	16	352
350	17	17	319	17	48	288	17	79	258	17	109	227	17	140	197	17	170	166	17	201	135	17	232	106	17	261	75	17	292	45	17	322	14	17	353
349	18	18	318	18	49	287	18	80	257	18	110	226	18	141	196	18	171	165	18	202	134	18	233	105	18	262	74	18	293	44	18	323	13	18	354
348	19	19	317	19	50	286	19	81	256	19	111	225	19	142	195	19	172	164	19	203	133	19	234	104	19	263	73	19	294	43	19	324	12	19	355
347	20	20	316	20	51	285	20	82	255	20	112	224	20	143	194	20	173	163	20	204	132	20	235	103	20	264	72	20	295	42	20	325	11	20	356
346	21	21	315	21	52	284	21	83	254	21	113	223	21	144	193	21	174	162	21	205	131	21	236	102	21	265	71	21	296	41	21	326	10	21	357
345	22	22	314	22	53	283	22	84	253	22	114	222	22	145	192	22	175	161	22	206	130	22	237	101	22	266	70	22	297	40	22	327	9	22	358
344	23	23	313	23	54	282	23	85	252	23	115	221	23	146	191	23	176	160	23	207	129	23	238	100	23	267	69	23	298	39	23	328	8	23	359
343	24	24	312	24	55	281	24	86	251	24	116	220	24	147	190	24	177	159	24	208	128	24	239	99	24	268	68	24	299	38	24	329	7	24	360
342	25	25	311	25	56	280	25	87	250	25	117	219	25	148	189	25	178	158	25	209	127	25	240	98	25	269	67	25	300	37	25	330	6	25	361
341	26	26	310	26	57	279	26	88	249	26	118	218	26	149	188	26	179	157	26	210	126	26	241	97	26	270	66	26	301	36	26	331	5	26	362
340	27	27	309	27	58	278	27	89	248	27	119	217	27	150	187	27	180	156	27	211	125	27	242	96	27	271	65	27	302	35	27	332	4	27	363
339	28	28	308	28	59	277	28	90	247	28	120	216	28	151	186	28	181	155	28	212	124	28	243	95	28	272	64	28	303	34	28	333	3	28	364
338	29	29	307	29	60	276	29	91	246	29	121	215	29	152	185	29	182	154	29	213	123	29	244	94	29	273	63	29	304	33	29	334	2	29	365
337	30	30	306	30	61	275	30	92	245	30	122	214	30	153	184	30	183	153	30	214				93	30	274	62	30	305	32	30	335	1	30	366
336	31	31	305	31	62				244	31	123				183	31	184	152	31	215				92	31	275				31	31	336

Days in the year Non-Leap Year

July			August			September			OctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune
From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To
365	1	1	334	1	32	303	1	63	273	1	93	242	1	124	212	1	154	181	1	185	150	1	216	122	1	244	91	1	275	61	1	305	30	1	336
364	2	2	333	2	33	302	2	64	272	2	94	241	2	125	211	2	155	180	2	186	149	2	217	121	2	245	90	2	276	60	2	306	29	2	337
363	3	3	332	3	34	301	3	65	271	3	95	240	3	126	210	3	156	179	3	187	148	3	218	120	3	246	89	3	277	59	3	307	28	3	338
362	4	4	331	4	35	300	4	66	270	4	96	239	4	127	209	4	157	178	4	188	147	4	219	119	4	247	88	4	278	58	4	308	27	4	339
361	5	5	330	5	36	299	5	67	269	5	97	238	5	128	208	5	158	177	5	189	146	5	220	118	5	248	87	5	279	57	5	309	26	5	340
360	6	6	329	6	37	298	6	68	268	6	98	237	6	129	207	6	159	176	6	190	145	6	221	117	6	249	86	6	280	56	6	310	25	6	341
359	7	7	328	7	38	297	7	69	267	7	99	236	7	130	206	7	160	175	7	191	144	7	222	116	7	250	85	7	281	55	7	311	24	7	342
358	8	8	327	8	39	296	8	70	266	8	100	235	8	131	205	8	161	174	8	192	143	8	223	115	8	251	84	8	282	54	8	312	23	8	343
357	9	9	326	9	40	295	9	71	265	9	101	234	9	132	204	9	162	173	9	193	142	9	224	114	9	252	83	9	283	53	9	313	22	9	344
356	10	10	325	10	41	294	10	72	264	10	102	233	10	133	203	10	163	172	10	194	141	10	225	113	10	253	82	10	284	52	10	314	21	10	345
355	11	11	324	11	42	293	11	73	263	11	103	232	11	134	202	11	164	171	11	195	140	11	226	112	11	254	81	11	285	51	11	315	20	11	346
354	12	12	323	12	43	292	12	74	262	12	104	231	12	135	201	12	165	170	12	196	139	12	227	111	12	255	80	12	286	50	12	316	19	12	347
353	13	13	322	13	44	291	13	75	261	13	105	230	13	136	200	13	166	169	13	197	138	13	228	110	13	256	79	13	287	49	13	317	18	13	348
352	14	14	321	14	45	290	14	76	260	14	106	229	14	137	199	14	167	168	14	198	137	14	229	109	14	257	78	14	288	48	14	318	17	14	349
351	15	15	320	15	46	289	15	77	259	15	107	228	15	138	198	15	168	167	15	199	136	15	230	108	15	258	77	15	289	47	15	319	16	15	350
350	16	16	319	16	47	288	16	78	258	16	108	227	16	139	197	16	169	166	16	200	135	16	231	107	16	259	76	16	290	46	16	320	15	16	351
349	17	17	318	17	48	287	17	79	257	17	109	226	17	140	196	17	170	165	17	201	134	17	232	106	17	260	75	17	291	45	17	321	14	17	352
348	18	18	317	18	49	286	18	80	256	18	110	225	18	141	195	18	171	164	18	202	133	18	233	105	18	261	74	18	292	44	18	322	13	18	353
347	19	19	316	19	50	285	19	81	255	19	111	224	19	142	194	19	172	163	19	203	132	19	234	104	19	262	73	19	293	43	19	323	12	19	354
346	20	20	315	20	51	284	20	82	254	20	112	223	20	143	193	20	173	162	20	204	131	20	235	103	20	263	72	20	294	42	20	324	11	20	355
345	21	21	314	21	52	283	21	83	253	21	113	222	21	144	192	21	174	161	21	205	130	21	236	102	21	264	71	21	295	41	21	325	10	21	356
344	22	22	313	22	53	282	22	84	252	22	114	221	22	145	191	22	175	160	22	206	129	22	237	101	22	265	70	22	296	40	22	326	9	22	357
343	23	23	312	23	54	281	23	85	251	23	115	220	23	146	190	23	176	159	23	207	128	23	238	100	23	266	69	23	297	39	23	327	8	23	358
342	24	24	311	24	55	280	24	86	250	24	116	219	24	147	189	24	177	158	24	208	127	24	239	99	24	267	68	24	298	38	24	328	7	24	359
341	25	25	310	25	56	279	25	87	249	25	117	218	25	148	188	25	178	157	25	209	126	25	240	98	25	268	67	25	299	37	25	329	6	25	360
340	26	26	309	26	57	278	26	88	248	26	118	217	26	149	187	26	179	156	26	210	125	26	241	97	26	269	66	26	300	36	26	330	5	26	361
339	27	27	308	27	58	277	27	89	247	27	119	216	27	150	186	27	180	155	27	211	124	27	242	96	27	270	65	27	301	35	27	331	4	27	362
338	28	28	307	28	59	276	28	90	246	28	120	215	28	151	185	28	181	154	28	212	123	28	243	95	28	271	64	28	302	34	28	332	3	28	363
337	29	29	306	29	60	275	29	91	245	29	121	214	29	152	184	29	182	153	29	213				94	29	272	63	29	303	33	29	333	2	29	364
336	30	30	305	30	61	274	30	92	244	30	122	213	30	153	183	30	183	152	30	214				93	30	273	62	30	304	32	30	334	1	30	365
335	31	31	304	31	62				243	31	123				182	31	184	151	31	215				92	31	274				31	31	335

Basic elementsof ataxreturn

ASSESSABLEINCOME		Items1to24
minus
ALLOWABLEDEDUCTIONS		ItemsD1 toD15 and ItemL1
equals
TAXABLEINCOME		Netincomeonwhich tax ispayable
TAXONTAXABLEINCOME		Taxontaxableincometakingintoaccountthe tax-free threshold
minus
NON-REFUNDABLE TAXOFFSETS		IncludingItemsT1toT9
equals
NETTAX PAYABLE
plus
STUDY&TRAININGLOANREPAYMENT		HigherEducationLoanProgram(HELP) Vet Student Loan (VSL) StudentFinancialSupplementScheme(SFSS) Student Start Up Loan (SSL) AustralianApprenticeshipSupportLoan(AASL) (previously Trade Support Loan (TSL))
plus
MEDICARELEVY& SURCHARGE		ItemM1taxpayermaybeexemptfromsome or all of the Medicare Levy ItemM2MedicareLevySurchargemayapply
minus
TAXCREDITS&REFUNDABLETAX OFFSETS		All tax credits and refundable tax offsets (e.g. frankingcredits,privatehealthinsuranceoffset)
equals
REFUND ORBALANCE PAYABLE		Taxpayerwillreceivenoticeofassessmentfrom ATO showing a refund or balance payable

Tax Rates

2024Residenttaxrates

Taxable Income	Rate	ReductionAmount
$0-$18,200	NIL	NIL
$18,201-$45,000	0.19	$3,458
$45,001 -$120,000	0.325	$9,533
$120,001 - $180,000	0.37	$14,933
$180,001andover	0.45	$29,333

Tocalculatetaxamount

grosstaxpayable = taxableincomexrate-reduction amount

Tocalculatetheadjustedtax-freethreshold

= $13,464+($4,736xmonthsinAustralia )/12 months

2024Resident taxratesforminors

EligibleIncome	Rate
$0-$416	NIL
$417 -$1,307	66%forthepartover$416
Excessover$1,307	45% on entireamountofeligibleincome

Earned(excepted)incometaxedat(adult)marginal
TheLowIncomeTaxOffsetcanonlybeappliedtoexceptedincomeof
Wheretheminorhaseligibleincomeof$1,307or lessaswell asexcepted income, thetax payableontheeligibleincomeisthegreater ofthetaxpayableattheratefor minorsand the tax payable using the adult marginal tax rates.

2024Foreignresidenttax rates

Taxable Income	Rate
$0-$120,000	32.5%
$120,001 - $180,000	$39,000+37%ofexcessover$120,000
$180,001andover	$61,200+ 45%ofexcessover$180,000

2024Working HolidayMakertaxrates

Taxable Income	Rate
$0-$45,000	15%
$45,001 -$120,000	$6,750+32.5% ofexcessover $45,000
$120,001 - $180,000	$31,125+37%ofexcessover$120,000
$180,001andover	$53,325+ 45%ofexcessover$180,000

IncomeCategories

Assessable

Non-Assessable

Exempt

Non-AssessableNon- Exempt

OrdinaryIncome

Salaryandwages

Professionalfees

Retailsalesincome

Interest

Cashreceipts for services

Illegalbusiness transactions

StatutoryIncome

Benefits-non-cash

Dividends

Royalties

Capitalgains

Employment allowances

Employment Termination Payments

Leavepayments

Partnershipincome

Trustincome

Incomefromhobbies

Bequestsunderawill

Gamblingwins

Giftsunrelatedto servicesrendered (e.g., birthday gifts, assistance from charitable organisations)

Lottery wins (unless from investmentrelated lottery)

Governmentco- contribution

Exemptfringebenefits

FamilyTaxBenefits, Childcaresubsidy

Some overseas employmentincome

PaymentstoADF personnel in war zones

Paymentstopart-time ADF members (ADF Reserves)

Somesocialsecurity payments (e.g., disability support pension for person underage pension age)

Welfare(e.g.,rent assistance)

Childandspousal maintenance

payments

GSTpayable

ReportableFringeBenefits

Foreign resident income (interest, dividends)subjectto withholding tax

Most foreign source income fortemporary residents(foreigninterest, dividends,pensions,rent, etc.)

Superannuationbenefits paid from the taxed element of a superannuationfundto recipients who are 60 years or older at the time of receipt

COVID-19Earlyrelease of super

COVID-19Disaster Payment

TaxpayerCategoriesTaxTreatment

Centrelink& DVAPaymentsSummary

Pension,BenefitorAllowance	Basic Amount	TaxReturn
Abstudy:student16yearsandover	Assessable	Item5
Abstudy:studentunder16years	Exempt	N/A
ABSTUDYsupplementarybenefits(exceptforSchoolFeesAllowance (boarding) and Additional Assistance (regular payment))	Exempt	N/A
Advanceofpharmaceuticalallowance	Exempt	N/A
Agepension	Assessable	Item6
Ageservicepension	Assessable	Item6
Ageservicepensionsupplementaryamount	Exempt	N/A
ApprenticeshipEarlyCompletionBonus:appliestofirst$1,000received	Exempt	N/A
ApprovedProgramofWorkSupplement(paidinadditiontoothersupport payments)	Assessable
AssistanceforIsolatedChildrenScheme:supplementaryallowances	Exempt	N/A
AttendantAllowancepaidbyDVAtoassistaneligibleveteran	Exempt	N/A
Attendant allowance paid under the DRCA (Safety, Rehabilitation and Compensation(Defence-relatedClaims)ACT1988toapersonotherthan the veteran)	Assessable	Item2,14or 15
Australian-AmericanEducationalFoundation(FullbrightCommission)grant	Exempt	N/A
AustralianGovernmentDisasterRecoveryPayment	Exempt	N/A
AustralianVictimofTerrorismOverseasPayment	Exempt	N/A
AustralianVolunteersProgram-allowancereceivedasavolunteerinthe Australian government funded Australian Volunteers Program	Exempt	N/A
Austudypayment	Assessable	Item5
BacktoSchoolBonus	Exempt	N/A
BereavementAllowance	Assessable	Item6
Bereavementpaymentlumpsumpayment(CentrelinkorDVA)	Exempt	N/A
Betterstartforchildrenwithdisabilityinitiative:OuterRegionaland Remote payment	Exempt	N/A
Careradjustmentpayment(CAP)	Exempt	N/A
Carerallowanceandone-offpayments	Exempt	N/A
Carerpayment:carerorcarereceiverover pensionage	Assessable	Item6
Carerpayment:carerandcarereceiverunderpensionageorcarereceiver deceased	Exempt	ItemIT3
Carerpayment:one-offpayment	Exempt	ItemIT3
Carersupplement	Exempt	N/A
Childcaresubsidy	Exempt	N/A
Childdisabilityassistancepayment	Exempt	N/A
Commonwealthscholarshipsorbursariesprovidedtoforeignstudents	Exempt	N/A
Commonwealthsecondaryeducationassistance(EducationProgram Allowance)	Exempt	N/A
CommunityDevelopmentEmploymentProject	Assessable	Item5
CoronavirusSupplement paidinadditionaltoothersupportpaymentand	Assessable	Item5 orItem

Pension,BenefitorAllowance	Basic Amount	TaxReturn
willbeincluded ontheIncomeStatementwiththoseamounts		6
CoronavirusEconomicSupportPayment($750lumpsumpayments)	NANE	N/A
COVID-19TestIsolationPayment	Assessable	Item24
COVID-19DisasterPayment	NANE	N/A
Crisispayment	Exempt	N/A
Dad&PartnerPay	Assessable	Item1
DefenceForceIncomeSupportAllowancewherepension,paymentor allowance to which it relates is exempt (Ceased 1 Jan 2022)	Exempt	ItemIT3
DefenceForceIncomeSupportAllowancewherepension,paymentor allowance to which it relates is taxable (Ceased 1 Jan 2022)	Assessable	Item6
DefenceForceIncomeSupportBonusandBonusBereavementPayment	Exempt	N/A
DisabilitySupportPension:overpensionage	Assessable	Item6
DisabilitySupportPension:underpensionage	Exempt	ItemIT3
Disasterincomesupportallowanceforspecialcategoryvisa(subclass444) holders (but NOT in relation to 2019-20 bushfires)	Assessable	Item5
Disasterrecoveryallowance(butNOT inrelationto2019-20 bushfires)	Assessable	Item5
Disasterincomesupportallowanceforspecialcategoryvisa(subclass444) holders (in relation 2019-20 bushfires)	NANE	N/A
Disasterrecoveryallowance(inrelationto2019-20 bushfires)	NANE	N/A
Disasterrecoverypayments(oneoff payments)	Exempt	N/A
Doubleorphanpension	Exempt	N/A
Economicsupportpayment(2020)	Exempt	N/A
Educationentrypayment(CentrelinkorDVA)	Assessable	Item6
Educationentrypaymentsupplement	Exempt	N/A
EducationProgramAllowance(EPA)	Exempt	N/A
EndeavourawardsresearchfellowshiporEndeavourExecutiveAward	Exempt	N/A
EnergySupplement(Centrelink)/Payment(DVA)	Exempt	N/A
EssentialMedicalEquipmentPayment	Exempt	N/A
FamilyTaxBenefit	Exempt	N/A
Fares allowance	Exempt	N/A
Farmhouseholdallowance	Assessable	Item5
HelpingChildrenwithAutismpackage:OuterRegionaland Remote payment	Exempt	N/A
HomeEquityAccessScheme(formerlyPensionLoansScheme)	Exempt	N/A
Household assistance package (includes clean energy advance, energy supplementpayments,essentialmedicalequipmentpayment,lowincome supplement and single income family supplement).	Exempt	N/A
IncomesupportbonuspaidunderPartVII oftheVeterans EntitlementAct1986	Exempt	N/A
Incomesupportsupplement(ISS)-underDVAorMilitaryRehabilitationand Compensation Act -taxpayerunderagepensionageandreceivingISSonthe groundsof incapacity to work or -bothtaxpayerandpartnerunderagepensionageandpartnerisan invalidity service pensioner or disability support pensioner or -receivingISSonthegroundsofpermanentincapacitytowork	Exempt	ItemIT3

Pension,BenefitorAllowance	Basic Amount	TaxReturn
Incomesupportsupplement(ISS)otherthanconditionslistedabove	Assessable	Item6
Incomesupportsupplement(ISS)supplementaryamount1	Exempt	N/A
InvalidityservicepensionpaidundertheVeteransEntitlementsAct1986: under age pension age	Exempt	ItemIT3
Invalidityservicepensionandthetaxpayer hasreachedage pensionage	Assessable	Item6
Invalidityservicepensionandthetaxpayerhasreachedage pensionage supplementaryamount	Exempt	N/A
Jobcommitmentsbonus	Exempt	N/A
Jobseekerpayment	Assessable	Item5
Language,literacyandnumeracysupplement	Exempt	N/A
LossofearningsallowancepaidundertheVeteransEntitlementsAct1986	Exempt	N/A
MRCA (Military Rehabilitation and Compensation Act) Compensation to whollydependentpartners,eligibleyoungpersonsandotherdependents	Exempt	N/A
MRCAandDRCA(Safety,RehabilitationandCompensation(Defence-Related Claims) Act) Compensation for household services, attendant care services, funeral costs, financial advice, treatment costs and vehicle schemes	Exempt	N/A
MRCAEducationandTrainingScheme(MRCAETS)foreligibleyoung persons.	Exempt	N/A
MRCAEducationandTrainingScheme(MRCAETS)forstudents16yearsor older	Assessable	Item5
MRCAandDRCAIncapacitypaymentswherepaymentsbeingreplacedare taxable payments	Assessable
MRCAandDRCAIncapacitypaymentswherepaymentsbeingreplacedare nottaxablepayments(egpart-timereservespayments,exempt-salaryand allowance while on war like service)	Exempt	N/A
MRCAandDRCApermanentimpairmentpayments	Exempt	ItemIT3
MRCASpecialratedisabilitypension	Exempt	ItemIT3
Mobilityallowance	Exempt	N/A
NationalDisabilityInsuranceScheme(NDIS):amountsthetaxpayerreceived directly or was paid on their behalf funded under their plan	Exempt	N/A
Newbornupfrontpaymentandnewbornsupplement	Exempt	N/A
PaidParentalLeave	Assessable	Item1
PandemicLeaveDisasterPayment/HighRiskPandemicLeave Disaster Payment	Assessable	Item24
ParentingPayment:Partnered	Assessable	Item5
ParentingPayment:Single	Assessable	Item6
Partnerallowanceclosedtonewclaims20September2003,ceased1 January 2022	Assessable	Item5
Partnerservicepension,eitherthepartnerortheveteranareatpensionage or above	Assessable	Item6
Partner service pension partner, the partner and the veteran are under age-pensionageandtheveteranreceivesaninvalidityservicepension,or the partner is under age-pension age and the veteran has died and was receiving an invalidity service pension at the time of death.	Exempt	ItemIT3
Pensionbonus Centrelinkclosedtonewapplicants1July2014	Exempt	N/A
Pensionbonus DVA	Exempt	N/A
Pensionsupplementforutility,phone,internetandmedicinecosts	Exempt	N/A
Pensionereducationsupplementandfaresallowance	Exempt	N/A

Pension,BenefitorAllowance	Basic Amount	TaxReturn
Pharmaceuticalallowances	Exempt	N/A
Phoneallowance	Exempt	N/A
PrisonerofWarRecognitionSupplement	Exempt	N/A
Quarterlypensionsupplement	Exempt	N/A
Relocationscholarship	Exempt	N/A
RemoteAreaAllowance(CentrelinkorDVA)	Exempt	ItemT4
Rentassistance(CentrelinkorDVA)	Exempt	N/A
Singleincomefamilysupplement	Exempt	N/A
Specialbenefit	Assessable	Item5
Servicepensionpartner-supplementaryamount	Exempt	N/A
StillbornbabypaymentpaidbyCentrelink	Exempt	N/A
Studentstart-uploan	Exempt	N/A
TasmanianFreightEqualisationSchemePayments	Assessable	Item15
Telephoneallowance	Exempt	N/A
TertiaryAccessPayment	Exempt	N/A
Trainingandlearningbonus	Exempt	N/A
Utilitiesallowance	Exempt	N/A
Veteranpayment	Assessable	Item6
Veteranpaymentsupplementaryamount	Exempt	N/A
VeteransChildrenEducationSchemepaymentforchildrenunder16years	Exempt	N/A
VeteransChildrenEducationSchemepaymentforchildren16yearsorolder	Assessable	Item5
VeteransAffairsdisabilitycompensationpaymentandallowances	Exempt	N/A
VeteransAffairswarwidow(er)spensionandallowances	Exempt	N/A
Warwidow(er)sandorphanspensions	Exempt	ItemIT3
WidowAllowance(Closedtonewapplicants1July2018,ceased1January 2022)	Assessable	Item5
YouthAllowance	Assessable	Item5
YouthAllowanceforJobseekers	Assessable	Item5
YouthDisabilitySupplementasacomponentofYouthallowanceor ABSTUDY living allowance for recipients aged between 16 and 21	Assessable	Item5
Youth Disability Supplement as a component of Youth allowance or ABSTUDYlivingallowanceforrecipientsagedunder16yearsofage	Exempt	N/A
Youthdisabilitysupplementasacomponentofdisabilitysupportpension	Exempt	ItemIT3

Note1:- Thesupplementaryamountof aservicepension,incomesupportsupplement,age pension payment or veteran payment is the total of:

rentassistance;
additionalamountforeachdependentchild(thisdoesnotapplyforveteranpayment);
remoteareaallowance;and
taxexemptpension

Note2:ThesupplementaryamountofaCentrelink incomesupportpaymentisaregular extra payment to help with utility, phone, internet and medicine costs.

Lump SumPayments

LumpSumA

Limitedto30%

LumpSumB

Marginaltaxrateon5%oftotallumpsum

Lump SumD Tax FreeLimit

2024:$11,985 plus$5,994percompleteyearofservice

2025:$12,524plus$6,264percompleteyearofservice

TaxableIncomeincludesLumpSumA+5%ofLumpSumB

LumpSumBAmountto beenteredatItem3on thetaxreturn.

= Lump SumBamountreceived x5%

LumpSumD

Isnotincludedinassessableincome.

Lump SumA TaxOffset

Theoffsetiscalculatedusingthefollowing steps:
Calculatetaxon totaltaxableincome(TT)
SubtractLumpSumAfromtaxableincometoarriveatresidualtaxableincome
Calculatetaxonresidualtaxableincome(TR)
Calculatetaxon Lump SumA atappropriaterate(TA)
Correcttaxpayable(T)=taxonresidualincomeplustaxonLumpSumA(T=TR+TA)
Subtract(T)from(TT)toarriveattheLump SumA taxoffset

EmploymentTerminationPayment(excludingMedicarelevy)

Life Benefit*	Underpreservationage	Limitedto30%upto $235,000.Excesstaxedat45%.
Life Benefit*	Preservationageor above	Limitedto15%upto $235,000.Excesstaxedat45%.
Death Benefit	Dependant	Tax free(NANE)up to$235,000.Excesstaxed at45%.
Death Benefit	Non-dependant	Limitedto30%upto $235,000.Excesstaxedat45%.

*ETPLifebenefitmaybesubject to thewholeofincomecap($180,000).

SuperannuationLumpSum(excludingMedicarelevy)

LIFE BENEFIT
Ageat timeof payment	TaxedElement	UntaxedElement
Belowpreservation age	Entireamounttaxedatmax. 20%	Tax limitedto30%upto$1.705m Taxedat45%on excessabove$1.705m
Frompreservationage to 59 years	Assessableincometaxed at 0% up to $235,000 Tax limitedto15%above $235,000	Taxlimitedto15%upto$235,000 Taxlimitedto30%from$235,001to $1.705m Taxedat45%on excessabove$1.705m
60yearsandover	Tax free (NANEIncome)	Taxlimitedto15%upto$1.705m Taxedat45%on excessabove$1.705m

DEATHBENEFIT
Recipient	TaxedElement	UntaxedElement
Dependant	Taxfree(NANEIncome)	Taxfree(NANEIncome)
Non-dependant	Assessableincome Taxlimitedto15%	Assessableincome Taxlimitedto30%

SuperannuationSpecialCircumstances

Circumstance	TaxTreatment
COVID-19earlyreleaseofsuper	Tax free (NANEIncome)
Super lump sum payment paid to a person with a terminal medical conditionatthetimethelumpsumwasreceivedorwithin90daysafterits receipt	Tax free (NANEIncome)
Superannuation lump sum death benefit received by non-dependant becauseofthedeathofamemberoftheAustralianDefenceForceor the AustralianPoliceForce(includingAustralianProtectiveServices)whodied in the line of duty.	Tax free (NANEIncome)

SuperannuationIncomeStream

LIFE BENEFIT
Ageat timeof payment	Taxedelement	Untaxedelement
Belowpreservation age	Assessableatmarginalrates 15%offsetfordisability income stream	Assessableatmarginalrates No offset
Frompreservationage to 59 years	Assessableatmarginalrates 15%offset	Assessableatmarginalrates No offset
60yearsandover	Nil*	Assessableatmarginalrates 10% taxoffset*

DEATHBENEFIT
Ageofdeceased	Ageofdependant	TaxedElement	UntaxedElement
Lessthan60	Lessthan60	Marginalrates 15%offset	Marginalrates
Lessthan60	60yearsandover	Nil*	Marginalrates 10%offset*
60yearsandover	Anyage	Nil*	Marginalrates 10%offset*

* Where a taxpayer exceeds their Defined Benefit Income Cap of $118,750 for the 2024 year (that is they have received more than $118,750 in taxed elements, untaxed elements and tax-free components combined from all capped defined benefit income streams), then income that was previously NANE may become assessable and the 10% offset on untaxed elements may be limited.

UsetheATOsDefined benefitincome captooltodeterminewhattoincludeinthetaxreturn:https://www.ato.gov.au/calculators-and-tools/defined-benefit-income-cap-tool/

PreservationAge

DateofBirth	Preservation Age
Before01July1960	55
01July1960 to30June1961	56
01July1961 to30June1962	57
01July1962 to30June1963	58
01July1963 to30June1964	59
From01July1964	60

Deductions

MotorVehicle: Centsperkilometre

FinancialYear

Rate

Limit

2021&2022

2023

2024

2025

72centsperkilometre 78centsperkilometre 85centsper kilometre

88centsper kilometre

5,000kilometres

= workrelatedkilometrestravelledxrate

MotorVehicle:Fuel Calculation

= totalkmstravelledxfuelconsumption/100xaveragefuelprice

Fuel Consumption

Visitwww.greenvehicleguide.gov.auandsearchfortherelevantmotorvehicle.

Remember:thiscalculationisbasedonthetotalkilometrestravelled notthebusiness kilometres travelled.

MotorVehicle:Averagefuelcosttable

PETROL inclusiveof GST

Financial Year	NSW	VIC	QLD	SA	WA	NT	TAS	National
2018-19	141.9	141.4	143.5	141.3	143.7	156.3	153.5	142.6
2019-20	135.2	135.0	136.0	135.7	133.5	146.5	146.0	135.5
2020-21	129.1	130.4	130.8	125.3	126.8	136.9	130.7	129.3
2021-22	172.8	170.7	172.7	167.1	170.6	182.0	178.8	171.8
2022-23	183.7	183.7	183.5	178.6	179.0	197.6	187.9	182.9
2023-24	197.5	195.8	198.3	191.0	190.1	205.7	198.0	196.0

DIESEL inclusiveofGST

Financial Year	NSW	VIC	QLD	SA	WA	NT	TAS	National
2018-19	151.5	149.9	150.4	150.1	153.7	165.6	161.3	151.6
2019-20	141.1	140.0	140.9	141.1	142.1	155.4	153.1	141.6
2020-21	125.4	125.4	124.2	125.1	125.4	140.2	134.8	125.6
2021-22	174.5	174.2	174.8	173.9	172.9	187.3	181.3	174.7
2022-23	208.4	207.7	208.9	204.4	201.8	230.9	213.2	207.6
2023-24	203.6	202.9	203.8	200.1	200.2	221.4	208.1	203.2

Forpricesforearlieryearsseehttps://www.aip.com.au/aip-annual-retail-price-data

MotorVehicle:Cardepreciationlimit

Year	CarDepreciation Limit
2025	$69,674
2024	$68,108
2023	$64,741
2022	$60,733
2021	$59,136

HomeOffice:CommissionersRate(PCG2023/1)

Rate 67 centsperhour

Includesthetotaldeductibleexpensesforadditionalamountsincurredforthecostof

homeandmobileinternetor dataexpenses
mobileandhomephoneusageexpenses
electricityandgas(energyexpenses)forheating,coolingandlighting
stationeryandcomputerconsumables,suchasprinterinkand

Ifusingthismethod,noadditionaldeduction canbeclaimedfortheseexpenses. = total hours worked for yearxrate

Laundry:CommissionersRate(TR98/5)

Rate Deductible clothing only $1 per loadMixed load 50centsperload

Remember:thetaxpayer islimitedto$150usingtheCommissionersrate,iftotalwork expenses exceed $300.

= eligibleloadswashedinyearxrate

OvertimeMeals:CommissionersRate(TD2023/3)

Rate $35.65perovertimemeal

Remember:AnallowancemustbeshownatItem2onthetax return. Theclaimisequalto the cost incurred. This is capped at the Commissioners rate if there is no substantiation.

Step 1 Calculatehowmanyovertimemealallowancesthetaxpayer waspaid for.

= amountonincomestatement/amountreceivedper overtimemeal Step 2 Calculate the deduction

= number ofovertimemealstakenxamountspentpermeal

LongDistanceTruckDriversCommissionersRate(TD2023/3)

Breakfast	Lunch	Dinner
$28.75	$32.80	$56.60

Remember:The amount for each meal is separate and cannot be combined into a single dailyamountor movedfromonemealtoanother.Althoughthetaxpayerdoesnotneedto keep receiptstosubstantiatetheir fullclaim,underan auditthetaxpayerwould berequired to show how they calculated their claim, for example, by way of credit card statements, menus, and some receipts.

Step 1 Calculatehowmanynightsthetaxpayer wasaway

= allowancereceived/amountreceivedperday

Step 2 Calculateamountthatcanbeclaimedbythetaxpayer (breakfast,lunchanddinner must be calculated separately)

= number ofmealsxamountspentpermeal

ReasonableDailyTravel AllowanceAmounts(TD2023/3)

Table 1: Employeeswith an annualsalaryof$138,790andbelow

Place	Accomm $	Foodanddrink$ Breakfast32.10 Lunch 36.10 Dinner 61.50	Incidentals $	Total $
Adelaide	158	As above	23.00	310.70
Brisbane	181	As above	23.00	333.70
Canberra	178	As above	23.00	330.70
Darwin	220	As above	23.00	372.70
Hobart	176	As above	23.00	328.70
Melbourne	173	As above	23.00	325.70
Perth	180	As above	23.00	332.70
Sydney	198	As above	23.00	350.70
High-cost countrycentres	SeeTable 4	As above	23.00	Variable
Tier 2 country centres(seeTable5)	155	Breakfast28.75 Lunch 32.80 Dinner 56.60	23.00	296.15
Othercountry centres	141	Breakfast28.75 Lunch 32.80 Dinner 56.60	23.00	282.15

Table 2: Employeeswith anannualsalaryrangeof$138,791 to $247,020

Place	Accomm $	Foodanddrink$ Breakfast34.95 Lunch 49.35 Dinner 69.20	Incidentals $	Total $
Adelaide	211	As above	32.90	397.40
Brisbane	257	As above	32.90	443.40
Canberra	246	As above	32.90	432.40
Darwin	293	As above	32.90	479.40
Hobart	235	As above	32.90	421.40
Melbourne	231	As above	32.90	417.40
Perth	245	As above	32.90	431.40
Sydney	264	As above	32.90	450.40
High-cost countrycentres	SeeTable4	As above	32.90	Variable
Tier 2 country centres(seeTable5)	207	Breakfast32.10 Lunch 32.80 Dinner 63.95	32.90	368.75
Othercountry centres	188	Breakfast32.10 Lunch 32.80 Dinner 63.95	32.90	349.75

Table 3: Employeeswithannualsalariesof $247,021 andabove

Place	Accomm $	Foodanddrink$ Breakfast38.90 Lunch 55.00 Dinner 77.00	Incidentals $	Total $
Adelaide	211	As above	32.90	414.80
Brisbane	257	As above	32.90	460.80
Canberra	246	As above	32.90	449.80
Darwin	293	As above	32.90	496.80
Hobart	235	As above	32.90	438.80
Melbourne	265	As above	32.90	468.80
Perth	265	As above	32.90	468.80
Sydney	265	As above	32.90	468.80
All countrycentres	$195, or the relevantamount in Table 4 if higher	As above	32.90	Variable

Table 4: High-costcountrycentresaccommodation expenses

Countrycentre	$	Countrycentre	$	Countrycentre	$
Albany(WA)	193	Emerald(QLD)	179	Nambour(QLD)	163
AliceSprings(NT)	206	Esperance(WA)	180	Newcastle(NSW)	195
Armidale(NSW)	166	Exmouth(WA)	214	Newman(WA)	271
Ararat(VIC)	159	Geelong(VIC)	175	Nhulunbuy(NT)	230
Ballarat(VIC)	187	Geraldton(WA)	165	NorfolkIsland(NSW)	203
Benalla(VIC)	168	Gladstone(QLD)	171	Northam(WA)	214
Bendigo(VIC)	164	GoldCoast(QLD)	209	Nowra(NSW)	168
Bordertown(SA)	164	Gosford(NSW)	161	Orange(NSW)	202
Bourke(NSW)	184	Griffith(NSW)	159	PortHedland(WA)	175
Bright(VIC)	180	HallsCreek(WA)	170	PortLincoln(SA)	170
BrokenHill (NSW)	161	HerveyBay(QLD)	175	PortMacquarie(NSW)	190
Broome(WA)	220	HornIsland(QLD)	345	Rockhampton(QLD)	174
Bunbury(WA)	178	Horsham(VIC)	165	Roma(QLD)	182
Bundaberg(QLD)	184	Jabiru(NT)	216	Shepparton(VIC)	167
Burnie(TAS)	178	Kalgoorlie(WA)	181	SwanHill(VIC)	181
Cairns(QLD)	175	Karratha(WA)	223	ThursdayIsland(QLD)	323
Carnarvon(WA)	170	Katherine(NT])	228	Toowoomba(QLD)	161
Castlemaine(VIC)	162	Kununurra(WA)	204	Townsville(QLD)	174
ChristmasIsland(WA)	218	Launceston(TAS)	174	WaggaWagga(NSW)	177
Cobar(NSW)	144	Lismore(NSW)	163	Wangaratta(VIC)	186
Cocos(Keeling)Islands (WA)	331	Mackay (QLD)	166	Weipa(QLD)	238
Dalby(QLD)	201	Maitland(NSW)	187	Whyalla(SA)	167
Dampier(WA)	175	MountGambier(SA)	164	Wilpena-Pound(SA)	223
Derby(WA)	192	MountIsa(QLD)	185	Wollongong(NSW)	181
Devonport(TAS)	161	Mudgee(NSW)	188	Wonthaggi(VIC)	188
Dubbo(NSW)	170	Muswellbrook(NSW)	157	Yulara(NT)	570

Table 5: Tier 2 countrycentres

Countrycentre	Countrycentre	Countrycentre	Countrycentre
Albury(NSW)	Cooma(NSW)	Kingaroy(QLD)	Renmark(SA)
Ayr(QLD)	Cowra(NSW)	Maryborough(QLD)	Sale(VIC)
Bairnsdale(VIC)	Echuca(VIC)	Mildura(VIC)	Seymour(VIC)
Bathurst(NSW)	Goulburn(NSW)	Naracoorte(SA)	Tamworth(NSW)
Bega(NSW)	Grafton(NSW)	Narrabri(NSW)	Taree(NSW)
Ceduna(SA)	Gunnedah(NSW)	PortAugusta(SA)	TennantCreek(NT)
ChartersTowers(QLD)	Hamilton(VIC)	Portland(VIC)	Tumut(NSW)
Chinchilla(QLD)	Innisfail(QLD)	PortPirie(SA)	Warrnambool(VIC)
CoffsHarbour(NSW)	Inverell(NSW)	Queanbeyan(NSW)	Wodonga(VIC)
Colac(VIC)	Kadina(SA)	Queenstown(TAS)

ReasonableOverseasDailyTravel AllowanceAmounts(TD 2023/3)

Ifacountrydoesnotappear in Table1,then CostGroup 1 ofTable2 shouldbeused. Table 1: Table of countries showing cost groups

Country	Cost Group	Country	Cost Group	Country	Cost Group
Albania	2	Georgia	2	Norway	6
Algeria	3	Germany	5	Oman	6
Angola	4	Gibraltar	4	Pakistan	2
AntiguaandBarbuda	6	Greece	4	Panama	4
Argentina	2	Guatemala	4	PapuaNewGuinea	4
Armenia	3	Guyana	4	Paraguay	2
Austria	5	HongKong	6	Peru	4
Azerbaijan	3	Hungary	3	Philippines	4
Bahamas	6	Iceland	6	Poland	3
Bahrain	5	India	3	Portugal	4
Bangladesh	4	Indonesia	3	PuertoRico	6
Barbados	6	Iran	1	Qatar	6
Belarus	2	Iraq	4	Romania	3
Belgium	5	Ireland	5	Russia	4
Bermuda	6	Israel	6	Rwanda	3
Bolivia	3	Italy	5	SaintLucia	5
Bosnia	2	Jamaica	4	SaintVincent	4
Brazil	3	Japan	5	Samoa	4
Brunei	3	Jordan	6	SaudiArabia	4
Bulgaria	3	Kazakhstan	2	Senegal	4
BurkinaFaso	3	Kenya	4	Serbia	3
Cambodia	2	KoreaRepublic	6	SierraLeone	2
Cameroon	4	Kosovo	2	Singapore	6
Canada	5	Kuwait	5	Slovakia	4

Chile	3	Kyrgyzstan	2	Slovenia	3
China	5	Laos	3	SolomonIslands	4
Colombia	3	Latvia	4	SouthAfrica	2
CongoDemocratic Republic	5	Lebanon	3	Spain	5
CookIslands	4	Lithuania	3	SriLanka	3
CostaRica	3	Luxembourg	5	Sweden	5
CoteDIvoire	4	Macau	5	Switzerland	6
Croatia	3	Malawi	2	Taiwan	5
Cyprus	4	Malaysia	3	Tanzania	3
CzechRepublic	3	Mali	3	Thailand	4
Denmark	6	Malta	4	Tonga	3
DominicanRepublic	4	Mauritius	4	TrinidadandTobago	6
EastTimor	4	Mexico	3	Tunisia	2
Ecuador	4	Monaco	6	Turkiye(Turkey)	3
Egypt	3	Morocco	4	Uganda	3
ElSalvador	3	Mozambique	3	Ukraine	3
Eritrea	4	Myanmar	3	UnitedArabEmirates	6
Estonia	4	Namibia	2	UnitedKingdom	5
Ethiopia	2	Nepal	3	UnitedStatesofAmerica	5
Fiji	3	Netherlands	5	Uruguay	3
Finland	6	NewCaledonia	5	Vanuatu	4
France	5	NewZealand	4	Vietnam	3
FrenchPolynesia	6	Nicaragua	3	Zambia	2
Gabon	6	Nigeria	4
Gambia	2	NorthMacedonia	2

Table 2: Reasonable amounts bycost groups

Note:TheseamountsaredeterminedbytheCommissioner solelyastheamountsthatwillbe accepted for the exception from the requirement to obtain written evidence.

Cost Group	Salary$138,790andbelow			Salary$138,791to $247,020			Salary$247,021and above
Cost Group	Meals	Incidentals	Total	Meals	Incidentals	Total	Meals	Incidentals	Total
1	$60	$25	$85	$75	$25	$100	$95	$30	$125
2	$95	$30	$125	$110	$35	$145	$140	$40	$180
3	$130	$35	$165	$150	$40	$190	$185	$45	$230
4	$170	$35	$205	$190	$45	$235	$235	$50	$285
5	$200	$40	$240	$240	$50	$290	$295	$60	$355
6	$240	$45	$285	$295	$50	$345	$340	$60	$400

Medicare

DependantforMedicarepurposes

Dependant	AdjustedTaxableIncome	Incometestappliesfor
Dependant	AdjustedTaxableIncome	Medicare LevyFamily Reduction	Medicare Levy Exemption	Medicare Levy Surcharge
Non-student child under 21 years	Firstchild: $1,786 Eachadditionalchild:$1,410	Yes	No	No
Fulltimestudent agedunder21 years	$1,786	Yes	No	No
Fulltimestudent aged21 to 24years	$1,786	Yes	Yes	No

MedicareLevyincomethresholdsand shading-inranges

Taxpayersentitledto SAPTO				OtherTaxpayers
Categoryof Taxpayer		Taxable(Family) Income at or belowwhichno levy payable	Taxable(Family) Income above which full levy payable	Taxable(Family) Income at or belowwhichno levy payable	Taxable(Family) Income above which full levy payable
Individual		$41,089	$51,361	$26,000	$32,500
No. Dependent ChildrenorStudents	0	$57,198	$71,497	$43,846	$54,807
	1	$61,225	$76,531	$47,873	$59,841
	2	$65,252	$81,565	$51,900	$64,875
	3	$69,279	$86,599	$55,927	$69,908
	4	$73,306	$91,633	$59,954	$74,942
Each additional child		Add$4,027per child	Add$5,034per child	Add$4,027per child	Add$5,034per child

Thefiguresapplicabletomarried taxpayersalsoapplyto taxpayerswho aresole
Forindividuals,wherethetaxpayersTaxableIncomefallswithintheshadinginrange,

theMedicarelevyiscalculated as10%oftheexcessoverthelowerlimit.

TocalculateMedicarefor taxpayerswhoarerequiredtopaythefullMedicarelevy: = taxable incomex2%

TocalculateMedicarefortaxpayerswhoareeligibletopayMedicareatthereducedlevy:

= (taxableincome-lower threshold)x10%

Medicarelevysurcharge

IncomeforsurchargepurposestodeterminetherateofMLS

Taxableincome(excludingassessableFHSSreleasedamountsshownatItem24Category3)
Reportablefringebenefitamounts(ItemIT1)
Reportableemployersuperannuationcontributions(ItemIT2)
Personalsuperannuationcontributionsclaimedasataxdeduction(ItemD12)
Netfinancialinvestmentlosses(ItemIT5)
Netrentalpropertylosses(ItemIT6)
Exemptforeignemploymentincome(Item20N)
Netamountonwhichfamilytrustdistributiontaxhasbeenpaid(ItemA5)

less

Taxedelementofalumpsumsuperannuationlifebenefitwhichistaxedat0%

IncomeThresholdsforSurchargePurposes
SINGLES		$93,000orless	$93,001 -$108,000	$108,001-$144,000	$144,001+
FAMILIES* No.ofchildren	0-1	$186,000orless	$186,001 -$216,000	$216,001-$288,000	$288,001 +
	2	$187,500orless	$187,501-$217,500	$217,501-$289,500	$289,501 +
	3	$189,000orless	$189,001 -$219,000	$219,001-$291,000	$291,001+
	4	$190,500orless	$190,501 -$220,500	$220,501-$292,500	$292,501 +
MLSrate		0%	1%	1.25%	1.5%

*Thefamilythresholdincreasesby$1,500foreachadditionalchildafterthefirst.

TocalculatetheactualMedicarelevysurchargepayable: Multiply the applicable rate by:

taxableincome,plus
reportablefringebenefit amounts,plus
amountonwhichfamilytrustdistribution tax hasbeenpaid,less
taxedelementofalumpsumsuperannuationlifebenefitwhichistaxedat0%

Tax Offsets

Beneficiary TaxOffset

Wherethebenefitreceivedisnotmorethan$45,000,thefollowingformulaapplies: = 0.15x(taxable benefit-$6,000)

Ifthebenefitamountexceeds$45,000,theformulais:

= 0.15x(taxablebenefit-$6,000)+0.15x(taxablebenefit-$45,000)

LowIncome Tax Offset

Taxable Income	LITO
Up to$37,500	$700
$37,501 to $45,000	$700less5centsforeachdollarover $37,500
$45,001to$66,666	$325less1.5centsforeachdollarover $45,000
From$66,667	Nil

Seniors &PensionersTaxOffset(SAPTO)

Circumstance	Rebateincome threshold
Single	Lessthan $50,119
Marriedordefacto	Lessthan$83,580(combined)
Partneredandhadtoliveapartduetoillness	Lessthan$95,198(combined)

Rebateincomeisthesumofthetaxpayerstaxableincome,adjustedfringebenefits total,total net investment loss, total net rental loss, reportable employer superannuation contributions and deductible personal superannuation contributions.

Adjustedfringebenefitstotalisthesumof:

reportablefringebenefitamounts receivedfromemployersexemptfromfringebenefits tax under s 57A of the FBTA 1986 multiplied by 0.53, and
reportablefringebenefitsamountfromemployersnotexemptfromfringebenefitstax under s 57A of the FBTA 1986.

PensionerCodeLetter/Description	Rebateincome		Maximum tax offsetavailable
PensionerCodeLetter/Description	Lower threshold	Upperthreshold	Maximum tax offsetavailable
A Single	$32,279	$50,119	$2,230
B, C* Partneredlivedapartduetoillness	$31,279	$47,599	$2,040
D,E* Marriedordefacto	$28,974	$41,790	$1,602

*spousewasnoteligibleforSAPTO

VeteranCode	Circumstance
V	Ifthetaxpayerisa veteran,warwidoworwarwidower.
W	Ifthetaxpayersspouseisaveteran,warwidoworwarwidower.
X	BothVandWapply

DateofBirth	Pension Age(inyears)
From1 January1949to30 June1952	65
From1July1952to31December1953	65.5
From1 January1954to30 June1955	66
From1July1955to31December1956	66.5
From1January1957onwards	67

Invalid&InvalidCarerTaxOffset

ClassofDependant

Maximum Offset

Amount

$112,578

ATItest

applies to

Dependant ATI limit

Invalidorinvalidcarer:

spouse

childorsibling (16yearsorolder)

spouse'schildor sibling(16yearsorolder)

parentorparent-in-law

$3,152*

Taxpayer

$12,890

Taxpayerand spouse (combined)

Dependantoffsetsarereducedby eachdollarofATIover$282,dividedbyIngeneral, part-year apportionment applies when dependency is less than a full year.
Whenitisnecessaryto apportionforbothpartyear andATI,alwayscalculatethe maximum tax offset for the part-year and then adjust for ATI.

Onthenextpageisahandyflowchartthatcanhelpyoudecideifataxpayer iseligibleto claim the Invalid & Invalid Carer Tax Offset.

Private HealthInsurance TaxOffset

	BaseTier	Tier1	Tier2	Tier3
Singleincome	$93,000orless	$93,001 $108,000	$108,001 $144,000	$144,001or more
Familyincome*	$186,000orless	$186,001 $216,000	$216,001 $288,000	$288,001ormore
Rebatefor premiumspaidfrom1 July2023 -30June2024
Aged<65 years	24.608%	16.405%	8.202%	0%
Aged65-69years	28.710%	20.507%	12.303%	0%
Aged70orover	32.812%	24.608%	16.405%	0%

*Thefamily incomethresholdisincreased by$1,500foreachchildafterthefirst

ClaimCodes

SingleTaxpayer

PartneredTaxpayer

Nodependants

Claimingownshareoftherebate

Aparentclaimingfora dependent-

child-onlypolicy

Haveadependentchild

Paidforadependent-person-only policy

Taxpayerclaiming spouse's share of rebate (has spouse's agreement)Note:Thespousewill

useCodeEon their taxreturn

Isadependentpersononaprivate health insurance policy

Thiscodewillalsoapplytoamarried person with a disability covered as a dependent person.

(notentitled toreceivetherebate)

Spouseisclaimingtaxpayer'sshareof the rebate

BenefitClaimCodes

AgeGroup	Codeforpremiumspaidbetween 1 July and 31 March	Codeforpremiumspaidbetween 1 April and 30 June
Aged< 65>	30	31
Aged65-69years	35	36
Aged70orover	40	41

SpouseSuperannuationTax Offset

The tax offset is calculated at 18% of contributions up to a ceiling of $3,000 of contributions.The maximum tax offset is $540 (ie $3,000x18%).The maximum tax offsetappliesifthespousesassessableincomeis$37,000orlessandcontributionsare

$3,000or over.

Wherethespousesincome* exceeds$37,000,the$3,000ceilingreducesdollarfordollar and cuts out at $40,000.

Firstcalculatethecontributionsceiling:

= $3,000-((assessableincome+RFB+RESC)-$37,000)

Thetaxoffsetisthelesserof:

= contributionsx18% OR ceilingx18%

* This income test is based on the sum of the spouses assessable income (disregarding their FHSS releasedamountforthe incomeyear),totalreportablefringebenefitsamounts (RFBA)andreportable employer superannuation contributions (RESC).

Zone or OverseasForcesTax Offset

Offsetclaimsaremadeup ofafixed amount,plusapercentageofdependantoffsetbase amounts.The offset values allowable are:

OrdinaryZoneA $ 338+(50%ofBaseAmount)

OrdinaryZoneB $ 57+(20%of BaseAmount)

SpecialZone $1,173+(50%ofBaseAmount)

OverseasForces $ 338+(50%ofBaseAmount)

DependantOffsetBaseAmounts2022-23
Offsettype	MaximumOffsetValue*
InvalidandInvalidCarer	$3,152
Soleparent	$1,607
Eachfull-timestudentunderage25	$376
Onenon-studentunderage21	$376
Eachothernon-studentunderage21	$282

*DependantoffsetsarereducedbytheexcessofAdjusted TaxableIncomeover$282,dividedby 4. In general, part-year apportionment applies when dependency is less than a full year.

IncomeTestsfor Concessions&Liabilities

Medicare Levy

LITO

Medicare LevySurcharge Income (for

liability& rate)

Medicare LevySurcharge Paid On

Private Health Insurance TaxOffset

Study & Training LoanRepayment

SAPTO

Rebate Income If spouse use

combined income

SAPTO

Transfer (usedfor spouse transfer

amount only)

Invalid& Invalid CarerTaxOffset

Spouse Super Cont

Super CoCont

Div293

ESS

AssessableIncome

TaxableIncome

ReportableFringeBenefitsAmounts

AdjustedFringeBenefitsTotal

ReportableSuperContributions

NetInvestmentLoss(rentaland other)

NetamountonwhichFTDTaxhas beenpaid

ExemptForeignEmploymentIncome

CertainTaxFreeGovernmentPensions

TargetForeignIncome

Div293SuperContributions

LessTaxedElementofLumpSumSuperLife Benefit Taxed at 0%

LessChildSupportPaid

LessAllowableBusinessDeductions

LessAssessableFHSSreleasedamount

DefenceForce

CurrentSpecifiedLocalitiesforOverseasForcesTaxOffset

Date the area becameaspecified locality	Descriptionofthespecified locality
28October1992	TheSinai
11June1999	Area comprising the political boundaries and airspace of the Federal RepublicofYugoslavia(includingtheprovinceofKosovo),Albaniaand the former Yugoslav Republic of Macedonia
21April 2003	Total land area, territorial waters and superjacent airspace within the internationallyrecognisedboundariesofIsrael,Jordan,Syria,Lebanon and Egypt
24July2003	Totallandareas,territorialwatersandsuperjacentairspaceboundaries of the Solomon Islands
10April 2005	Sudananditsterritorialwatersandsuperjacentairspace
28October2005	Areacomprisingtheland,seaandairareasboundedbythe internationally recognised borders of Pakistan
12 May2006	AreacomprisingEastTimoranditsterritorialwatersandsuperjacent airspace
20July2006	AreacomprisingLebanonanditsterritorialwatersandsuperjacent airspace
26October2011	TheRepublicofSouthSudanandUganda,includingsuperjacent airspace

Currentincometaxexemptionsrelatingtomilitaryservice

Salaryandwagesreceivedbyamember oftheDefenceforceisexemptif:

thereisacertificatein forceissued bytheChiefoftheDefenceForceinwriting to the effect that the member is on eligible duty with a specified organisation in a specified area outside Australia, and
theeligibledutyisnotas,orunder,attachatanAustralianembassyor

Thefollowingorganisations,areasanddateshavebeenspecifiedbyregulation:

Organisation

Area

After theday

AustralianDefenceForce on Operation Accordion

Thelandarea,territorialwaters,airspaceand superjacent airspace of the following countries:

Bahrain

Qatar

theUnitedArabEmirates.

30 June2014

AustralianDefenceForce on Operation Augury

Thefollowing areas:

thelandareaandsuperjacent airspace of Afghanistan

the land area, territorial waters, airspaceandsuperjacentairspaceof the following countries:

oIraq

oJordan

oSyria

otheUnitedArabEmirates.

3July2014

AustralianDefenceForce on Operation Highroad

Thelandareaandsuperjacentairspaceof Afghanistan.

31December2014

AustralianDefenceForce on Operation Manitou

The sea (including adjacent ports and the areawithina10kmradiusofsuchports)and superjacent airspace of:

theGulfofAden

theGulfofAqaba

theGulfofOman

theGulfofSuez

theIndianOceannorthoflatitude 15S and west of longitude 70E

thePersian Gulf

theRedSea

theStrait of Hormuz.

14May2015

Organisation	Area	After theday
AustralianDefenceForce on Operation Okra	Thelandarea,territorialwaters,airspaceand superjacent airspace of the following countries: Bahrain Cyprus Iraq Jordan Kuwait Qatar Syria Turkeyeastoflongitude35E theUnitedArabEmirates Thewatersandsuperjacentairspaceofthe Persian Gulf.	9September 2015
AustralianDefenceForce on Operation Orenda	Thelandareaandsuperjacentairspaceof Mali	1 April2020
AustralianDefenceForce on Operation Paladin	Thelandarea,territorialwaters,airspaceand superjacent airspace of the following countries: Egypt Israel Jordan Lebanon Syria	1July2020
United Nations Assistance Mission in Afghanistan(Operation Palate II)	Thelandandsuperjacentairspaceof Afghanistan	26June2005 (until1 January 2017only)
AustralianDefenceForce on Operation Steadfast	Thelandarea,territorialwaters,airspaceand superjacent airspace of Iraq	9September 2018

Study& Training LoanRepayments

Repaymentincomeistaxableincomeplusanytotalnetinvestmentloss(which includesnet rental losses), total reportable fringe benefits amount, reportable super contributions and exempt foreign employment income.Repayments are calculated as a percentage of Repayment Income.

From 1 July 2019, all study and training loans arecovered by one set of thresholds and rates. Thehierarchyinwhichcompulsoryrepaymentsareappliedtostudyandtrainingloansisnow:

HELP HigherEducationLoanProgram

VSL VetStudentLoan

SFSS StudentFinancialSupplementScheme

SSL Student Start-Up LoanABSTUDY SSL ABSTUDYStudentStart-UpLoan

AASL AustralianApprenticeshipSupportLoan (Previously Trade Support Loan)

2024 repayment incomethresholds	Repayment Rate	2024 repayment incomethresholds	Repayment Rate
Below$51,550	Nil	$94,866 -$100,557	6.0%
$51,550-$59,518	1.0%	$100,558 - $106,590	6.5%
$59,519-$63,089	2.0%	$106,591 - $112,985	7.0%
$63,090-$66,875	2.5%	$112,986 - $119,764	7.5%
$66,876-$70,888	3.0%	$119,765-$126,950	8.0%
$70,889 -$75,140	3.5%	$126,951 - $134,568	8.5%
$75,141-$79,649	4.0%	$134,569 -$142,642	9.0%
$79,650 -$84,429	4.5%	$142,643-$151,200	9.5%
$84,430-$89,494	5.0%	$151,201andabove	10%
$89,495 -$94,865	5.5%

CapitalGainsTax(CGT)

CGT Timeline

20September1985	IntroductionofCGTonthedisposalofassetspurchased/acquiredonor after this date. Indexation method can be used from this date.
21August 1991	Non-capitalcostsofownership arenowincludedinthethirdelementof the cost base for CGT assets acquired from this date (e.g. loan interest, council rates, land tax)
26June1992	IntangibleassetthatisnotpropertynowtreatedasaCGTasset(e.g. legal or equitable right)
20August 1996	Home first used to produce income after this date, deemed to have beenacquiredonthedateitfirstbecameincomeproducing.Costbase is market value on that date.
20August 1996	Changeintreatmentofinheritedmainresidence.ForpostCGTdwellings inherited after this date, the dwelling is only required to be the main residence of thedeceased just before they died for thebeneficiary to be entitled to the main residence exemption if sold within two years of the date of death or used by an eligible person as a main residence.
13May1997	Capitalgainonassetspurchasedafterthisdateaffectedbybuilding cost write off when disposed of
21September1999	Indexationmethodnowonlyavailableforassetsacquiredbeforethis date and held for more than 12 months. Also affects acquisition of assets from a deceased estate.
1July2001	Changeinregimefordepreciatingassetsandfor rightsandoptions
22March2005	Prior to this date only the liquidator could declare a capital loss on worthlessshares.Fromthisdatealiquidatororadministratorcandoso.
1July2005	From this date the cost base of the third element can now include capitalcosts(ifnotalreadyclaimedasataxdeduction).Examplesofthis would include costs such as travel and accommodation in carrying out initial repairs incurred prior to 1 July 2017.
12December2006	Conditions for relationship breakdown rollover expanded. For transfers beforethisdate,whererelationship breakdownrolloverapplies,theuse of the property prior to the transfer is disregarded when determining eligibility for main residence exemption. Transfers after this date consider usage of the whole period of ownership (both taxpayer and spouse).
1July2007	Demutualisationofhealthinsurancecompanies.CGTtreatment changed.
1July2008	Demutualisationoffriendlysocieties.CGTtreatmentchanged.
8 May 2012	Foreign and temporary residents who dispose of Taxable Australian Propertyafterthisdatearenolongereligibleforthe50%CGTdiscount for the period they are a foreign or temporary resident.

1July2016	Non-finalwithholdingtaxobligationappliestothepurchaserofcertain Australian real property and related interest acquired from a foreign resident vendor. Rate was 10% and applied to property with a market value of $2m or more up to 30 June 2017.
9 May 2017	Foreign residents no longer entitled to main residence exemption on propertysoldinAustralia(exceptionsapply).Transitionalarrangements apply that allow the main residence exemption to apply to properties held prior to 9 May 2017 and disposed of up until 30 June 2020.
1 July2017	Foreignresidentwithholdingtaxrateincreasedto12.5%andappliesto property with a market value of $750,000 or more.
1January2018	CGT discount increased by up to 10% for capital gains made by a residentindividualfromadwellingusedtoprovideaffordablehousing for at least 3 years from this date.
1July2020	Foreign residents no longer entitled to claim the main residence exemptionwhentheysellapropertyinAustralia(exceptionsapplyfor certain life events).
1July2021	Fromthisdate,noCGTeventarisestoeligibleindividualsoncertain granny flat arrangements.
1January2025	Foreign resident withholding tax rate increased to 15% and the property valuethresholdremoved,sowithholdingnowappliestoallpropertysales.

CPITables

	31 March	30June	30Sept	31Dec
1985	37.9	38.8	39.7	40.5
1986	41.4	42.1	43.2	44.4
1987	45.3	46.0	46.8	47.6
1988	48.4	49.3	50.2	51.2
1989	51.7	53.0	54.2	55.2
1990	56.2	57.1	57.5	59.0
1991	58.9	59.0	59.3	59.9
1992	59.9	59.7	59.8	60.1
1993	60.6	60.8	61.1	61.2
1994	61.5	61.9	62.3	62.8
1995	63.8	64.7	65.5	66.0
1996	66.2	66.7	66.9	67.0
1997	67.1	66.9	66.6	66.8
1998	67.0	67.4	67.5	67.8
1999	67.8	68.1	68.7	N/A

Capital WorksDeductions:ConstructionDates

Note:capitalworksdepreciationiscalculatedusingtheprimecostmethod.

Type	Date Commenced	Rate
Residentialbuildings	Post18July1985	4%
Residentialbuildings	Post16September1987	2.5%
Non-residential buildings -(industrial notusedformanufacture)	Post20July1982	2.5%
	Post22August1984	4%
	Post16 September1987	2.5%
Industrialbuildings-(usedformanufactureetc.)	Post20July1982	2.5%
	Post22August1984	4%
	Post16 September1987	2.5%
	Post27 February1992	4%
Hotel/motel/guesthouse- (atleast10bedrooms/shorttermtraveler accommodation)	Post22August1979	2.5%
	Post22August1984	4%
	Post16 September1987	2.5%
	Post27 February1992	4%
Structuralimprovements,AlterationsorExtensions	Post27 February1992	2.5%

ImprovementThresholds

Incomeyear	Threshold($)	Incomeyear	Threshold($)
1988-1989	63,450	2007-2008	116,337
1989-1990	68,018	2008-2009	119,594
1990-1991	73,459	2009-2010	124,258
1991-1992	78,160	2010-2011	126,619
1992-1993	80,036	2011-2012	130,418
1993-1994	80,756	2012-2013	134,200
1994-1995	82,290	2013-2014	136,884
1995-1996	84,347	2014-2015	140,443
1996-1997	88,227	2015-2016	143,392
1997-1998	89,992	2016-2017	145,401
1998-1999	89,992	2017-2018	147,582
1999-2000	91,072	2018-2019	150,386
2000-2001	92,802	2019-2020	153,093
2001-2002	97,721	2020-2021	155,849
2002-2003	101,239	2021-2022	156,784
2003-2004	104,377	2022-2023	162,899
2004-2005	106,882	2023-2024	174,465
2005-2006	109,447	2024-2025	182,665
2006-2007	112,512

ClassRulings

ClassRulingsarepublicrulingsthatenabletheCommissionertoprovidelegallybindingadvice in response to a request from an entity seeking advice about the application of a relevant provision to a specific class of persons, in relation to a particular scheme.

Eachyear theATO summarisesalltheclassrulingsfor theyear ontheirwebsite.Thesecanbe found in the ATO Legal Database at:

https://www.ato.gov.au/Law/#Law/table-of-contents?category=A

HandyHint

Itisrecommendedthatstudentsandassociatestakethetimetolook upthewebsiteprior to thestartofeachtaxseasonandfamiliarisethemselveswiththecompaniesetcthathavehad Class Rulings over the past year.

Theclassrulingsthemselvesusuallycontainanoverview,thetax treatment,pertinentdatesand an example of what to do in the tax return.This is a great time saver and ensures that our clients meet their ATO reporting requirements when they themselves might not realise that there are any.

FactsheetsonsignificantsharetransactionscanalsobefoundontheATO website.Thesecan be useful when trying to establish the cost base of shares.

Demutualisations

	Deemed acquisitiondate	Costbase
NationalMutual/AXA(nowmergedwithAMP)	08/10/96	$1.14
ColonialMutual(taken overbyCBA)	19/05/97	$3.31
AMP	20/11/97	$10.43
AMPPre-Listing SharePurchase	22/06/98	$19.02
IAG(NRMA,NIGL)
Allocation	19/06/00	$1.78
Facilitypurchase	06/08/00	$2.75
OFM Ltd	12/06/01	$1.65
IOOF Ltd	14/06/02	$2.53
AevumLtd (Hibernian)	02/09/02	$1.162
NIBHoldings	01/10/07	$0.85

Public ShareOffers

CBA	1stFloat	28/08/91	Costbase	$5.40
CBA	2ndFloat	06/10/93	Costbase	$9.35
CBA	3rdFloat	13/07/96	Costbase	$10.45
(Firstinstalment$6.00onapplication;balance $4.45due14/11/97)
Telstra1	15/11/97		Costbase	$3.30
Telstra2	22/10/99		Costbase	$7.40
Telstra3	19/11/06		Costbase	*$3.46
QANTAS	31/07/95		Costbase	$1.90

*refertoATOFactSheetfordetailedinformationoncostbase

ForCommonwealthBankandTelstraSharesboughtunderthepublicshareoffer,thedateof purchase is the date the shares were allocated to the taxpayer with the cost base being the initial payment plus any instalments.The cost base is indexed from the time of payment of the first instalment.

PublicFloats

	AcquisitionDate	CostBase
SGIO	31/03/94	$1.00
TAB	22/06/98	$2.05
QRNational(nowAurizon):IPO	22/11/2010	$2.45
LoyaltyBonusshares	07/12/2011

Queenslandersreceived 1:15toa maximumof675 shares.

Non-Queenslandersreceived1:20toamaximumof500shares.

Annuities:UndeductedPurchasePrice(UPP)

FixedTermAnnuity

TheannualUPPiscalculatedbyfirstreducingthepurchasepriceby theresidualcapitalvalue (RCV), if any, and then dividing the result by the number of years in theterm.

WherethereisnoRCVthenthepurchasepriceissimplydividedbythenumberofyearsinthe fixedtermoftheannuitytodeterminetheannualUPPandadjustediftheannuitydoesnotcover a full income year.

LifetimeAnnuities

Ifalifetimeannuityispurchasedandisonlypayableforthelifetimeoftheannuitant,theannual UPP iscalculated bydividing thepurchase price by thelife expectancy ofthat person. The life expectancyisdeterminedwithreferencetotheAustralianLifeTablespreparedbytheAustralian GovernmentActuary. These tables are published every five years.

Whencalculatingthelifeexpectancy,itisnecessarytoknow:

Thedatetheannuitystarted to bepaid
Theageoftheannuitantwhentheannuitystartedtobepaid
Thegenderoftheannuitant(maleorfemale)

ReversionaryLifetimeAnnuities

Wherean annuitycanrevertto asurviving beneficiarytheannual UPPwillbedeterminedby referencetothepersonwith thelonger lifeexpectancy.Thisisnotalwaystheyounger ofthe two.

UPPof a ForeignPension or Annuity

UKPensions

8% appliedtocontributoryUKStatePensions

ItalianPensions

Themethod tocalculateUPP forthe2024yearis:

(Contributionsforcalendar year2023+calendaryear 2024)/2 x90%

DutchPensions

25% ofthegrosspensionpaidfor oldagepensions,widows,widowers

ororphanspensionsfromtheSocialeVerzekeringsbank(SVB)underthe Netherlands social insurance system.

Annuities:LifeExpectationFactors

Age at start of first payment period	Annuitiesand Pensions lifeexpectationfactors
	01/01/1996 31/12/1999		01/01/2000 31/12/2004		01/01/2005 31/12/2009		01/01/2010 31/12/2014		01/01/2015 31/12/2019		01/01/2020+
	M	F	M	F	M	F	M	F	M	F	M	F
30	46.07	51.48	47.26	52.30	49.07	53.72	50.20	54.44	51.04	54.96	51.65	55.42
31	45.13	50.50	46.32	51.32	48.13	52.75	49.25	53.46	50.08	53.98	50.68	54.44
32	44.19	49.53	45.38	50.35	47.19	51.77	48.30	52.48	49.13	53.00	49.72	53.46
33	43.25	48.56	44.44	49.38	46.24	50.80	47.35	51.50	48.17	52.02	48.77	52.48
34	42.31	47.58	43.50	48.41	45.30	49.82	46.40	50.52	47.22	51.04	47.81	51.51
35	41.37	46.61	42.57	47.44	44.35	48.85	45.45	49.55	46.26	50.06	46.85	50.53
36	40.42	45.64	41.63	46.47	43.41	47.88	44.50	48.58	45.31	49.09	45.90	49.56
37	39.48	44.67	40.69	45.50	42.47	46.91	43.55	47.60	44.36	48.12	44.95	48.58
38	38.54	43.70	39.75	44.53	41.53	45.94	42.60	46.63	43.41	47.14	44.00	47.61
39	37.60	42.74	38.81	43.56	40.58	44.98	41.66	45.66	42.46	46.18	43.05	46.64
40	36.66	41.77	37.88	42.60	39.65	44.01	40.71	44.70	41.51	45.21	42.10	45.68
41	35.73	40.81	36.94	41.64	38.71	43.05	39.77	43.73	40.57	44.24	41.16	44.71
42	34.79	39.85	36.01	40.68	37.77	42.09	38.83	42.77	39.62	43.28	40.22	43.75
43	33.86	38.90	35.08	39.72	36.84	41.14	37.89	41.81	38.68	42.32	39.29	42.79
44	32.94	37.95	34.15	38.76	35.91	40.18	36.96	40.85	37.75	41.36	38.35	41.83
45	32.01	37.00	33.22	37.81	34.98	39.23	36.03	39.90	36.81	40.41	37.43	40.88
46	31.09	36.05	32.30	36.86	34.06	38.28	35.10	38.95	35.88	39.45	36.50	39.92
47	30.18	35.11	31.38	35.92	33.13	37.33	34.18	38.00	34.95	38.50	35.58	38.97
48	29.27	34.18	30.46	34.98	32.22	36.39	33.26	37.05	34.03	37.56	34.66	38.03
49	28.37	33.25	29.55	34.04	31.30	35.45	32.34	36.11	33.11	36.61	33.75	37.08
50	27.48	32.32	28.64	33.11	30.39	34.51	31.43	35.17	32.20	35.67	32.84	36.14
51	26.59	31.40	27.74	32.18	29.49	33.58	30.53	34.24	31.29	34.74	31.93	35.21
52	25.71	30.49	26.85	31.26	28.59	32.66	29.63	33.31	30.38	33.80	31.03	34.27
53	24.84	29.58	25.97	30.34	27.69	31.73	28.73	32.38	29.49	32.87	30.13	33.34
54	23.98	28.68	25.09	29.43	26.80	30.82	27.84	31.45	28.59	31.95	29.24	32.42
55	23.13	27.78	24.22	28.53	25.92	29.91	26.95	30.53	27.71	31.02	28.35	31.49
56	22.30	26.90	23.36	27.63	25.05	29.00	26.08	29.61	26.83	30.10	27.47	30.57
57	21.47	26.02	22.52	26.74	24.19	28.10	25.20	28.70	25.95	29.19	26.60	29.66
58	20.66	25.14	21.68	25.86	23.34	27.21	24.34	27.79	25.09	28.28	25.73	28.75
59	19.87	24.27	20.86	24.98	22.49	26.32	23.48	26.89	24.22	27.37	24.87	27.84
60	19.09	23.42	20.05	24.11	21.66	25.44	22.63	26.00	23.37	26.47	24.02	26.93
61	18.32	22.57	19.25	23.25	20.84	24.57	21.79	25.11	22.52	25.57	23.17	26.03
62	17.57	21.72	18.46	22.39	20.04	23.71	20.96	24.23	21.68	24.68	22.33	25.14
63	16.83	20.89	17.70	21.54	19.24	22.85	20.14	23.35	20.85	23.80	21.50	24.24
64	16.12	20.07	16.94	20.70	18.46	22.00	19.34	22.48	20.03	22.92	20.67	23.36
65	15.41	19.26	16.21	19.88	17.70	21.15	18.54	21.62	19.22	22.05	19.86	22.47
66	14.73	18.45	15.49	19.06	16.95	20.32	17.76	20.76	18.41	21.18	19.04	21.60
67	14.06	17.66	14.79	18.25	16.21	19.49	16.99	19.92	17.62	20.33	18.24	20.73
68	13.40	16.89	14.11	17.46	15.48	18.67	16.24	19.08	16.84	19.48	17.45	19.87
69	12.76	16.12	13.44	16.67	14.78	17.87	15.49	18.24	16.07	18.64	16.67	19.02
70	12.14	15.37	12.80	15.90	14.08	17.08	14.76	17.42	15.31	17.80	15.90	18.18
71	-	-	12.17	15.14	13.41	16.29	14.04	16.61	14.56	16.98	15.14	17.35
72	-	-	11.56	14.40	12.75	15.53	13.33	15.82	13.83	16.18	14.39	16.53
73	-	-	10.96	13.67	12.11	14.78	12.64	15.03	13.11	15.38	13.66	15.73
74	-	-	10.38	12.96	11.50	14.05	11.96	14.27	12.40	14.60	12.95	14.93
75	-	-	9.82	12.26	10.90	13.33	11.31	13.51	11.72	13.83	12.25	14.15
76	-	-	9.27	11.58	10.32	12.63	10.68	12.78	11.05	13.08	11.57	13.39

CurrencyExchangeRates:1July2023to30June2024

ToconvertthisamounttoAustraliandollars

= foreignamountreceived/conversionrate

Country	Average rate for year ended 31/12/2023 30/06/2024		Currency
China	4.7044	4.7374	Renminbi
Europe	0.6144	0.6061	Euro
HongKong	5.2013	5.1259	HongKongdollar
India	54.8696	54.4744	Indian Rupee
Indonesia	10122.2960	10267.8080	Rupiah
Japan	93.3232	97.7584	Yen
Malaysia	3.0297	3.0783	Malaysianringgit
NewZealand	1.0821	1.0810	NewZealanddollar
Philippines	36.9584	37.0152	Peso
Singapore	0.8922	0.8839	Singaporedollar
South Korea	867.5052	874.1556	SouthKoreanwon
Taiwan	20.6955	20.8653	New Taiwandollar
Thailand	23.1159	23.4596	Baht
UK	0.5345	0.5206	Poundsterling
USA	0.6644	0.6556	USdollar
Vietnam	15831.9320	16093.6920	Dong

CountrieswithaDoubleTaxAgreement (DTA)withAustralia

Argentina	France	Japan	Philippines	Sweden
Austria	Germany	Kiribati	Poland	Switzerland
Belgium	Greece	Korea	Portugal	Taiwan
Canada	Hungary	Malaysia	Romania	Thailand
Chile	Iceland	Malta	Russia	Turkey
China	India	Mexico	Singapore	UnitedKingdom
CzechRepublic	Indonesia	Netherlands	Slovakia	United States
Denmark	Ireland	NewZealand	SouthAfrica	Vietnam
Fiji	Israel	Norway	Spain
Finland	Italy	Papua NewGuinea	SriLanka

FuelTax Credit Rates

Table1:Ratesforfuel acquired from5February2024to 30June2024

Eligiblefueltype	Unit	Usedinheavy vehicles for travelling on publicroads (SeeNote1)	All other business uses (including to power auxiliaryequipmentofa heavy vehicle) (SeeNote2)
Liquidfuels,i.e.dieselor petrol	centsperlitre	20.8 (seeNote3)	49.6
Blendedfuels:B5,B20,E10	centsperlitre	20.8 (seeNote3)	49.6
Blendedfuel:E85	centsperlitre	0	21.295
Liquefiedpetroleumgas (LPG) (duty paid)	centsperlitre	0	16.2
Liquefied natural gas (LNG) or compressed naturalgas(CNG)(duty paid)	centsperkilogram	0 (SeeNote4)	34.0
B100	centsperlitre	0	13.2

Table2:Ratesforfuelacquired from1 August2023to 4February2024

Eligiblefueltype	Unit	Usedinheavy vehicles for travelling on public roads (SeeNote1)	All other business uses (including to power auxiliaryequipmentofa heavy vehicle) (SeeNote2)
Liquidfuels,i.e.dieselor petrol	centsperlitre	20.0 (seeNote3)	48.8
Blendedfuels:B5,B20,E10	centsperlitre	20.0 (seeNote3)	48.8
Blendedfuel:E85	centsperlitre	0	20.92
Liquefiedpetroleumgas (LPG) (duty paid)	centsperlitre	0	15.9
Liquefied natural gas (LNG) or compressed naturalgas(CNG)(duty paid)	centsperkilogram	0 (seeNote4)	33.4
B100	centsperlitre	0	13.0

Table3:Ratesforfuelacquired from1 July2023 to 31 July2023

Eligiblefueltype	Unit	Usedinheavy vehicles for travelling on public roads (SeeNote1)	All other business uses (including to power auxiliaryequipmentofa heavy vehicle) (SeeNote2)
Liquidfuels,i.e.dieselor petrol	centsperlitre	18.9 (seeNote3)	47.7
Blendedfuels:B5,B20,E10	centsperlitre	18.9 (seeNote3)	47.7
Blendedfuel:E85	centsperlitre	0	20.415
Liquefiedpetroleumgas (LPG) (duty paid)	centsperlitre	0	15.6
Liquefied natural gas (LNG) or compressed naturalgas(CNG)(duty paid)	centsperkilogram	0 (seeNote4)	32.7
B100	centsperlitre	0	12.7

Note1: From1November 2019,thisrateincludesfuelusedtopower passenger air- conditioning of buses and coaches.

Note2Claimsfor packagingor supplyingfuelscanusethe'allother businessuses'rate for the appropriate eligible fuel type.

Note3: Fuel tax creditrateschangefor fuelused in aheavy vehiclefor travellingon apublic road due to changes in the road user charge. The heavy vehicle road user charge will increase by 6?ch yearover 3 yearsfrom28.8centsper litreforpetrolanddieselin 202324,to30.5centsper litre in 202425 and to 32.4 cents per litre in 202526.

Note 4: The road user charge rate for gaseous fuels per kilo gram rate will increase from 38.5 cents per kilogram in 202324, to 40.8 cents per kilogram in 202425, and to 43.2 cents per kilogramin202526.Currently,theroaduser chargereducesfueltax creditsfor gaseousfuelsto nil.

For the BAS Fueltaxcredit

= litrespurchasedxratefor fuelinrelevantperiod

Note:caremustbetakentocheckdatesoffuelpurchasedagainstthe relevant table.

FromtheMarch2016BASonwards,ifthetaxpayerclaimslessthan$10,000 in fuel tax credits each year, they can use these simplified methods to calculate their fuel tax credits:

When fuel tax creditrateschangeina BusinessActivity Statement (BAS)period,thetaxpayer canusetheratethatappliesattheend of the BAS period
Toworkoutthetotallitresoffuelfor thetaxpayersclaim,theycan use the total cost of fuel they purchased in the BAS period and then divide that amount by the average price of the fuel for that

PersonalServices Income

Personal ServicesIncome: Tests

Personal ServicesIncome: Deductions

Deduction	CanIclaimitif the PSI legislation appliestome? Item 14	Can I claim it if thePSIlegislation doesn't apply to me? Item 15
Premiumsforworkerscompensation,publicliability and professional indemnity insurance	Yes	Yes
Bankandother account-keepingfeesandcharges	Yes	Yes
Tax-relatedexpenses,suchasthecostofpreparing and lodging tax returns or BAS forms	Yes	Yes
Registrationrenewalsorlicensingfees	Yes	Yes
Expensesforadvertising,tenderingandquotingfor work	Yes	Yes
Declineinvaluefordepreciatingassets	Yes	Yes
Running expenses for your home office (not including rent,mortgageinterest,ratesorlandtaxes,seebelow)	Yes	Yes
Rent,mortgageinterest,ratesorlandtaxforyour home that is a place of business	No	Yes
Ifyou areapersonal servicesentity, expensesor FBT for morethanonecar thatisusedpartlyor solelyfor private purposes	No	Yes
Salaryandwagesforanarm'slengthemployee(not an associate)	Yes	Yes
Salary and wages paid to the principal worker within14daysoftheendofeachPAYGwithholdingpayment period	Yes	Yes
Contributions to a super fund on behalf of the principalworkeroranarm'slengthemployee(notan associate)	Yes	Yes
Reasonableamountspaidtoanassociateforprincipal work	Yes	Yes
Contributionsuptothesuperguaranteeamountfor an associate doing up to, but less than, 20% of the principal work	Yes	Yes
Reasonableamountspaidtoanassociatefornon- principal work	No	Yes
Reasonablecontributionstoasuperfundforan associate doing solely non-principal work	No	Yes

ValueofGoods takenfrom StockforPrivate Use(TD 2023/7)

Typeofbusiness	Amount(excluding GST)forAdult/Child over 16 years	Amount(excluding GST)forChild4-16 years
Bakery	$1,520	$760
Butcher	$1,030	$515
Restaurant orcaf(licensed)	$5,160	$2,090
Restaurant orcaf(unlicensed)	$4,180	$2,090
Caterer	$4,410	$2,205
Delicatessen	$4,180	$2,090
Fruitererorgreengrocer	$1,040	$520
Takeawayfoodshop	$4,290	$2,145
Mixedbusiness(includesmilkbar,general storeandconveniencestore)	$5,200	$2,600

EligibilityforSmallBusinessConcessions

Concession	Turnover lessthan $10m	Turnover $10mtoless than $50m	Turnover $50mtoless than$500m	Turnover $500m to lessthan$5B
Deductions
Simplifieddepreciationrules instantassetwrite-off	Yes	Yes	Yes	No
Simplifieddepreciationrules smallbusinesspool	Yes	No	No	No
Backingbusinessinvestment (1March 2020 to30 June2021)	Yes	Yes	Yes	No
Temporaryfullexpensing(from 6October 2020to30June2023)	Yes	Yes	Yes	Yes
Accelerateddepreciationfor primary producers	Yes	Yes	Yes	Yes
Small business technology investmentboost(29March 2022 to 30 June 2023)	Yes	Yes	No	No
Small business skills and training boost(29March2022to30June 2024)	Yes	Yes	No	No
Deductionsforprofessional expenses for start-ups	Yes	Yes	No	No
Immediatedeductionsfor prepaid expenses	Yes	Yes	No	No

Concession	Turnover lessthan $2m	Turnover $2mtoless than $5m	Turnover $5mtoless than$10m	Turnover $10mtoless than $50m
CalculatingandPayingIncomeTax
Lowercompanytax rates	Yes	Yes	Yes	Yes
Smallbusinessincometaxoffset	Yes	Yes	No	No
PAYGinstalmentsconcession	Yes	Yes	Yes	Yes
SimplifiedRecordKeeping
Simplifiedtradingstockrules	Yes	Yes	Yes	Yes
Two-yearamendmentperiod	Yes	Yes	Yes	Yes
CapitalGainsTax(CGT)
Smallbusinessrestructure rollover	Yes	Yes	Yes	No
CGT15-yearasset exemption	Yes	No	No	No
CGT50?tiveassetreduction	Yes	No	No	No
CGTretirementexemption	Yes	No	No	No
CGTrollover	Yes	No	No	No
Contributionsofsmallbusiness CGT concession amounts to super fund	Yes	No	No	No
GST, BAS &Excise
SimplerBAS	Yes	Yes	Yes	No
AccountingforGSTonacash basis	Yes	Yes	Yes	No
AnnualapportionmentofGST input tax credits	Yes	Yes	Yes	No
PayingGSTbyinstalments	Yes	Yes	Yes	No
Exciseconcession	Yes	Yes	Yes	Yes
FringeBenefitsTax(FBT)
FBT carparking exemption	Yes	Yes	Yes	Yes
FBTwork-relateddevices exemption	Yes	Yes	Yes	Yes
Superannuation
Superannuationclearinghouse	Yes	Yes	Yes	No
Contributionsofsmallbusiness CGT concession amounts to super fund	Yes	No	No	No

SmallBusinessEntityDepreciationRulesSummary

Appliesto SBE < $2mturnover
Priorto01/07/12	01/7/12to31/12/13	01/01/14to11/05/15
InstantAssetWrite-Off <$1,000immediatededuction	InstantAssetWrite-Off <$6,500immediatededuction -includingmotorvehicle	InstantAssetWrite-Off <$1,000immediatededuction
TwoSBEPools	OneSBEPool Thereisonepoolforassetsthat cost $6,500 or more: 15% in the first year 30%insubsequentyears. Whereanassetcosts $6,500 or more, it must be added to the general SBE pool even if the business usage proportion brings its value to be allocated to the pool down to less than that amount. An instant asset write-offcannotbeclaimed.	OneSBEPool Thereisonepoolforallassets costing $1,000 or more: 15% in the first year 30% in subsequent years. If the balance of a general smallbusinesspoolfallsbelow $1,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.
There were two pools for assetscosting$1,000ormore:
Generalpool forassetswithaneffectivelife of less than 25 years depreciatedatarateof30% (15% in the first year). Long lifepool forassetswithaneffective life of 25 years or more depreciatedatarateof5% (2.5% in the first year).
	MotorVehicles SpecialRules	MotorVehicle SpecialRulesRepealed
	>$6,500 - An immediate deduction of $5,000 is claimed in the year acquired or first used.Theremainderofthecost isthenaddedtotheSBEpooland depreciated at 15% in that first year and 30% in later years.	The special rules for certain motorvehicles,introducedon1 July 2012 are repealed, for any motor vehicle first used or installed ready for use on or after 1 January 2014.

Applies to SBE < $2m turnoverto30June2016;<

$10mturnoverfrom1July 2016

Applies to SBE <$10m turnover

Applies to SBE < $10m turnover

Instant asset write-off also applies to other businesses with turnover < $50m

From 7.30pm (AEST) on 12/05/2015until28/01/2019

29/01/2019 until before 7.30pm (AEDT) 02/04/2019

From 7.30pm (AEDT) 02/04/2019 until 11/03/2020

InstantAssetWriteOff

<$20,000immediate

deduction

InstantAssetWriteOff

<$25,000immediate

deduction

InstantAssetWriteOff

<$30,000immediate

deduction

SBE Pool

Thereis onepoolfor

allassetscosting$20,000or more:

Thereis onepoolfor

allassetscosting$25,000or more:

Thereis onepoolfor

allassetscosting$30,000or more:

15%inthefirstyear

30%insubsequentyears.

If the balance of a general smallbusinesspoolfallsbelow

$20,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.

30%insubsequentyears.

If the balance of a general smallbusinesspoolfallsbelow

$25,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.

30%insubsequentyears.

If the balance of a general smallbusinesspoolfallsbelow

$30,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.

Note: For businesses with a turnover of $10m or more, assets not eligible for immediate write-off are depreciatedusingeffectivelife depreciation.

AppliestoSBE<$10m turnover

Instantassetwrite-offand accelerated depreciation also applies to other businesses with < $500m

turnover

Applies to SBE <$10m turnover

Accelerated depreciation also applies to businesses with < $500m turnover

Applies to SBE <$10m turnover

Purchasedfrom7.30pm

(AEST)on12/03/2020until 31/12/2020, provided

installed readyforuseby30

From 01/01/2021 to 30/06/2021

From 01/07/2021 - 30/06/2023

June2021

InstantAssetWrite-Off

<$150,000immediate deduction

InstantAssetWrite-Off

<$1,000immediatededuction

Replacedbytemporaryfull expensing

InstantAssetWrite-Off

<$1,000immediatededuction

Replacedbytemporaryfull expensing

SBE Pool

All assets costing the same or more than the instant asset write-offthreshold,otherthanthoseeligibleforaccelerated

depreciationunderthebackingbusinessinvestmentmeasures

SBE Pool

Allassetscosting$1,000or more:

15% in the first year 30%insubsequentyears.

15%inthefirstyear

30%insubsequentyears

Forassetseligibleforaccelerateddepreciation,claim:

57.5% in the first year 30%insubsequentyears

Eligible assets are new depreciating assets first held and first usedandinstalledreadyforuseonorafter12March2020and installed ready for use prior to 30 June 2021.

If the balance of a general smallbusinesspoolfallsbelow

$1,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.

Ifthebalanceofa general small businesspool fallsbelow the instantassetwrite-offthreshold,afteraddingacquisitionsand deducting disposals, but before calculating the decline in value for the year, that balance may be claimed as an immediate deduction.

Replacedbytemporaryfull expensing

Backingbusinessinvestmentmeasures

Forbusinesseswithturnoverof$10mor moreandlessthan

$500m,orSBEsnotusingtheSBEdepreciationmethod,where an asset is not eligible for immediate write-off, effective life depreciation is used. For eligible assets, accelerated effective life depreciation is available:

deduction of50%ofthecostoftheassetoninstallation

remainderofthecostoftheassetdepreciatedusing effective life (either DV or PC).

AppliestoSBE<$10m turnover	AppliestoSBE<$10m turnover	AppliestoSBE<$10m turnover
From01/07/2023- 30/06/2024	From01/07/2024- 30/06/2025	01/07/2025 onwards
InstantAssetWrite-Off <$20,000immediate deduction	InstantAssetWrite-Off <$1,000immediate deduction (proposedincreaseto $20,000)	InstantAssetWrite-Off <$1,000immediate deduction
SBE Pool Allassetscosting$20,000or more: 15%inthefirstyear 30%insubsequentyears If the balance of a general small business pool falls below$20,000afteradding acquisitions and deducting disposals, but before calculating the decline in value for the year, that balance may be claimedas a deduction.	SBEPool Allassetscostinginstantasset write-off threshold or more: 15%inthefirstyear 30%insubsequentyears If the balance of a general small business pool falls below the instant asset write-off threshold after adding acquisitions and deducting disposals, but before calculating the declineinvaluefortheyear, that balance may be claimed as a deduction.	SBE Pool Allassetscosting$1,000or more: 15%inthefirstyear 30%insubsequentyears Ifthebalanceofageneral small business pool falls below$1,000after adding acquisitions and deducting disposals, but before calculating the decline in value for the year, thatbalancemaybe claimed as a deduction.

Aguideto Australian TaxRates

2023-2024

Table ofContents

Introduction 4

Hints&tipsforsuccessfulstudy 4

Commonabbreviations 5

Daysintheyear calendarLeapYear 6

Daysin theyearNon-Leap Year 7

Basicelementsofataxreturn 8

TaxRates 9

2024Residenttaxrates 9

2024Residenttax ratesforminors 9

2024Foreignresidenttaxrates 9

2024WorkingHolidayMaker taxrates 10

Income Categories 10

Taxpayer Categories TaxTreatment 11

Centrelink&DVAPaymentsSummary 12

LumpSumPayments 16

EmploymentTerminationPayment(excludingMedicarelevy) 16

SuperannuationLumpSum(excludingMedicarelevy) 17

SuperannuationSpecialCircumstances 17

SuperannuationIncomeStream 18

PreservationAge 18

Deductions 19

MotorVehicle:Centsperkilometre 19

MotorVehicle: Fuel Calculation 19

MotorVehicle:Averagefuel cost table 19

MotorVehicle:Cardepreciationlimit 20

HomeOffice:CommissionersRate(PCG2023/1) 20

Laundry:CommissionersRate(TR98/5) 20

OvertimeMeals:CommissionersRate(TD2023/3) 20

LongDistanceTruckDriversCommissionersRate(TD2023/3) 21

ReasonableDailyTravelAllowanceAmounts(TD 2023/3) 21

ReasonableOverseasDailyTravelAllowanceAmounts(TD 2023/3) 24

Medicare 26

DependantforMedicarepurposes 26

MedicareLevyincomethresholdsandshading-inranges 26

Medicarelevysurcharge 27

TaxOffsets 28

BeneficiaryTaxOffset 28

LowIncomeTaxOffset 28

Seniors&PensionersTaxOffset(SAPTO) 28

Invalid&InvalidCarerTaxOffset 29

PrivateHealthInsuranceTaxOffset 31

SpouseSuperannuationTaxOffset 32

ZoneorOverseasForcesTaxOffset 32

IncomeTestsfor Concessions&Liabilities 33

DefenceForce 34

CurrentSpecifiedLocalitiesforOverseasForcesTaxOffset 34

Currentincometaxexemptionsrelatingtomilitaryservice 35

Study&Training LoanRepayments 37

CapitalGainsTax (CGT) 38

CGTTimeline 38

CPITables 39

CapitalWorksDeductions:ConstructionDates 40

ImprovementThresholds 40

Annuities:UndeductedPurchasePrice(UPP) 43

UPPofaForeign Pension orAnnuity 43

Annuities:LifeExpectationFactors 44

CurrencyExchangeRates:1July2022to30June2023 45

CountrieswithaDoubleTaxAgreement(DTA)withAustralia 45

FuelTax CreditRates 46

Personal ServicesIncome 49

PersonalServicesIncome:Tests 49

PersonalServicesIncome:Deductions 50

ValueofGoodstaken fromStock forPrivateUse(TD 2023/7) 51

EligibilityforSmallBusinessConcessions 51

SmallBusinessEntityDepreciationRulesSummary 53

Introduction

TheTax RatesHandbook isadownloadablequickreferenceresourcethatismadeavailabletoall students at the commencement of the course.

Asthecourseisbased on the2024financialyear,allcontent,taxrates,threshold tables,and references are based on the 2024 year.

Hints &tips forsuccessfulstudy

WeeklyassignmentsaretobecompletedandsubmittedonlineviatheLMSafteryouhave attended or watched the corresponding modules workshop not before. Once weekly assignments have been submitted online, we are unable to reset them under any circumstances to allow a second attempt.
Intheeventthatmultiplesubmissionsarereceived,H&RBlock willonlyrecordthefirst result as part of your course results.
Werecommendthatstudentstaketheirworkingsandacopyoftheirhomework submission answers to the following theory
Work consistently throughout the course. If you regularly set aside time to study throughoutthecourse,youwillbemorelikelytoAvoidcrammingatthelast minute.
Access to our online materials will remain active for the duration of this course and to H&R Block staff for the duration of their association with H&R Block. Access to all online platformswillbedeactivatedwhenastudentwithdrawsor forallothers,on 30June

Commonabbreviations

ABN	AustralianBusinessNumber	MLS	MedicareLevySurcharge
ADF	AustralianDefenceForce	NANE	Non-AssessableNon-ExemptIncome
ATI	AdjustedTaxableIncome	NCC	Non-ConcessionalContribution
ATO	AustralianTaxationOffice	NCL	Non-CommercialLoss
AV	AdjustableValue	NRAS	NationalRentalAffordabilityScheme
BAS	BusinessActivityStatement	OAV	OpeningAdjustableValue
BSB	Bank,State,Branch	OWDV	OpeningWrittenDownValue
CAV	ClosingAdjustableValue	PAYG	PayAsYouGo
CGT	CapitalGainsTax	PALM	PacificAustraliaLabourMobilityscheme
CPI	ConsumerPriceIndex	PC	PrimeCost
CWDV	ClosingWrittenDownValue	PHI	PrivateHealthInsurance
DGR	DeductibleGiftRecipient	PLS	PractitionerLodgementService
DOB	DateofBirth	PLS	PacificLabourScheme
DTA	DoubleTaxAgreement	PSI	PersonalServicesIncome
DV	DiminishingValue	RESC	ReportableEmployerSuperContribution
DVA	DepartmentofVeteransAffairs	RFB	ReportableFringeBenefits
EFT	ElectronicFundsTransfer	RFBA	ReportableFringeBenefitAmount
ELS	ElectronicLodgementService	RSA	RetirementSavingsAccount
ESS	EmployeeShareScheme	RTA	RegisteredTaxAgent
ETP	EmploymentTerminationPayment	SAPTO	SeniorsandPensionersTaxOffset
FBT	FringeBenefitsTax	SBE	SmallBusiness Entity
FEG	FairEntitlementsGuarantee	SFSS	StudentFinancialSupplementScheme
FHSA	FirstHomeSaverAccount	SG	SuperannuationGuarantee
FHSS	FirstHomeSuperSaver	SIC	ShortfallInterestCharge
FITO	ForeignIncomeTaxOffset	SMSF	SelfManagedSuperFund
FTB	FamilyTaxBenefit	SSL	StudentStart-upLoan
GIC	GeneralInterestCharge	STP	SingleTouchPayroll
GST	Goods&ServicesTax	SWP	SeasonalWorkerProgram
HECS	HigherEducationContributionScheme	TARP	TaxableAustralianRealProperty
HELP	HigherEducationLoanProgram	TD	TaxDetermination
HRI	HELPRepaymentIncome	TFN	TaxFileNumber
IAS	InstalmentActivityStatement	TR	TaxationRuling
ID	ATOInterpretativeDecision	TSL	TradeSupportLoan
ITAA	IncomeTaxAssessmentAct	TV	TerminationValue
LCA	LowCostAsset	UCA	UniformCapitalAllowances
LITO	LowIncomeTaxOffset	UPP	UndeductedPurchasePrice
LSL	LongServiceLeave	WDV	WrittenDownValue
LVA	LowValueAsset	WHM	WorkingHolidayMaker
LVP	LowValuePool	WRE	WorkRelatedExpenses

Daysintheyear calendarLeapYear

July			August			September			OctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune
From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To
366	1	1	335	1	32	304	1	63	274	1	93	243	1	124	213	1	154	182	1	185	151	1	216	122	1	245	91	1	276	61	1	306	30	1	337
365	2	2	334	2	33	303	2	64	273	2	94	242	2	125	212	2	155	181	2	186	150	2	217	121	2	246	90	2	277	60	2	307	29	2	338
364	3	3	333	3	34	302	3	65	272	3	95	241	3	126	211	3	156	180	3	187	149	3	218	120	3	247	89	3	278	59	3	308	28	3	339
363	4	4	332	4	35	301	4	66	271	4	96	240	4	127	210	4	157	179	4	188	148	4	219	119	4	248	88	4	279	58	4	309	27	4	340
362	5	5	331	5	36	300	5	67	270	5	97	239	5	128	209	5	158	178	5	189	147	5	220	118	5	249	87	5	280	57	5	310	26	5	341
361	6	6	330	6	37	299	6	68	269	6	98	238	6	129	208	6	159	177	6	190	146	6	221	117	6	250	86	6	281	56	6	311	25	6	342
360	7	7	329	7	38	298	7	69	268	7	99	237	7	130	207	7	160	176	7	191	145	7	222	116	7	251	85	7	282	55	7	312	24	7	343
359	8	8	328	8	39	297	8	70	267	8	100	236	8	131	206	8	161	175	8	192	144	8	223	115	8	252	84	8	283	54	8	313	23	8	344
358	9	9	327	9	40	296	9	71	266	9	101	235	9	132	205	9	162	174	9	193	143	9	224	114	9	253	83	9	284	53	9	314	22	9	345
357	10	10	326	10	41	295	10	72	265	10	102	234	10	133	204	10	163	173	10	194	142	10	225	113	10	254	82	10	285	52	10	315	21	10	346
356	11	11	325	11	42	294	11	73	264	11	103	233	11	134	203	11	164	172	11	195	141	11	226	112	11	255	81	11	286	51	11	316	20	11	347
355	12	12	324	12	43	293	12	74	263	12	104	232	12	135	202	12	165	171	12	196	140	12	227	111	12	256	80	12	287	50	12	317	19	12	348
354	13	13	323	13	44	292	13	75	262	13	105	231	13	136	201	13	166	170	13	197	139	13	228	110	13	257	79	13	288	49	13	318	18	13	349
353	14	14	322	14	45	291	14	76	261	14	106	230	14	137	200	14	167	169	14	198	138	14	229	109	14	258	78	14	289	48	14	319	17	14	350
352	15	15	321	15	46	290	15	77	260	15	107	229	15	138	199	15	168	168	15	199	137	15	230	108	15	259	77	15	290	47	15	320	16	15	351
351	16	16	320	16	47	289	16	78	259	16	108	228	16	139	198	16	169	167	16	200	136	16	231	107	16	260	76	16	291	46	16	321	15	16	352
350	17	17	319	17	48	288	17	79	258	17	109	227	17	140	197	17	170	166	17	201	135	17	232	106	17	261	75	17	292	45	17	322	14	17	353
349	18	18	318	18	49	287	18	80	257	18	110	226	18	141	196	18	171	165	18	202	134	18	233	105	18	262	74	18	293	44	18	323	13	18	354
348	19	19	317	19	50	286	19	81	256	19	111	225	19	142	195	19	172	164	19	203	133	19	234	104	19	263	73	19	294	43	19	324	12	19	355
347	20	20	316	20	51	285	20	82	255	20	112	224	20	143	194	20	173	163	20	204	132	20	235	103	20	264	72	20	295	42	20	325	11	20	356
346	21	21	315	21	52	284	21	83	254	21	113	223	21	144	193	21	174	162	21	205	131	21	236	102	21	265	71	21	296	41	21	326	10	21	357
345	22	22	314	22	53	283	22	84	253	22	114	222	22	145	192	22	175	161	22	206	130	22	237	101	22	266	70	22	297	40	22	327	9	22	358
344	23	23	313	23	54	282	23	85	252	23	115	221	23	146	191	23	176	160	23	207	129	23	238	100	23	267	69	23	298	39	23	328	8	23	359
343	24	24	312	24	55	281	24	86	251	24	116	220	24	147	190	24	177	159	24	208	128	24	239	99	24	268	68	24	299	38	24	329	7	24	360
342	25	25	311	25	56	280	25	87	250	25	117	219	25	148	189	25	178	158	25	209	127	25	240	98	25	269	67	25	300	37	25	330	6	25	361
341	26	26	310	26	57	279	26	88	249	26	118	218	26	149	188	26	179	157	26	210	126	26	241	97	26	270	66	26	301	36	26	331	5	26	362
340	27	27	309	27	58	278	27	89	248	27	119	217	27	150	187	27	180	156	27	211	125	27	242	96	27	271	65	27	302	35	27	332	4	27	363
339	28	28	308	28	59	277	28	90	247	28	120	216	28	151	186	28	181	155	28	212	124	28	243	95	28	272	64	28	303	34	28	333	3	28	364
338	29	29	307	29	60	276	29	91	246	29	121	215	29	152	185	29	182	154	29	213	123	29	244	94	29	273	63	29	304	33	29	334	2	29	365
337	30	30	306	30	61	275	30	92	245	30	122	214	30	153	184	30	183	153	30	214				93	30	274	62	30	305	32	30	335	1	30	366
336	31	31	305	31	62				244	31	123				183	31	184	152	31	215				92	31	275				31	31	336

DaysintheyearNon-Leap Year

July			August			September			OctoberNovemberDecemberJanuaryFebruaryMarchAprilMayJune
From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To	From		To
365	1	1	334	1	32	303	1	63	273	1	93	242	1	124	212	1	154	181	1	185	150	1	216	122	1	244	91	1	275	61	1	305	30	1	336
364	2	2	333	2	33	302	2	64	272	2	94	241	2	125	211	2	155	180	2	186	149	2	217	121	2	245	90	2	276	60	2	306	29	2	337
363	3	3	332	3	34	301	3	65	271	3	95	240	3	126	210	3	156	179	3	187	148	3	218	120	3	246	89	3	277	59	3	307	28	3	338
362	4	4	331	4	35	300	4	66	270	4	96	239	4	127	209	4	157	178	4	188	147	4	219	119	4	247	88	4	278	58	4	308	27	4	339
361	5	5	330	5	36	299	5	67	269	5	97	238	5	128	208	5	158	177	5	189	146	5	220	118	5	248	87	5	279	57	5	309	26	5	340
360	6	6	329	6	37	298	6	68	268	6	98	237	6	129	207	6	159	176	6	190	145	6	221	117	6	249	86	6	280	56	6	310	25	6	341
359	7	7	328	7	38	297	7	69	267	7	99	236	7	130	206	7	160	175	7	191	144	7	222	116	7	250	85	7	281	55	7	311	24	7	342
358	8	8	327	8	39	296	8	70	266	8	100	235	8	131	205	8	161	174	8	192	143	8	223	115	8	251	84	8	282	54	8	312	23	8	343
357	9	9	326	9	40	295	9	71	265	9	101	234	9	132	204	9	162	173	9	193	142	9	224	114	9	252	83	9	283	53	9	313	22	9	344
356	10	10	325	10	41	294	10	72	264	10	102	233	10	133	203	10	163	172	10	194	141	10	225	113	10	253	82	10	284	52	10	314	21	10	345
355	11	11	324	11	42	293	11	73	263	11	103	232	11	134	202	11	164	171	11	195	140	11	226	112	11	254	81	11	285	51	11	315	20	11	346
354	12	12	323	12	43	292	12	74	262	12	104	231	12	135	201	12	165	170	12	196	139	12	227	111	12	255	80	12	286	50	12	316	19	12	347
353	13	13	322	13	44	291	13	75	261	13	105	230	13	136	200	13	166	169	13	197	138	13	228	110	13	256	79	13	287	49	13	317	18	13	348
352	14	14	321	14	45	290	14	76	260	14	106	229	14	137	199	14	167	168	14	198	137	14	229	109	14	257	78	14	288	48	14	318	17	14	349
351	15	15	320	15	46	289	15	77	259	15	107	228	15	138	198	15	168	167	15	199	136	15	230	108	15	258	77	15	289	47	15	319	16	15	350
350	16	16	319	16	47	288	16	78	258	16	108	227	16	139	197	16	169	166	16	200	135	16	231	107	16	259	76	16	290	46	16	320	15	16	351
349	17	17	318	17	48	287	17	79	257	17	109	226	17	140	196	17	170	165	17	201	134	17	232	106	17	260	75	17	291	45	17	321	14	17	352
348	18	18	317	18	49	286	18	80	256	18	110	225	18	141	195	18	171	164	18	202	133	18	233	105	18	261	74	18	292	44	18	322	13	18	353
347	19	19	316	19	50	285	19	81	255	19	111	224	19	142	194	19	172	163	19	203	132	19	234	104	19	262	73	19	293	43	19	323	12	19	354
346	20	20	315	20	51	284	20	82	254	20	112	223	20	143	193	20	173	162	20	204	131	20	235	103	20	263	72	20	294	42	20	324	11	20	355
345	21	21	314	21	52	283	21	83	253	21	113	222	21	144	192	21	174	161	21	205	130	21	236	102	21	264	71	21	295	41	21	325	10	21	356
344	22	22	313	22	53	282	22	84	252	22	114	221	22	145	191	22	175	160	22	206	129	22	237	101	22	265	70	22	296	40	22	326	9	22	357
343	23	23	312	23	54	281	23	85	251	23	115	220	23	146	190	23	176	159	23	207	128	23	238	100	23	266	69	23	297	39	23	327	8	23	358
342	24	24	311	24	55	280	24	86	250	24	116	219	24	147	189	24	177	158	24	208	127	24	239	99	24	267	68	24	298	38	24	328	7	24	359
341	25	25	310	25	56	279	25	87	249	25	117	218	25	148	188	25	178	157	25	209	126	25	240	98	25	268	67	25	299	37	25	329	6	25	360
340	26	26	309	26	57	278	26	88	248	26	118	217	26	149	187	26	179	156	26	210	125	26	241	97	26	269	66	26	300	36	26	330	5	26	361
339	27	27	308	27	58	277	27	89	247	27	119	216	27	150	186	27	180	155	27	211	124	27	242	96	27	270	65	27	301	35	27	331	4	27	362
338	28	28	307	28	59	276	28	90	246	28	120	215	28	151	185	28	181	154	28	212	123	28	243	95	28	271	64	28	302	34	28	332	3	28	363
337	29	29	306	29	60	275	29	91	245	29	121	214	29	152	184	29	182	153	29	213				94	29	272	63	29	303	33	29	333	2	29	364
336	30	30	305	30	61	274	30	92	244	30	122	213	30	153	183	30	183	152	30	214				93	30	273	62	30	304	32	30	334	1	30	365
335	31	31	304	31	62				243	31	123				182	31	184	151	31	215				92	31	274				31	31	335

Basic elementsof ataxreturn

ASSESSABLEINCOME		Items1to24
minus
ALLOWABLEDEDUCTIONS		ItemsD1 toD15 and ItemL1
equals
TAXABLEINCOME		Netincomeonwhich tax ispayable
TAXONTAXABLEINCOME		Taxontaxableincometakingintoaccountthe tax-free threshold
minus
NON-REFUNDABLE TAXOFFSETS		IncludingItemsT1toT9
equals
NETTAX PAYABLE
plus
STUDY&TRAININGLOANREPAYMENT		HigherEducationLoanProgram(HELP) Vet Student Loan (VSL) StudentFinancialSupplementScheme(SFSS) Student Start Up Loan (SSL) AustralianApprenticeshipSupportLoan(AASL) (previously Trade Support Loan (TSL))
plus
MEDICARELEVY& SURCHARGE		ItemM1taxpayermaybeexemptfromsome or all of the Medicare Levy ItemM2MedicareLevySurchargemayapply
minus
TAXCREDITS&REFUNDABLETAX OFFSETS		All tax credits and refundable tax offsets (e.g. frankingcredits,privatehealthinsuranceoffset)
equals
REFUND ORBALANCE PAYABLE		Taxpayerwillreceivenoticeofassessmentfrom ATO showing a refund or balance payable

Tax Rates

2024Residenttaxrates

Taxable Income	Rate	ReductionAmount
$0-$18,200	NIL	NIL
$18,201-$45,000	0.19	$3,458
$45,001 -$120,000	0.325	$9,533
$120,001 - $180,000	0.37	$14,933
$180,001andover	0.45	$29,333

Tocalculatetaxamount

grosstaxpayable = taxableincomexrate-reduction amount

Tocalculatetheadjustedtax-freethreshold

= $13,464+($4,736xmonthsinAustralia )/12 months

2024Resident taxratesforminors

EligibleIncome	Rate
$0-$416	NIL
$417 -$1,307	66%forthepartover$416
Excessover$1,307	45% on entireamountofeligibleincome

Earned(excepted)incometaxedat(adult)marginal
TheLowIncomeTaxOffsetcanonlybeappliedtoexceptedincomeof
Wheretheminorhaseligibleincomeof$1,307or lessaswell asexcepted income, thetax payableontheeligibleincomeisthegreater ofthetaxpayableattheratefor minorsand the tax payable using the adult marginal tax rates.

2024Foreignresidenttax rates

Taxable Income	Rate
$0-$120,000	32.5%
$120,001 - $180,000	$39,000+37%ofexcessover$120,000
$180,001andover	$61,200+ 45%ofexcessover$180,000

2024Working HolidayMakertaxrates

Taxable Income	Rate
$0-$45,000	15%
$45,001 -$120,000	$6,750+32.5% ofexcessover $45,000
$120,001 - $180,000	$31,125+37%ofexcessover$120,000
$180,001andover	$53,325+ 45%ofexcessover$180,000

IncomeCategories

Assessable

Non-Assessable

Exempt

Non-AssessableNon- Exempt

OrdinaryIncome

Salaryandwages

Professionalfees

Retailsalesincome

Interest

Cashreceipts for services

Illegalbusiness transactions

StatutoryIncome

Benefits-non-cash

Dividends

Royalties

Capitalgains

Employment allowances

Employment Termination Payments

Leavepayments

Partnershipincome

Trustincome

Incomefromhobbies

Bequestsunderawill

Gamblingwins

Giftsunrelatedto servicesrendered (e.g., birthday gifts, assistance from charitable organisations)

Lottery wins (unless from investmentrelated lottery)

Governmentco- contribution

Exemptfringebenefits

FamilyTaxBenefits, Childcaresubsidy

Some overseas employmentincome

PaymentstoADF personnel in war zones

Paymentstopart-time ADF members (ADF Reserves)

Somesocialsecurity payments (e.g., disability support pension for person underage pension age)

Welfare(e.g.,rent assistance)

Childandspousal maintenance

payments

GSTpayable

ReportableFringeBenefits

Foreign resident income (interest, dividends)subjectto withholding tax

Most foreign source income fortemporary residents(foreigninterest, dividends,pensions,rent, etc.)

Superannuationbenefits paid from the taxed element of a superannuationfundto recipients who are 60 years or older at the time of receipt

COVID-19Earlyrelease of super

COVID-19Disaster Payment

TaxpayerCategoriesTaxTreatment

Centrelink& DVAPaymentsSummary

Pension,BenefitorAllowance	Basic Amount	TaxReturn
Abstudy:student16yearsandover	Assessable	Item5
Abstudy:studentunder16years	Exempt	N/A
ABSTUDYsupplementarybenefits(exceptforSchoolFeesAllowance (boarding) and Additional Assistance (regular payment))	Exempt	N/A
Advanceofpharmaceuticalallowance	Exempt	N/A
Agepension	Assessable	Item6
Ageservicepension	Assessable	Item6
Ageservicepensionsupplementaryamount	Exempt	N/A
ApprenticeshipEarlyCompletionBonus:appliestofirst$1,000received	Exempt	N/A
ApprovedProgramofWorkSupplement(paidinadditiontoothersupport payments)	Assessable
AssistanceforIsolatedChildrenScheme:supplementaryallowances	Exempt	N/A
AttendantAllowancepaidbyDVAtoassistaneligibleveteran	Exempt	N/A
Attendant allowance paid under the DRCA (Safety, Rehabilitation and Compensation(Defence-relatedClaims)ACT1988toapersonotherthan the veteran)	Assessable	Item2,14or 15
Australian-AmericanEducationalFoundation(FullbrightCommission)grant	Exempt	N/A
AustralianGovernmentDisasterRecoveryPayment	Exempt	N/A
AustralianVictimofTerrorismOverseasPayment	Exempt	N/A
AustralianVolunteersProgram-allowancereceivedasavolunteerinthe Australian government funded Australian Volunteers Program	Exempt	N/A
Austudypayment	Assessable	Item5
BacktoSchoolBonus	Exempt	N/A
BereavementAllowance	Assessable	Item6
Bereavementpaymentlumpsumpayment(CentrelinkorDVA)	Exempt	N/A
Betterstartforchildrenwithdisabilityinitiative:OuterRegionaland Remote payment	Exempt	N/A
Careradjustmentpayment(CAP)	Exempt	N/A
Carerallowanceandone-offpayments	Exempt	N/A
Carerpayment:carerorcarereceiverover pensionage	Assessable	Item6
Carerpayment:carerandcarereceiverunderpensionageorcarereceiver deceased	Exempt	ItemIT3
Carerpayment:one-offpayment	Exempt	ItemIT3
Carersupplement	Exempt	N/A
Childcaresubsidy	Exempt	N/A
Childdisabilityassistancepayment	Exempt	N/A
Commonwealthscholarshipsorbursariesprovidedtoforeignstudents	Exempt	N/A
Commonwealthsecondaryeducationassistance(EducationProgram Allowance)	Exempt	N/A
CommunityDevelopmentEmploymentProject	Assessable	Item5
CoronavirusSupplement paidinadditionaltoothersupportpaymentand	Assessable	Item5 orItem

Pension,BenefitorAllowance	Basic Amount	TaxReturn
willbeincluded ontheIncomeStatementwiththoseamounts		6
CoronavirusEconomicSupportPayment($750lumpsumpayments)	NANE	N/A
COVID-19TestIsolationPayment	Assessable	Item24
COVID-19DisasterPayment	NANE	N/A
Crisispayment	Exempt	N/A
Dad&PartnerPay	Assessable	Item1
DefenceForceIncomeSupportAllowancewherepension,paymentor allowance to which it relates is exempt (Ceased 1 Jan 2022)	Exempt	ItemIT3
DefenceForceIncomeSupportAllowancewherepension,paymentor allowance to which it relates is taxable (Ceased 1 Jan 2022)	Assessable	Item6
DefenceForceIncomeSupportBonusandBonusBereavementPayment	Exempt	N/A
DisabilitySupportPension:overpensionage	Assessable	Item6
DisabilitySupportPension:underpensionage	Exempt	ItemIT3
Disasterincomesupportallowanceforspecialcategoryvisa(subclass444) holders (but NOT in relation to 2019-20 bushfires)	Assessable	Item5
Disasterrecoveryallowance(butNOT inrelationto2019-20 bushfires)	Assessable	Item5
Disasterincomesupportallowanceforspecialcategoryvisa(subclass444) holders (in relation 2019-20 bushfires)	NANE	N/A
Disasterrecoveryallowance(inrelationto2019-20 bushfires)	NANE	N/A
Disasterrecoverypayments(oneoff payments)	Exempt	N/A
Doubleorphanpension	Exempt	N/A
Economicsupportpayment(2020)	Exempt	N/A
Educationentrypayment(CentrelinkorDVA)	Assessable	Item6
Educationentrypaymentsupplement	Exempt	N/A
EducationProgramAllowance(EPA)	Exempt	N/A
EndeavourawardsresearchfellowshiporEndeavourExecutiveAward	Exempt	N/A
EnergySupplement(Centrelink)/Payment(DVA)	Exempt	N/A
EssentialMedicalEquipmentPayment	Exempt	N/A
FamilyTaxBenefit	Exempt	N/A
Fares allowance	Exempt	N/A
Farmhouseholdallowance	Assessable	Item5
HelpingChildrenwithAutismpackage:OuterRegionaland Remote payment	Exempt	N/A
HomeEquityAccessScheme(formerlyPensionLoansScheme)	Exempt	N/A
Household assistance package (includes clean energy advance, energy supplementpayments,essentialmedicalequipmentpayment,lowincome supplement and single income family supplement).	Exempt	N/A
IncomesupportbonuspaidunderPartVII oftheVeterans EntitlementAct1986	Exempt	N/A
Incomesupportsupplement(ISS)-underDVAorMilitaryRehabilitationand Compensation Act -taxpayerunderagepensionageandreceivingISSonthe groundsof incapacity to work or -bothtaxpayerandpartnerunderagepensionageandpartnerisan invalidity service pensioner or disability support pensioner or -receivingISSonthegroundsofpermanentincapacitytowork	Exempt	ItemIT3

Pension,BenefitorAllowance	Basic Amount	TaxReturn
Incomesupportsupplement(ISS)otherthanconditionslistedabove	Assessable	Item6
Incomesupportsupplement(ISS)supplementaryamount1	Exempt	N/A
InvalidityservicepensionpaidundertheVeteransEntitlementsAct1986: under age pension age	Exempt	ItemIT3
Invalidityservicepensionandthetaxpayer hasreachedage pensionage	Assessable	Item6
Invalidityservicepensionandthetaxpayerhasreachedage pensionage supplementaryamount	Exempt	N/A
Jobcommitmentsbonus	Exempt	N/A
Jobseekerpayment	Assessable	Item5
Language,literacyandnumeracysupplement	Exempt	N/A
LossofearningsallowancepaidundertheVeteransEntitlementsAct1986	Exempt	N/A
MRCA (Military Rehabilitation and Compensation Act) Compensation to whollydependentpartners,eligibleyoungpersonsandotherdependents	Exempt	N/A
MRCAandDRCA(Safety,RehabilitationandCompensation(Defence-Related Claims) Act) Compensation for household services, attendant care services, funeral costs, financial advice, treatment costs and vehicle schemes	Exempt	N/A
MRCAEducationandTrainingScheme(MRCAETS)foreligibleyoung persons.	Exempt	N/A
MRCAEducationandTrainingScheme(MRCAETS)forstudents16yearsor older	Assessable	Item5
MRCAandDRCAIncapacitypaymentswherepaymentsbeingreplacedare taxable payments	Assessable
MRCAandDRCAIncapacitypaymentswherepaymentsbeingreplacedare nottaxablepayments(egpart-timereservespayments,exempt-salaryand allowance while on war like service)	Exempt	N/A
MRCAandDRCApermanentimpairmentpayments	Exempt	ItemIT3
MRCASpecialratedisabilitypension	Exempt	ItemIT3
Mobilityallowance	Exempt	N/A
NationalDisabilityInsuranceScheme(NDIS):amountsthetaxpayerreceived directly or was paid on their behalf funded under their plan	Exempt	N/A
Newbornupfrontpaymentandnewbornsupplement	Exempt	N/A
PaidParentalLeave	Assessable	Item1
PandemicLeaveDisasterPayment/HighRiskPandemicLeave Disaster Payment	Assessable	Item24
ParentingPayment:Partnered	Assessable	Item5
ParentingPayment:Single	Assessable	Item6
Partnerallowanceclosedtonewclaims20September2003,ceased1 January 2022	Assessable	Item5
Partnerservicepension,eitherthepartnerortheveteranareatpensionage or above	Assessable	Item6
Partner service pension partner, the partner and the veteran are under age-pensionageandtheveteranreceivesaninvalidityservicepension,or the partner is under age-pension age and the veteran has died and was receiving an invalidity service pension at the time of death.	Exempt	ItemIT3
Pensionbonus Centrelinkclosedtonewapplicants1July2014	Exempt	N/A
Pensionbonus DVA	Exempt	N/A
Pensionsupplementforutility,phone,internetandmedicinecosts	Exempt	N/A
Pensionereducationsupplementandfaresallowance	Exempt	N/A

Pension,BenefitorAllowance	Basic Amount	TaxReturn
Pharmaceuticalallowances	Exempt	N/A
Phoneallowance	Exempt	N/A
PrisonerofWarRecognitionSupplement	Exempt	N/A
Quarterlypensionsupplement	Exempt	N/A
Relocationscholarship	Exempt	N/A
RemoteAreaAllowance(CentrelinkorDVA)	Exempt	ItemT4
Rentassistance(CentrelinkorDVA)	Exempt	N/A
Singleincomefamilysupplement	Exempt	N/A
Specialbenefit	Assessable	Item5
Servicepensionpartner-supplementaryamount	Exempt	N/A
StillbornbabypaymentpaidbyCentrelink	Exempt	N/A
Studentstart-uploan	Exempt	N/A
TasmanianFreightEqualisationSchemePayments	Assessable	Item15
Telephoneallowance	Exempt	N/A
TertiaryAccessPayment	Exempt	N/A
Trainingandlearningbonus	Exempt	N/A
Utilitiesallowance	Exempt	N/A
Veteranpayment	Assessable	Item6
Veteranpaymentsupplementaryamount	Exempt	N/A
VeteransChildrenEducationSchemepaymentforchildrenunder16years	Exempt	N/A
VeteransChildrenEducationSchemepaymentforchildren16yearsorolder	Assessable	Item5
VeteransAffairsdisabilitycompensationpaymentandallowances	Exempt	N/A
VeteransAffairswarwidow(er)spensionandallowances	Exempt	N/A
Warwidow(er)sandorphanspensions	Exempt	ItemIT3
WidowAllowance(Closedtonewapplicants1July2018,ceased1January 2022)	Assessable	Item5
YouthAllowance	Assessable	Item5
YouthAllowanceforJobseekers	Assessable	Item5
YouthDisabilitySupplementasacomponentofYouthallowanceor ABSTUDY living allowance for recipients aged between 16 and 21	Assessable	Item5
Youth Disability Supplement as a component of Youth allowance or ABSTUDYlivingallowanceforrecipientsagedunder16yearsofage	Exempt	N/A
Youthdisabilitysupplementasacomponentofdisabilitysupportpension	Exempt	ItemIT3

Note1:- Thesupplementaryamountof aservicepension,incomesupportsupplement,age pension payment or veteran payment is the total of:

rentassistance;
additionalamountforeachdependentchild(thisdoesnotapplyforveteranpayment);
remoteareaallowance;and
taxexemptpension

Note2:ThesupplementaryamountofaCentrelink incomesupportpaymentisaregular extra payment to help with utility, phone, internet and medicine costs.

Lump SumPayments

LumpSumA

Limitedto30%

LumpSumB

Marginaltaxrateon5%oftotallumpsum

Lump SumD Tax FreeLimit

2024:$11,985 plus$5,994percompleteyearofservice

2025:$12,524plus$6,264percompleteyearofservice

TaxableIncomeincludesLumpSumA+5%ofLumpSumB

LumpSumBAmountto beenteredatItem3on thetaxreturn.

= Lump SumBamountreceived x5%

LumpSumD

Isnotincludedinassessableincome.

Lump SumA TaxOffset

Theoffsetiscalculatedusingthefollowing steps:
Calculatetaxon totaltaxableincome(TT)
SubtractLumpSumAfromtaxableincometoarriveatresidualtaxableincome
Calculatetaxonresidualtaxableincome(TR)
Calculatetaxon Lump SumA atappropriaterate(TA)
Correcttaxpayable(T)=taxonresidualincomeplustaxonLumpSumA(T=TR+TA)
Subtract(T)from(TT)toarriveattheLump SumA taxoffset

EmploymentTerminationPayment(excludingMedicarelevy)

Life Benefit*	Underpreservationage	Limitedto30%upto $235,000.Excesstaxedat45%.
Life Benefit*	Preservationageor above	Limitedto15%upto $235,000.Excesstaxedat45%.
Death Benefit	Dependant	Tax free(NANE)up to$235,000.Excesstaxed at45%.
Death Benefit	Non-dependant	Limitedto30%upto $235,000.Excesstaxedat45%.

*ETPLifebenefitmaybesubject to thewholeofincomecap($180,000).

SuperannuationLumpSum(excludingMedicarelevy)

LIFE BENEFIT
Ageat timeof payment	TaxedElement	UntaxedElement
Belowpreservation age	Entireamounttaxedatmax. 20%	Tax limitedto30%upto$1.705m Taxedat45%on excessabove$1.705m
Frompreservationage to 59 years	Assessableincometaxed at 0% up to $235,000 Tax limitedto15%above $235,000	Taxlimitedto15%upto$235,000 Taxlimitedto30%from$235,001to $1.705m Taxedat45%on excessabove$1.705m
60yearsandover	Tax free (NANEIncome)	Taxlimitedto15%upto$1.705m Taxedat45%on excessabove$1.705m

DEATHBENEFIT
Recipient	TaxedElement	UntaxedElement
Dependant	Taxfree(NANEIncome)	Taxfree(NANEIncome)
Non-dependant	Assessableincome Taxlimitedto15%	Assessableincome Taxlimitedto30%

SuperannuationSpecialCircumstances

Circumstance	TaxTreatment
COVID-19earlyreleaseofsuper	Tax free (NANEIncome)
Super lump sum payment paid to a person with a terminal medical conditionatthetimethelumpsumwasreceivedorwithin90daysafterits receipt	Tax free (NANEIncome)
Superannuation lump sum death benefit received by non-dependant becauseofthedeathofamemberoftheAustralianDefenceForceor the AustralianPoliceForce(includingAustralianProtectiveServices)whodied in the line of duty.	Tax free (NANEIncome)

SuperannuationIncomeStream

LIFE BENEFIT
Ageat timeof payment	Taxedelement	Untaxedelement
Belowpreservation age	Assessableatmarginalrates 15%offsetfordisability income stream	Assessableatmarginalrates No offset
Frompreservationage to 59 years	Assessableatmarginalrates 15%offset	Assessableatmarginalrates No offset
60yearsandover	Nil*	Assessableatmarginalrates 10% taxoffset*

DEATHBENEFIT
Ageofdeceased	Ageofdependant	TaxedElement	UntaxedElement
Lessthan60	Lessthan60	Marginalrates 15%offset	Marginalrates
Lessthan60	60yearsandover	Nil*	Marginalrates 10%offset*
60yearsandover	Anyage	Nil*	Marginalrates 10%offset*

UsetheATOsDefined benefitincome captooltodeterminewhattoincludeinthetaxreturn:https://www.ato.gov.au/calculators-and-tools/defined-benefit-income-cap-tool/

PreservationAge

DateofBirth	Preservation Age
Before01July1960	55
01July1960 to30June1961	56
01July1961 to30June1962	57
01July1962 to30June1963	58
01July1963 to30June1964	59
From01July1964	60

Deductions

MotorVehicle: Centsperkilometre

FinancialYear

Rate

Limit

2021&2022

2023

2024

2025

72centsperkilometre 78centsperkilometre 85centsper kilometre

88centsper kilometre

5,000kilometres

= workrelatedkilometrestravelledxrate

MotorVehicle:Fuel Calculation

= totalkmstravelledxfuelconsumption/100xaveragefuelprice

Fuel Consumption

Visitwww.greenvehicleguide.gov.auandsearchfortherelevantmotorvehicle.

Remember:thiscalculationisbasedonthetotalkilometrestravelled notthebusiness kilometres travelled.

MotorVehicle:Averagefuelcosttable

PETROL inclusiveof GST

Financial Year	NSW	VIC	QLD	SA	WA	NT	TAS	National
2018-19	141.9	141.4	143.5	141.3	143.7	156.3	153.5	142.6
2019-20	135.2	135.0	136.0	135.7	133.5	146.5	146.0	135.5
2020-21	129.1	130.4	130.8	125.3	126.8	136.9	130.7	129.3
2021-22	172.8	170.7	172.7	167.1	170.6	182.0	178.8	171.8
2022-23	183.7	183.7	183.5	178.6	179.0	197.6	187.9	182.9
2023-24	197.5	195.8	198.3	191.0	190.1	205.7	198.0	196.0

DIESEL inclusiveofGST

Financial Year	NSW	VIC	QLD	SA	WA	NT	TAS	National
2018-19	151.5	149.9	150.4	150.1	153.7	165.6	161.3	151.6
2019-20	141.1	140.0	140.9	141.1	142.1	155.4	153.1	141.6
2020-21	125.4	125.4	124.2	125.1	125.4	140.2	134.8	125.6
2021-22	174.5	174.2	174.8	173.9	172.9	187.3	181.3	174.7
2022-23	208.4	207.7	208.9	204.4	201.8	230.9	213.2	207.6
2023-24	203.6	202.9	203.8	200.1	200.2	221.4	208.1	203.2

Forpricesforearlieryearsseehttps://www.aip.com.au/aip-annual-retail-price-data

MotorVehicle:Cardepreciationlimit

Year	CarDepreciation Limit
2025	$69,674
2024	$68,108
2023	$64,741
2022	$60,733
2021	$59,136

HomeOffice:CommissionersRate(PCG2023/1)

Rate 67 centsperhour

Includesthetotaldeductibleexpensesforadditionalamountsincurredforthecostof

homeandmobileinternetor dataexpenses
mobileandhomephoneusageexpenses
electricityandgas(energyexpenses)forheating,coolingandlighting
stationeryandcomputerconsumables,suchasprinterinkand

Ifusingthismethod,noadditionaldeduction canbeclaimedfortheseexpenses. = total hours worked for yearxrate

Laundry:CommissionersRate(TR98/5)

Rate Deductible clothing only $1 per loadMixed load 50centsperload

Remember:thetaxpayer islimitedto$150usingtheCommissionersrate,iftotalwork expenses exceed $300.

= eligibleloadswashedinyearxrate

OvertimeMeals:CommissionersRate(TD2023/3)

Rate $35.65perovertimemeal

Remember:AnallowancemustbeshownatItem2onthetax return. Theclaimisequalto the cost incurred. This is capped at the Commissioners rate if there is no substantiation.

Step 1 Calculatehowmanyovertimemealallowancesthetaxpayer waspaid for.

= amountonincomestatement/amountreceivedper overtimemeal Step 2 Calculate the deduction

= number ofovertimemealstakenxamountspentpermeal

LongDistanceTruckDriversCommissionersRate(TD2023/3)

Breakfast	Lunch	Dinner
$28.75	$32.80	$56.60

Step 1 Calculatehowmanynightsthetaxpayer wasaway

= allowancereceived/amountreceivedperday

Step 2 Calculateamountthatcanbeclaimedbythetaxpayer (breakfast,lunchanddinner must be calculated separately)

= number ofmealsxamountspentpermeal

ReasonableDailyTravel AllowanceAmounts(TD2023/3)

Table 1: Employeeswith an annualsalaryof$138,790andbelow

Place	Accomm $	Foodanddrink$ Breakfast32.10 Lunch 36.10 Dinner 61.50	Incidentals $	Total $
Adelaide	158	As above	23.00	310.70
Brisbane	181	As above	23.00	333.70
Canberra	178	As above	23.00	330.70
Darwin	220	As above	23.00	372.70
Hobart	176	As above	23.00	328.70
Melbourne	173	As above	23.00	325.70
Perth	180	As above	23.00	332.70
Sydney	198	As above	23.00	350.70
High-cost countrycentres	SeeTable 4	As above	23.00	Variable
Tier 2 country centres(seeTable5)	155	Breakfast28.75 Lunch 32.80 Dinner 56.60	23.00	296.15
Othercountry centres	141	Breakfast28.75 Lunch 32.80 Dinner 56.60	23.00	282.15

Table 2: Employeeswith anannualsalaryrangeof$138,791 to $247,020

Place	Accomm $	Foodanddrink$ Breakfast34.95 Lunch 49.35 Dinner 69.20	Incidentals $	Total $
Adelaide	211	As above	32.90	397.40
Brisbane	257	As above	32.90	443.40
Canberra	246	As above	32.90	432.40
Darwin	293	As above	32.90	479.40
Hobart	235	As above	32.90	421.40
Melbourne	231	As above	32.90	417.40
Perth	245	As above	32.90	431.40
Sydney	264	As above	32.90	450.40
High-cost countrycentres	SeeTable4	As above	32.90	Variable
Tier 2 country centres(seeTable5)	207	Breakfast32.10 Lunch 32.80 Dinner 63.95	32.90	368.75
Othercountry centres	188	Breakfast32.10 Lunch 32.80 Dinner 63.95	32.90	349.75

Table 3: Employeeswithannualsalariesof $247,021 andabove

Place	Accomm $	Foodanddrink$ Breakfast38.90 Lunch 55.00 Dinner 77.00	Incidentals $	Total $
Adelaide	211	As above	32.90	414.80
Brisbane	257	As above	32.90	460.80
Canberra	246	As above	32.90	449.80
Darwin	293	As above	32.90	496.80
Hobart	235	As above	32.90	438.80
Melbourne	265	As above	32.90	468.80
Perth	265	As above	32.90	468.80
Sydney	265	As above	32.90	468.80
All countrycentres	$195, or the relevantamount in Table 4 if higher	As above	32.90	Variable

Table 4: High-costcountrycentresaccommodation expenses

Countrycentre	$	Countrycentre	$	Countrycentre	$
Albany(WA)	193	Emerald(QLD)	179	Nambour(QLD)	163
AliceSprings(NT)	206	Esperance(WA)	180	Newcastle(NSW)	195
Armidale(NSW)	166	Exmouth(WA)	214	Newman(WA)	271
Ararat(VIC)	159	Geelong(VIC)	175	Nhulunbuy(NT)	230
Ballarat(VIC)	187	Geraldton(WA)	165	NorfolkIsland(NSW)	203
Benalla(VIC)	168	Gladstone(QLD)	171	Northam(WA)	214
Bendigo(VIC)	164	GoldCoast(QLD)	209	Nowra(NSW)	168
Bordertown(SA)	164	Gosford(NSW)	161	Orange(NSW)	202
Bourke(NSW)	184	Griffith(NSW)	159	PortHedland(WA)	175
Bright(VIC)	180	HallsCreek(WA)	170	PortLincoln(SA)	170
BrokenHill (NSW)	161	HerveyBay(QLD)	175	PortMacquarie(NSW)	190
Broome(WA)	220	HornIsland(QLD)	345	Rockhampton(QLD)	174
Bunbury(WA)	178	Horsham(VIC)	165	Roma(QLD)	182
Bundaberg(QLD)	184	Jabiru(NT)	216	Shepparton(VIC)	167
Burnie(TAS)	178	Kalgoorlie(WA)	181	SwanHill(VIC)	181
Cairns(QLD)	175	Karratha(WA)	223	ThursdayIsland(QLD)	323
Carnarvon(WA)	170	Katherine(NT])	228	Toowoomba(QLD)	161
Castlemaine(VIC)	162	Kununurra(WA)	204	Townsville(QLD)	174
ChristmasIsland(WA)	218	Launceston(TAS)	174	WaggaWagga(NSW)	177
Cobar(NSW)	144	Lismore(NSW)	163	Wangaratta(VIC)	186
Cocos(Keeling)Islands (WA)	331	Mackay (QLD)	166	Weipa(QLD)	238
Dalby(QLD)	201	Maitland(NSW)	187	Whyalla(SA)	167
Dampier(WA)	175	MountGambier(SA)	164	Wilpena-Pound(SA)	223
Derby(WA)	192	MountIsa(QLD)	185	Wollongong(NSW)	181
Devonport(TAS)	161	Mudgee(NSW)	188	Wonthaggi(VIC)	188
Dubbo(NSW)	170	Muswellbrook(NSW)	157	Yulara(NT)	570

Table 5: Tier 2 countrycentres

Countrycentre	Countrycentre	Countrycentre	Countrycentre
Albury(NSW)	Cooma(NSW)	Kingaroy(QLD)	Renmark(SA)
Ayr(QLD)	Cowra(NSW)	Maryborough(QLD)	Sale(VIC)
Bairnsdale(VIC)	Echuca(VIC)	Mildura(VIC)	Seymour(VIC)
Bathurst(NSW)	Goulburn(NSW)	Naracoorte(SA)	Tamworth(NSW)
Bega(NSW)	Grafton(NSW)	Narrabri(NSW)	Taree(NSW)
Ceduna(SA)	Gunnedah(NSW)	PortAugusta(SA)	TennantCreek(NT)
ChartersTowers(QLD)	Hamilton(VIC)	Portland(VIC)	Tumut(NSW)
Chinchilla(QLD)	Innisfail(QLD)	PortPirie(SA)	Warrnambool(VIC)
CoffsHarbour(NSW)	Inverell(NSW)	Queanbeyan(NSW)	Wodonga(VIC)
Colac(VIC)	Kadina(SA)	Queenstown(TAS)

ReasonableOverseasDailyTravel AllowanceAmounts(TD 2023/3)

Ifacountrydoesnotappear in Table1,then CostGroup 1 ofTable2 shouldbeused. Table 1: Table of countries showing cost groups

Country	Cost Group	Country	Cost Group	Country	Cost Group
Albania	2	Georgia	2	Norway	6
Algeria	3	Germany	5	Oman	6
Angola	4	Gibraltar	4	Pakistan	2
AntiguaandBarbuda	6	Greece	4	Panama	4
Argentina	2	Guatemala	4	PapuaNewGuinea	4
Armenia	3	Guyana	4	Paraguay	2
Austria	5	HongKong	6	Peru	4
Azerbaijan	3	Hungary	3	Philippines	4
Bahamas	6	Iceland	6	Poland	3
Bahrain	5	India	3	Portugal	4
Bangladesh	4	Indonesia	3	PuertoRico	6
Barbados	6	Iran	1	Qatar	6
Belarus	2	Iraq	4	Romania	3
Belgium	5	Ireland	5	Russia	4
Bermuda	6	Israel	6	Rwanda	3
Bolivia	3	Italy	5	SaintLucia	5
Bosnia	2	Jamaica	4	SaintVincent	4
Brazil	3	Japan	5	Samoa	4
Brunei	3	Jordan	6	SaudiArabia	4
Bulgaria	3	Kazakhstan	2	Senegal	4
BurkinaFaso	3	Kenya	4	Serbia	3
Cambodia	2	KoreaRepublic	6	SierraLeone	2
Cameroon	4	Kosovo	2	Singapore	6
Canada	5	Kuwait	5	Slovakia	4

Chile	3	Kyrgyzstan	2	Slovenia	3
China	5	Laos	3	SolomonIslands	4
Colombia	3	Latvia	4	SouthAfrica	2
CongoDemocratic Republic	5	Lebanon	3	Spain	5
CookIslands	4	Lithuania	3	SriLanka	3
CostaRica	3	Luxembourg	5	Sweden	5
CoteDIvoire	4	Macau	5	Switzerland	6
Croatia	3	Malawi	2	Taiwan	5
Cyprus	4	Malaysia	3	Tanzania	3
CzechRepublic	3	Mali	3	Thailand	4
Denmark	6	Malta	4	Tonga	3
DominicanRepublic	4	Mauritius	4	TrinidadandTobago	6
EastTimor	4	Mexico	3	Tunisia	2
Ecuador	4	Monaco	6	Turkiye(Turkey)	3
Egypt	3	Morocco	4	Uganda	3
ElSalvador	3	Mozambique	3	Ukraine	3
Eritrea	4	Myanmar	3	UnitedArabEmirates	6
Estonia	4	Namibia	2	UnitedKingdom	5
Ethiopia	2	Nepal	3	UnitedStatesofAmerica	5
Fiji	3	Netherlands	5	Uruguay	3
Finland	6	NewCaledonia	5	Vanuatu	4
France	5	NewZealand	4	Vietnam	3
FrenchPolynesia	6	Nicaragua	3	Zambia	2
Gabon	6	Nigeria	4
Gambia	2	NorthMacedonia	2

Table 2: Reasonable amounts bycost groups

Note:TheseamountsaredeterminedbytheCommissioner solelyastheamountsthatwillbe accepted for the exception from the requirement to obtain written evidence.

Cost Group	Salary$138,790andbelow			Salary$138,791to $247,020			Salary$247,021and above
Cost Group	Meals	Incidentals	Total	Meals	Incidentals	Total	Meals	Incidentals	Total
1	$60	$25	$85	$75	$25	$100	$95	$30	$125
2	$95	$30	$125	$110	$35	$145	$140	$40	$180
3	$130	$35	$165	$150	$40	$190	$185	$45	$230
4	$170	$35	$205	$190	$45	$235	$235	$50	$285
5	$200	$40	$240	$240	$50	$290	$295	$60	$355
6	$240	$45	$285	$295	$50	$345	$340	$60	$400

Medicare

DependantforMedicarepurposes

Dependant	AdjustedTaxableIncome	Incometestappliesfor
Dependant	AdjustedTaxableIncome	Medicare LevyFamily Reduction	Medicare Levy Exemption	Medicare Levy Surcharge
Non-student child under 21 years	Firstchild: $1,786 Eachadditionalchild:$1,410	Yes	No	No
Fulltimestudent agedunder21 years	$1,786	Yes	No	No
Fulltimestudent aged21 to 24years	$1,786	Yes	Yes	No

MedicareLevyincomethresholdsand shading-inranges

Taxpayersentitledto SAPTO				OtherTaxpayers
Categoryof Taxpayer		Taxable(Family) Income at or belowwhichno levy payable	Taxable(Family) Income above which full levy payable	Taxable(Family) Income at or belowwhichno levy payable	Taxable(Family) Income above which full levy payable
Individual		$41,089	$51,361	$26,000	$32,500
No. Dependent ChildrenorStudents	0	$57,198	$71,497	$43,846	$54,807
	1	$61,225	$76,531	$47,873	$59,841
	2	$65,252	$81,565	$51,900	$64,875
	3	$69,279	$86,599	$55,927	$69,908
	4	$73,306	$91,633	$59,954	$74,942
Each additional child		Add$4,027per child	Add$5,034per child	Add$4,027per child	Add$5,034per child

Thefiguresapplicabletomarried taxpayersalsoapplyto taxpayerswho aresole
Forindividuals,wherethetaxpayersTaxableIncomefallswithintheshadinginrange,

theMedicarelevyiscalculated as10%oftheexcessoverthelowerlimit.

TocalculateMedicarefor taxpayerswhoarerequiredtopaythefullMedicarelevy: = taxable incomex2%

TocalculateMedicarefortaxpayerswhoareeligibletopayMedicareatthereducedlevy:

= (taxableincome-lower threshold)x10%

Medicarelevysurcharge

IncomeforsurchargepurposestodeterminetherateofMLS

Taxableincome(excludingassessableFHSSreleasedamountsshownatItem24Category3)
Reportablefringebenefitamounts(ItemIT1)
Reportableemployersuperannuationcontributions(ItemIT2)
Personalsuperannuationcontributionsclaimedasataxdeduction(ItemD12)
Netfinancialinvestmentlosses(ItemIT5)
Netrentalpropertylosses(ItemIT6)
Exemptforeignemploymentincome(Item20N)
Netamountonwhichfamilytrustdistributiontaxhasbeenpaid(ItemA5)

less

Taxedelementofalumpsumsuperannuationlifebenefitwhichistaxedat0%

IncomeThresholdsforSurchargePurposes
SINGLES		$93,000orless	$93,001 -$108,000	$108,001-$144,000	$144,001+
FAMILIES* No.ofchildren	0-1	$186,000orless	$186,001 -$216,000	$216,001-$288,000	$288,001 +
	2	$187,500orless	$187,501-$217,500	$217,501-$289,500	$289,501 +
	3	$189,000orless	$189,001 -$219,000	$219,001-$291,000	$291,001+
	4	$190,500orless	$190,501 -$220,500	$220,501-$292,500	$292,501 +
MLSrate		0%	1%	1.25%	1.5%

*Thefamilythresholdincreasesby$1,500foreachadditionalchildafterthefirst.

TocalculatetheactualMedicarelevysurchargepayable: Multiply the applicable rate by:

taxableincome,plus
reportablefringebenefit amounts,plus
amountonwhichfamilytrustdistribution tax hasbeenpaid,less
taxedelementofalumpsumsuperannuationlifebenefitwhichistaxedat0%

Tax Offsets

Beneficiary TaxOffset

Wherethebenefitreceivedisnotmorethan$45,000,thefollowingformulaapplies: = 0.15x(taxable benefit-$6,000)

Ifthebenefitamountexceeds$45,000,theformulais:

= 0.15x(taxablebenefit-$6,000)+0.15x(taxablebenefit-$45,000)

Low Income Tax Offset

Taxable Income	LITO
Up to$37,500	$700
$37,501 to $45,000	$700less5centsforeachdollarover $37,500
$45,001to$66,666	$325less1.5centsforeachdollarover $45,000
From$66,667	Nil

Seniors & Pensioners Tax Offset (SAPTO)

Circumstance	Rebateincome threshold
Single	Lessthan $50,119
Marriedordefacto	Lessthan$83,580(combined)
Partneredandhadtoliveapartduetoillness	Lessthan$95,198(combined)

Adjustedfringebenefitstotalisthesumof:

reportablefringebenefitamounts receivedfromemployersexemptfromfringebenefits tax under s 57A of the FBTA 1986 multiplied by 0.53, and
reportablefringebenefitsamountfromemployersnotexemptfromfringebenefitstax under s 57A of the FBTA 1986.

PensionerCodeLetter/Description	Rebateincome		Maximum tax offsetavailable
PensionerCodeLetter/Description	Lower threshold	Upperthreshold	Maximum tax offsetavailable
A Single	$32,279	$50,119	$2,230
B, C* Partneredlivedapartduetoillness	$31,279	$47,599	$2,040
D,E* Marriedordefacto	$28,974	$41,790	$1,602

* spouse was not eligible for SAPTO

VeteranCode	Circumstance
V	Ifthetaxpayerisa veteran,warwidoworwarwidower.
W	Ifthetaxpayersspouseisaveteran,warwidoworwarwidower.
X	BothVandWapply

DateofBirth	Pension Age(inyears)
From1 January1949to30 June1952	65
From1July1952to31December1953	65.5
From1 January1954to30 June1955	66
From1July1955to31December1956	66.5
From1January1957onwards	67

Invalid & Invalid Carrer Tax Offset

ClassofDependant

Maximum Offset

Amount

$112,578

ATItest

applies to

Dependant ATI limit

Invalidorinvalidcarer:

spouse

childorsibling (16yearsorolder)

spouse'schildor sibling(16yearsorolder)

parentorparent-in-law

$3,152*

Taxpayer

$12,890

Taxpayerand spouse (combined)

Dependantoffsetsarereducedby eachdollarofATIover$282,dividedbyIngeneral, part-year apportionment applies when dependency is less than a full year.
Whenitisnecessaryto apportionforbothpartyear andATI,alwayscalculatethe maximum tax offset for the part-year and then adjust for ATI.

Onthenextpageisahandyflowchartthatcanhelpyoudecideifataxpayer iseligibleto claim the Invalid & Invalid Carer Tax Offset.

Private Health Insurance Tax Offset

	BaseTier	Tier1	Tier2	Tier3
Singleincome	$93,000orless	$93,001 $108,000	$108,001 $144,000	$144,001or more
Familyincome*	$186,000orless	$186,001 $216,000	$216,001 $288,000	$288,001ormore
Rebatefor premiumspaidfrom1 July2023 -30June2024
Aged<65 years	24.608%	16.405%	8.202%	0%
Aged65-69years	28.710%	20.507%	12.303%	0%
Aged70orover	32.812%	24.608%	16.405%	0%

*Thefamily incomethresholdisincreased by$1,500foreachchildafterthefirst

Claim Codes

SingleTaxpayer

PartneredTaxpayer

Nodependants

Claimingownshareoftherebate

Aparentclaimingfora dependent-

child-onlypolicy

Haveadependentchild

Paidforadependent-person-only policy

Taxpayerclaiming spouse's share of rebate (has spouse's agreement)Note:Thespousewill

useCodeEon their taxreturn

Isadependentpersononaprivate health insurance policy

Thiscodewillalsoapplytoamarried person with a disability covered as a dependent person.

(notentitled toreceivetherebate)

Spouseisclaimingtaxpayer'sshareof the rebate

Benefit Claim Codes

AgeGroup	Codeforpremiumspaidbetween 1 July and 31 March	Codeforpremiumspaidbetween 1 April and 30 June
Aged< 65>	30	31
Aged65-69years	35	36
Aged70orover	40	41

Spouse Superannuation Tax Offset

The tax offset is calculated at 18% of contributions up to a ceiling of $3,000 of contributions.The maximum tax offset is $540 (ie $3,000x18%).The maximum tax offsetappliesifthespousesassessableincomeis$37,000orlessandcontributionsare

$3,000or over.

Wherethespousesincome* exceeds$37,000,the$3,000ceilingreducesdollarfordollar and cuts out at $40,000.

Firstcalculatethecontributionsceiling:

= $3,000 - (( assessable income + RFB + RESC) - $37,000)

The tax offset is the lesser of:

= contributions x 18% OR ceiling x 18%

Zone or Overseas Forces Tax Offset

Offsetclaimsaremadeup ofafixed amount,plusapercentageofdependantoffsetbase amounts.The offset values allowable are:

OrdinaryZoneA $ 338+(50%ofBaseAmount)

OrdinaryZoneB $ 57+(20%of BaseAmount)

SpecialZone $1,173+(50%ofBaseAmount)

OverseasForces $ 338+(50%ofBaseAmount)

DependantOffsetBaseAmounts2022-23
Offsettype	MaximumOffsetValue*
InvalidandInvalidCarer	$3,152
Soleparent	$1,607
Eachfull-timestudentunderage25	$376
Onenon-studentunderage21	$376
Eachothernon-studentunderage21	$282

*DependantoffsetsarereducedbytheexcessofAdjusted TaxableIncomeover$282,dividedby 4. In general, part-year apportionment applies when dependency is less than a full year.

Income Tests for Concessions & Liabilities

Medicare Levy

LITO

Medicare LevySurcharge Income (for

liability& rate)

Medicare LevySurcharge Paid On

Private Health Insurance TaxOffset

Study & Training LoanRepayment

SAPTO

Rebate Income If spouse use

combined income

SAPTO

Transfer (usedfor spouse transfer

amount only)

Invalid& Invalid CarerTaxOffset

Spouse Super Cont

Super CoCont

Div293

ESS

AssessableIncome

TaxableIncome

ReportableFringeBenefitsAmounts

AdjustedFringeBenefitsTotal

ReportableSuperContributions

NetInvestmentLoss(rentaland other)

NetamountonwhichFTDTaxhas beenpaid

ExemptForeignEmploymentIncome

CertainTaxFreeGovernmentPensions

TargetForeignIncome

Div293SuperContributions

LessTaxedElementofLumpSumSuperLife Benefit Taxed at 0%

LessChildSupportPaid

LessAllowableBusinessDeductions

LessAssessableFHSSreleasedamount

Defence Force

Current Specified Localities for Overseas Forces Tax Offset

Date the area becameaspecified locality	Descriptionofthespecified locality
28October1992	TheSinai
11June1999	Area comprising the political boundaries and airspace of the Federal RepublicofYugoslavia(includingtheprovinceofKosovo),Albaniaand the former Yugoslav Republic of Macedonia
21April 2003	Total land area, territorial waters and superjacent airspace within the internationallyrecognisedboundariesofIsrael,Jordan,Syria,Lebanon and Egypt
24July2003	Totallandareas,territorialwatersandsuperjacentairspaceboundaries of the Solomon Islands
10April 2005	Sudananditsterritorialwatersandsuperjacentairspace
28October2005	Areacomprisingtheland,seaandairareasboundedbythe internationally recognised borders of Pakistan
12 May2006	AreacomprisingEastTimoranditsterritorialwatersandsuperjacent airspace
20July2006	AreacomprisingLebanonanditsterritorialwatersandsuperjacent airspace
26October2011	TheRepublicofSouthSudanandUganda,includingsuperjacent airspace

Current income tax exemptions relating to military service

Salaryandwagesreceivedbyamember oftheDefenceforceisexemptif:

thereisacertificatein forceissued bytheChiefoftheDefenceForceinwriting to the effect that the member is on eligible duty with a specified organisation in a specified area outside Australia, and
theeligibledutyisnotas,orunder,attachatanAustralianembassyor

Thefollowingorganisations,areasanddateshavebeenspecifiedbyregulation:

Organisation

Area

After theday

AustralianDefenceForce on Operation Accordion

Thelandarea,territorialwaters,airspaceand superjacent airspace of the following countries:

Bahrain

Qatar

theUnitedArabEmirates.

30 June2014

AustralianDefenceForce on Operation Augury

Thefollowing areas:

thelandareaandsuperjacent airspace of Afghanistan

the land area, territorial waters, airspaceandsuperjacentairspaceof the following countries:

oIraq

oJordan

oSyria

otheUnitedArabEmirates.

3July2014

AustralianDefenceForce on Operation Highroad

Thelandareaandsuperjacentairspaceof Afghanistan.

31December2014

AustralianDefenceForce on Operation Manitou

The sea (including adjacent ports and the areawithina10kmradiusofsuchports)and superjacent airspace of:

theGulfofAden

theGulfofAqaba

theGulfofOman

theGulfofSuez

theIndianOceannorthoflatitude 15S and west of longitude 70E

thePersian Gulf

theRedSea

theStrait of Hormuz.

14May2015

Organisation	Area	After theday
AustralianDefenceForce on Operation Okra	Thelandarea,territorialwaters,airspaceand superjacent airspace of the following countries: Bahrain Cyprus Iraq Jordan Kuwait Qatar Syria Turkeyeastoflongitude35E theUnitedArabEmirates Thewatersandsuperjacentairspaceofthe Persian Gulf.	9September 2015
AustralianDefenceForce on Operation Orenda	Thelandareaandsuperjacentairspaceof Mali	1 April2020
AustralianDefenceForce on Operation Paladin	Thelandarea,territorialwaters,airspaceand superjacent airspace of the following countries: Egypt Israel Jordan Lebanon Syria	1July2020
United Nations Assistance Mission in Afghanistan(Operation Palate II)	Thelandandsuperjacentairspaceof Afghanistan	26June2005 (until1 January 2017only)
AustralianDefenceForce on Operation Steadfast	Thelandarea,territorialwaters,airspaceand superjacent airspace of Iraq	9September 2018

Study & Training Loan Repayments

Repayment income is taxable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amount, reportable super contributions and exempt foreign employment income. Repayments are calculated as a percentage of Repayment Income.

From 1 July 2019, all study and training loans arecovered by one set of thresholds and rates. Thehierarchyinwhichcompulsoryrepaymentsareappliedtostudyandtrainingloansisnow:

HELP HigherEducationLoanProgram

VSL VetStudentLoan

SFSS StudentFinancialSupplementScheme

SSL Student Start-Up LoanABSTUDY SSL ABSTUDYStudentStart-UpLoan

AASL AustralianApprenticeshipSupportLoan (Previously Trade Support Loan)

2024 repayment incomethresholds	Repayment Rate	2024 repayment incomethresholds	Repayment Rate
Below$51,550	Nil	$94,866 -$100,557	6.0%
$51,550-$59,518	1.0%	$100,558 - $106,590	6.5%
$59,519-$63,089	2.0%	$106,591 - $112,985	7.0%
$63,090-$66,875	2.5%	$112,986 - $119,764	7.5%
$66,876-$70,888	3.0%	$119,765-$126,950	8.0%
$70,889 -$75,140	3.5%	$126,951 - $134,568	8.5%
$75,141-$79,649	4.0%	$134,569 -$142,642	9.0%
$79,650 -$84,429	4.5%	$142,643-$151,200	9.5%
$84,430-$89,494	5.0%	$151,201andabove	10%
$89,495 -$94,865	5.5%

Capital Gains Tax (CGT)

CGT Timeline

20September1985	IntroductionofCGTonthedisposalofassetspurchased/acquiredonor after this date. Indexation method can be used from this date.
21August 1991	Non-capitalcostsofownership arenowincludedinthethirdelementof the cost base for CGT assets acquired from this date (e.g. loan interest, council rates, land tax)
26June1992	IntangibleassetthatisnotpropertynowtreatedasaCGTasset(e.g. legal or equitable right)
20August 1996	Home first used to produce income after this date, deemed to have beenacquiredonthedateitfirstbecameincomeproducing.Costbase is market value on that date.
20August 1996	Changeintreatmentofinheritedmainresidence.ForpostCGTdwellings inherited after this date, the dwelling is only required to be the main residence of thedeceased just before they died for thebeneficiary to be entitled to the main residence exemption if sold within two years of the date of death or used by an eligible person as a main residence.
13May1997	Capitalgainonassetspurchasedafterthisdateaffectedbybuilding cost write off when disposed of
21September1999	Indexationmethodnowonlyavailableforassetsacquiredbeforethis date and held for more than 12 months. Also affects acquisition of assets from a deceased estate.
1July2001	Changeinregimefordepreciatingassetsandfor rightsandoptions
22March2005	Prior to this date only the liquidator could declare a capital loss on worthlessshares.Fromthisdatealiquidatororadministratorcandoso.
1July2005	From this date the cost base of the third element can now include capitalcosts(ifnotalreadyclaimedasataxdeduction).Examplesofthis would include costs such as travel and accommodation in carrying out initial repairs incurred prior to 1 July 2017.
12December2006	Conditions for relationship breakdown rollover expanded. For transfers beforethisdate,whererelationship breakdownrolloverapplies,theuse of the property prior to the transfer is disregarded when determining eligibility for main residence exemption. Transfers after this date consider usage of the whole period of ownership (both taxpayer and spouse).
1July2007	Demutualisationofhealthinsurancecompanies.CGTtreatment changed.
1July2008	Demutualisationoffriendlysocieties.CGTtreatmentchanged.
8 May 2012	Foreign and temporary residents who dispose of Taxable Australian Propertyafterthisdatearenolongereligibleforthe50%CGTdiscount for the period they are a foreign or temporary resident.

1July2016	Non-finalwithholdingtaxobligationappliestothepurchaserofcertain Australian real property and related interest acquired from a foreign resident vendor. Rate was 10% and applied to property with a market value of $2m or more up to 30 June 2017.
9 May 2017	Foreign residents no longer entitled to main residence exemption on propertysoldinAustralia(exceptionsapply).Transitionalarrangements apply that allow the main residence exemption to apply to properties held prior to 9 May 2017 and disposed of up until 30 June 2020.
1 July2017	Foreignresidentwithholdingtaxrateincreasedto12.5%andappliesto property with a market value of $750,000 or more.
1January2018	CGT discount increased by up to 10% for capital gains made by a residentindividualfromadwellingusedtoprovideaffordablehousing for at least 3 years from this date.
1July2020	Foreign residents no longer entitled to claim the main residence exemptionwhentheysellapropertyinAustralia(exceptionsapplyfor certain life events).
1July2021	Fromthisdate,noCGTeventarisestoeligibleindividualsoncertain granny flat arrangements.
1January2025	Foreign resident withholding tax rate increased to 15% and the property valuethresholdremoved,sowithholdingnowappliestoallpropertysales.

CPI Tables

	31 March	30June	30Sept	31Dec
1985	37.9	38.8	39.7	40.5
1986	41.4	42.1	43.2	44.4
1987	45.3	46.0	46.8	47.6
1988	48.4	49.3	50.2	51.2
1989	51.7	53.0	54.2	55.2
1990	56.2	57.1	57.5	59.0
1991	58.9	59.0	59.3	59.9
1992	59.9	59.7	59.8	60.1
1993	60.6	60.8	61.1	61.2
1994	61.5	61.9	62.3	62.8
1995	63.8	64.7	65.5	66.0
1996	66.2	66.7	66.9	67.0
1997	67.1	66.9	66.6	66.8
1998	67.0	67.4	67.5	67.8
1999	67.8	68.1	68.7	N/A

Capital Works Deductions: Construction Dates

Note: capital works depreciation is calculated using the prime cost method.

Type	Date Commenced	Rate
Residentialbuildings	Post18July1985	4%
Residentialbuildings	Post16September1987	2.5%
Non-residential buildings -(industrial notusedformanufacture)	Post20July1982	2.5%
	Post22August1984	4%
	Post16 September1987	2.5%
Industrialbuildings-(usedformanufactureetc.)	Post20July1982	2.5%
	Post22August1984	4%
	Post16 September1987	2.5%
	Post27 February1992	4%
Hotel/motel/guesthouse- (atleast10bedrooms/shorttermtraveler accommodation)	Post22August1979	2.5%
	Post22August1984	4%
	Post16 September1987	2.5%
	Post27 February1992	4%
Structuralimprovements,AlterationsorExtensions	Post27 February1992	2.5%

Improvement Thresholds

Incomeyear	Threshold($)	Incomeyear	Threshold($)
1988-1989	63,450	2007-2008	116,337
1989-1990	68,018	2008-2009	119,594
1990-1991	73,459	2009-2010	124,258
1991-1992	78,160	2010-2011	126,619
1992-1993	80,036	2011-2012	130,418
1993-1994	80,756	2012-2013	134,200
1994-1995	82,290	2013-2014	136,884
1995-1996	84,347	2014-2015	140,443
1996-1997	88,227	2015-2016	143,392
1997-1998	89,992	2016-2017	145,401
1998-1999	89,992	2017-2018	147,582
1999-2000	91,072	2018-2019	150,386
2000-2001	92,802	2019-2020	153,093
2001-2002	97,721	2020-2021	155,849
2002-2003	101,239	2021-2022	156,784
2003-2004	104,377	2022-2023	162,899
2004-2005	106,882	2023-2024	174,465
2005-2006	109,447	2024-2025	182,665
2006-2007	112,512

Class Rulings

Eachyear theATO summarisesalltheclassrulingsfor theyear ontheirwebsite.Thesecanbe found in the ATO Legal Database at:

https://www.ato.gov.au/Law/#Law/table-of-contents?category=A

HandyHint

It is recommended that students and associates take the time to look up the website prior to the start of each tax season and familiarise themselves with the companies etc that have had Class Rulings over the past year.

FactsheetsonsignificantsharetransactionscanalsobefoundontheATO website.Thesecan be useful when trying to establish the cost base of shares.

Demutualisations

	Deemed acquisitiondate	Costbase
NationalMutual/AXA(nowmergedwithAMP)	08/10/96	$1.14
ColonialMutual(taken overbyCBA)	19/05/97	$3.31
AMP	20/11/97	$10.43
AMPPre-Listing SharePurchase	22/06/98	$19.02
IAG(NRMA,NIGL)
Allocation	19/06/00	$1.78
Facilitypurchase	06/08/00	$2.75
OFM Ltd	12/06/01	$1.65
IOOF Ltd	14/06/02	$2.53
AevumLtd (Hibernian)	02/09/02	$1.162
NIBHoldings	01/10/07	$0.85

Public Share Offers

CBA	1stFloat	28/08/91	Costbase	$5.40
CBA	2ndFloat	06/10/93	Costbase	$9.35
CBA	3rdFloat	13/07/96	Costbase	$10.45
(Firstinstalment$6.00onapplication;balance $4.45due14/11/97)
Telstra1	15/11/97		Costbase	$3.30
Telstra2	22/10/99		Costbase	$7.40
Telstra3	19/11/06		Costbase	*$3.46
QANTAS	31/07/95		Costbase	$1.90

* refer to ATO Fact Sheet for detailed information on cost base

Public Floats

	AcquisitionDate	CostBase
SGIO	31/03/94	$1.00
TAB	22/06/98	$2.05
QRNational(nowAurizon):IPO	22/11/2010	$2.45
LoyaltyBonusshares	07/12/2011

Queenslanders received 1:15 to a maximum of 675 shares.

Non-Queenslanders received 1:20 to a maximum of 500 shares.

Annuities:UndeductedPurchasePrice(UPP)

FixedTermAnnuity

The annual UPP is calculated by first reducing the purchase price by the residual capital value (RCV), if any, and then dividing the result by the number of years in the term.

Where there is no RCV then the purchase price is simply divided by the number of years in the fixed term of the annuity to determine the annual UPP and adjusted if the annuity does not cover a full income year.

LifetimeAnnuities

If a lifetime annuity is purchased and is only payable for the lifetime of the annuitant, the annual UPP is calculated by dividing the purchase price by the life expectancy of that person. The life expectancy is determined with reference to the Australian Life Tables prepared by the Australian Government Actuary. These tables are published every five years.

Whencalculatingthelifeexpectancy,itisnecessarytoknow:

The date the annuity started to be paid
The age of the annuitant when the annuity started to be paid
The gender of the annuitant (male or female)

ReversionaryLifetimeAnnuities

Where an annuity can revert to a surviving beneficiary the annual UPP will be determined by reference to the person with the longer life expectancy. This is not always the younger of the two.

UPP of a Foreign Pension or Annuity

UKPensions

8% appliedtocontributoryUKStatePensions

ItalianPensions

Themethod tocalculateUPP forthe2024yearis:

(Contributionsforcalendar year2023+calendaryear 2024)/2 x90%

DutchPensions

25% ofthegrosspensionpaidfor oldagepensions,widows,widowers

or orphans pensions from the Sociale Verzekerings bank (SVB) under the Netherlands social insurance system.

Annuities: Life Expectation Factors

Age at start of first payment period	Annuitiesand Pensions lifeexpectationfactors
	01/01/1996 31/12/1999		01/01/2000 31/12/2004		01/01/2005 31/12/2009		01/01/2010 31/12/2014		01/01/2015 31/12/2019		01/01/2020+
	M	F	M	F	M	F	M	F	M	F	M	F
30	46.07	51.48	47.26	52.30	49.07	53.72	50.20	54.44	51.04	54.96	51.65	55.42
31	45.13	50.50	46.32	51.32	48.13	52.75	49.25	53.46	50.08	53.98	50.68	54.44
32	44.19	49.53	45.38	50.35	47.19	51.77	48.30	52.48	49.13	53.00	49.72	53.46
33	43.25	48.56	44.44	49.38	46.24	50.80	47.35	51.50	48.17	52.02	48.77	52.48
34	42.31	47.58	43.50	48.41	45.30	49.82	46.40	50.52	47.22	51.04	47.81	51.51
35	41.37	46.61	42.57	47.44	44.35	48.85	45.45	49.55	46.26	50.06	46.85	50.53
36	40.42	45.64	41.63	46.47	43.41	47.88	44.50	48.58	45.31	49.09	45.90	49.56
37	39.48	44.67	40.69	45.50	42.47	46.91	43.55	47.60	44.36	48.12	44.95	48.58
38	38.54	43.70	39.75	44.53	41.53	45.94	42.60	46.63	43.41	47.14	44.00	47.61
39	37.60	42.74	38.81	43.56	40.58	44.98	41.66	45.66	42.46	46.18	43.05	46.64
40	36.66	41.77	37.88	42.60	39.65	44.01	40.71	44.70	41.51	45.21	42.10	45.68
41	35.73	40.81	36.94	41.64	38.71	43.05	39.77	43.73	40.57	44.24	41.16	44.71
42	34.79	39.85	36.01	40.68	37.77	42.09	38.83	42.77	39.62	43.28	40.22	43.75
43	33.86	38.90	35.08	39.72	36.84	41.14	37.89	41.81	38.68	42.32	39.29	42.79
44	32.94	37.95	34.15	38.76	35.91	40.18	36.96	40.85	37.75	41.36	38.35	41.83
45	32.01	37.00	33.22	37.81	34.98	39.23	36.03	39.90	36.81	40.41	37.43	40.88
46	31.09	36.05	32.30	36.86	34.06	38.28	35.10	38.95	35.88	39.45	36.50	39.92
47	30.18	35.11	31.38	35.92	33.13	37.33	34.18	38.00	34.95	38.50	35.58	38.97
48	29.27	34.18	30.46	34.98	32.22	36.39	33.26	37.05	34.03	37.56	34.66	38.03
49	28.37	33.25	29.55	34.04	31.30	35.45	32.34	36.11	33.11	36.61	33.75	37.08
50	27.48	32.32	28.64	33.11	30.39	34.51	31.43	35.17	32.20	35.67	32.84	36.14
51	26.59	31.40	27.74	32.18	29.49	33.58	30.53	34.24	31.29	34.74	31.93	35.21
52	25.71	30.49	26.85	31.26	28.59	32.66	29.63	33.31	30.38	33.80	31.03	34.27
53	24.84	29.58	25.97	30.34	27.69	31.73	28.73	32.38	29.49	32.87	30.13	33.34
54	23.98	28.68	25.09	29.43	26.80	30.82	27.84	31.45	28.59	31.95	29.24	32.42
55	23.13	27.78	24.22	28.53	25.92	29.91	26.95	30.53	27.71	31.02	28.35	31.49
56	22.30	26.90	23.36	27.63	25.05	29.00	26.08	29.61	26.83	30.10	27.47	30.57
57	21.47	26.02	22.52	26.74	24.19	28.10	25.20	28.70	25.95	29.19	26.60	29.66
58	20.66	25.14	21.68	25.86	23.34	27.21	24.34	27.79	25.09	28.28	25.73	28.75
59	19.87	24.27	20.86	24.98	22.49	26.32	23.48	26.89	24.22	27.37	24.87	27.84
60	19.09	23.42	20.05	24.11	21.66	25.44	22.63	26.00	23.37	26.47	24.02	26.93
61	18.32	22.57	19.25	23.25	20.84	24.57	21.79	25.11	22.52	25.57	23.17	26.03
62	17.57	21.72	18.46	22.39	20.04	23.71	20.96	24.23	21.68	24.68	22.33	25.14
63	16.83	20.89	17.70	21.54	19.24	22.85	20.14	23.35	20.85	23.80	21.50	24.24
64	16.12	20.07	16.94	20.70	18.46	22.00	19.34	22.48	20.03	22.92	20.67	23.36
65	15.41	19.26	16.21	19.88	17.70	21.15	18.54	21.62	19.22	22.05	19.86	22.47
66	14.73	18.45	15.49	19.06	16.95	20.32	17.76	20.76	18.41	21.18	19.04	21.60
67	14.06	17.66	14.79	18.25	16.21	19.49	16.99	19.92	17.62	20.33	18.24	20.73
68	13.40	16.89	14.11	17.46	15.48	18.67	16.24	19.08	16.84	19.48	17.45	19.87
69	12.76	16.12	13.44	16.67	14.78	17.87	15.49	18.24	16.07	18.64	16.67	19.02
70	12.14	15.37	12.80	15.90	14.08	17.08	14.76	17.42	15.31	17.80	15.90	18.18
71	-	-	12.17	15.14	13.41	16.29	14.04	16.61	14.56	16.98	15.14	17.35
72	-	-	11.56	14.40	12.75	15.53	13.33	15.82	13.83	16.18	14.39	16.53
73	-	-	10.96	13.67	12.11	14.78	12.64	15.03	13.11	15.38	13.66	15.73
74	-	-	10.38	12.96	11.50	14.05	11.96	14.27	12.40	14.60	12.95	14.93
75	-	-	9.82	12.26	10.90	13.33	11.31	13.51	11.72	13.83	12.25	14.15
76	-	-	9.27	11.58	10.32	12.63	10.68	12.78	11.05	13.08	11.57	13.39

Currency Exchange Rates: 1 July 2023 to 30 June 2024

To convert this amount to Australian dollars= foreign amount received / conversion rate

Country	Average rate for year ended 31/12/2023 30/06/2024		Currency
China	4.7044	4.7374	Renminbi
Europe	0.6144	0.6061	Euro
HongKong	5.2013	5.1259	HongKongdollar
India	54.8696	54.4744	Indian Rupee
Indonesia	10122.2960	10267.8080	Rupiah
Japan	93.3232	97.7584	Yen
Malaysia	3.0297	3.0783	Malaysianringgit
NewZealand	1.0821	1.0810	NewZealanddollar
Philippines	36.9584	37.0152	Peso
Singapore	0.8922	0.8839	Singaporedollar
South Korea	867.5052	874.1556	SouthKoreanwon
Taiwan	20.6955	20.8653	New Taiwandollar
Thailand	23.1159	23.4596	Baht
UK	0.5345	0.5206	Poundsterling
USA	0.6644	0.6556	USdollar
Vietnam	15831.9320	16093.6920	Dong

Countries with a Double Tax Agreement (DTA) with Australia

Argentina	France	Japan	Philippines	Sweden
Austria	Germany	Kiribati	Poland	Switzerland
Belgium	Greece	Korea	Portugal	Taiwan
Canada	Hungary	Malaysia	Romania	Thailand
Chile	Iceland	Malta	Russia	Turkey
China	India	Mexico	Singapore	UnitedKingdom
CzechRepublic	Indonesia	Netherlands	Slovakia	United States
Denmark	Ireland	NewZealand	SouthAfrica	Vietnam
Fiji	Israel	Norway	Spain
Finland	Italy	Papua NewGuinea	SriLanka

Fuel Tax Credit Rates

Table 1: Rates for fuel acquired from 5 February 2024 to 30 June 2024

Eligiblefueltype	Unit	Usedinheavy vehicles for travelling on publicroads (SeeNote1)	All other business uses (including to power auxiliaryequipmentofa heavy vehicle) (SeeNote2)
Liquidfuels,i.e.dieselor petrol	centsperlitre	20.8 (seeNote3)	49.6
Blendedfuels:B5,B20,E10	centsperlitre	20.8 (seeNote3)	49.6
Blendedfuel:E85	centsperlitre	0	21.295
Liquefiedpetroleumgas (LPG) (duty paid)	centsperlitre	0	16.2
Liquefied natural gas (LNG) or compressed naturalgas(CNG)(duty paid)	centsperkilogram	0 (SeeNote4)	34.0
B100	centsperlitre	0	13.2

Table 2: Rates for fuel acquired from 1 August 2023 to 4 February 2024

Eligiblefueltype	Unit	Usedinheavy vehicles for travelling on public roads (SeeNote1)	All other business uses (including to power auxiliaryequipmentofa heavy vehicle) (SeeNote2)
Liquidfuels,i.e.dieselor petrol	centsperlitre	20.0 (seeNote3)	48.8
Blendedfuels:B5,B20,E10	centsperlitre	20.0 (seeNote3)	48.8
Blendedfuel:E85	centsperlitre	0	20.92
Liquefiedpetroleumgas (LPG) (duty paid)	centsperlitre	0	15.9
Liquefied natural gas (LNG) or compressed naturalgas(CNG)(duty paid)	centsperkilogram	0 (seeNote4)	33.4
B100	centsperlitre	0	13.0

Table 3: Rates for fuel acquired from 1 July 2023 to 31 July 2023

Eligiblefueltype	Unit	Usedinheavy vehicles for travelling on public roads (SeeNote1)	All other business uses (including to power auxiliaryequipmentofa heavy vehicle) (SeeNote2)
Liquidfuels,i.e.dieselor petrol	centsperlitre	18.9 (seeNote3)	47.7
Blendedfuels:B5,B20,E10	centsperlitre	18.9 (seeNote3)	47.7
Blendedfuel:E85	centsperlitre	0	20.415
Liquefiedpetroleumgas (LPG) (duty paid)	centsperlitre	0	15.6
Liquefied natural gas (LNG) or compressed naturalgas(CNG)(duty paid)	centsperkilogram	0 (seeNote4)	32.7
B100	centsperlitre	0	12.7

Note1: From1November 2019,thisrateincludesfuelusedtopower passenger air- conditioning of buses and coaches.

Note2Claimsfor packagingor supplyingfuelscanusethe'allother businessuses'rate for the appropriate eligible fuel type.

Note 4: The road user charge rate for gaseous fuels per kilo gram rate will increase from 38.5 cents per kilogram in 202324, to 40.8 cents per kilogram in 202425, and to 43.2 cents per kilogram in 202526. Currently, the road user charge reduces fuel tax credits for gaseous fuels to nil.

For the BAS Fuel tax credit= litres purchased x rate for fuel in relevant period

Note: care must be taken to check dates of fuel purchased against the relevant table.
From the March 2016 BAS onwards, if the taxpayer claims less than $10,000 in fuel tax credits each year, they can use these simplified methods to calculate their fuel tax credits:
When fuel tax creditrateschangeina BusinessActivity Statement (BAS)period,thetaxpayer canusetheratethatappliesattheend of the BAS period
To work out the total litres of fuel for the taxpayers claim, they can use the total cost of fuel they purchased in the BAS period and then divide that amount by the average price of the fuel for that

Personal Services Income

Personal Services Income: Deductions

Deduction	CanIclaimitif the PSI legislation appliestome? Item 14	Can I claim it if thePSIlegislation doesn't apply to me? Item 15
Premiumsforworkerscompensation,publicliability and professional indemnity insurance	Yes	Yes
Bankandother account-keepingfeesandcharges	Yes	Yes
Tax-relatedexpenses,suchasthecostofpreparing and lodging tax returns or BAS forms	Yes	Yes
Registrationrenewalsorlicensingfees	Yes	Yes
Expensesforadvertising,tenderingandquotingfor work	Yes	Yes
Declineinvaluefordepreciatingassets	Yes	Yes
Running expenses for your home office (not including rent,mortgageinterest,ratesorlandtaxes,seebelow)	Yes	Yes
Rent,mortgageinterest,ratesorlandtaxforyour home that is a place of business	No	Yes
Ifyou areapersonal servicesentity, expensesor FBT for morethanonecar thatisusedpartlyor solelyfor private purposes	No	Yes
Salaryandwagesforanarm'slengthemployee(not an associate)	Yes	Yes
Salary and wages paid to the principal worker within14daysoftheendofeachPAYGwithholdingpayment period	Yes	Yes
Contributions to a super fund on behalf of the principalworkeroranarm'slengthemployee(notan associate)	Yes	Yes
Reasonableamountspaidtoanassociateforprincipal work	Yes	Yes
Contributionsuptothesuperguaranteeamountfor an associate doing up to, but less than, 20% of the principal work	Yes	Yes
Reasonableamountspaidtoanassociatefornon- principal work	No	Yes
Reasonablecontributionstoasuperfundforan associate doing solely non-principal work	No	Yes

Value of Goods taken from Stock for Private Use (TD 2023/7)

Typeofbusiness	Amount(excluding GST)forAdult/Child over 16 years	Amount(excluding GST)forChild4-16 years
Bakery	$1,520	$760
Butcher	$1,030	$515
Restaurant orcaf(licensed)	$5,160	$2,090
Restaurant orcaf(unlicensed)	$4,180	$2,090
Caterer	$4,410	$2,205
Delicatessen	$4,180	$2,090
Fruitererorgreengrocer	$1,040	$520
Takeawayfoodshop	$4,290	$2,145
Mixedbusiness(includesmilkbar,general storeandconveniencestore)	$5,200	$2,600

Eligibility for Small Business Concessions

Concession	Turnover lessthan $10m	Turnover $10mtoless than $50m	Turnover $50mtoless than$500m	Turnover $500m to lessthan$5B
Deductions
Simplifieddepreciationrules instantassetwrite-off	Yes	Yes	Yes	No
Simplifieddepreciationrules smallbusinesspool	Yes	No	No	No
Backingbusinessinvestment (1March 2020 to30 June2021)	Yes	Yes	Yes	No
Temporaryfullexpensing(from 6October 2020to30June2023)	Yes	Yes	Yes	Yes
Accelerateddepreciationfor primary producers	Yes	Yes	Yes	Yes
Small business technology investmentboost(29March 2022 to 30 June 2023)	Yes	Yes	No	No
Small business skills and training boost(29March2022to30June 2024)	Yes	Yes	No	No
Deductionsforprofessional expenses for start-ups	Yes	Yes	No	No
Immediatedeductionsfor prepaid expenses	Yes	Yes	No	No

Concession	Turnover lessthan $2m	Turnover $2mtoless than $5m	Turnover $5mtoless than$10m	Turnover $10mtoless than $50m
CalculatingandPayingIncomeTax
Lowercompanytax rates	Yes	Yes	Yes	Yes
Smallbusinessincometaxoffset	Yes	Yes	No	No
PAYGinstalmentsconcession	Yes	Yes	Yes	Yes
SimplifiedRecordKeeping
Simplifiedtradingstockrules	Yes	Yes	Yes	Yes
Two-yearamendmentperiod	Yes	Yes	Yes	Yes
CapitalGainsTax(CGT)
Smallbusinessrestructure rollover	Yes	Yes	Yes	No
CGT15-yearasset exemption	Yes	No	No	No
CGT50?tiveassetreduction	Yes	No	No	No
CGTretirementexemption	Yes	No	No	No
CGTrollover	Yes	No	No	No
Contributionsofsmallbusiness CGT concession amounts to super fund	Yes	No	No	No
GST, BAS &Excise
SimplerBAS	Yes	Yes	Yes	No
AccountingforGSTonacash basis	Yes	Yes	Yes	No
AnnualapportionmentofGST input tax credits	Yes	Yes	Yes	No
PayingGSTbyinstalments	Yes	Yes	Yes	No
Exciseconcession	Yes	Yes	Yes	Yes
FringeBenefitsTax(FBT)
FBT carparking exemption	Yes	Yes	Yes	Yes
FBTwork-relateddevices exemption	Yes	Yes	Yes	Yes
Superannuation
Superannuationclearinghouse	Yes	Yes	Yes	No
Contributionsofsmallbusiness CGT concession amounts to super fund	Yes	No	No	No

Small Business Entity Depreciation Rules Summary

Appliesto SBE < $2mturnover
Priorto01/07/12	01/7/12to31/12/13	01/01/14to11/05/15
InstantAssetWrite-Off <$1,000immediatededuction	InstantAssetWrite-Off <$6,500immediatededuction -includingmotorvehicle	InstantAssetWrite-Off <$1,000immediatededuction
TwoSBEPools	OneSBEPool Thereisonepoolforassetsthat cost $6,500 or more: 15% in the first year 30%insubsequentyears. Whereanassetcosts $6,500 or more, it must be added to the general SBE pool even if the business usage proportion brings its value to be allocated to the pool down to less than that amount. An instant asset write-offcannotbeclaimed.	OneSBEPool Thereisonepoolforallassets costing $1,000 or more: 15% in the first year 30% in subsequent years. If the balance of a general smallbusinesspoolfallsbelow $1,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.
There were two pools for assetscosting$1,000ormore:
Generalpool forassetswithaneffectivelife of less than 25 years depreciatedatarateof30% (15% in the first year). Long lifepool forassetswithaneffective life of 25 years or more depreciatedatarateof5% (2.5% in the first year).
	MotorVehicles SpecialRules	MotorVehicle SpecialRulesRepealed
	>$6,500 - An immediate deduction of $5,000 is claimed in the year acquired or first used.Theremainderofthecost isthenaddedtotheSBEpooland depreciated at 15% in that first year and 30% in later years.	The special rules for certain motorvehicles,introducedon1 July 2012 are repealed, for any motor vehicle first used or installed ready for use on or after 1 January 2014.

Applies to SBE < $2m turnoverto30June2016;<

$10mturnoverfrom1July 2016

Applies to SBE <$10m turnover

Applies to SBE < $10m turnover

Instant asset write-off also applies to other businesses with turnover < $50m

From 7.30pm (AEST) on 12/05/2015until28/01/2019

29/01/2019 until before 7.30pm (AEDT) 02/04/2019

From 7.30pm (AEDT) 02/04/2019 until 11/03/2020

InstantAssetWriteOff

<$20,000immediate

deduction

InstantAssetWriteOff

<$25,000immediate

deduction

InstantAssetWriteOff

<$30,000immediate

deduction

SBE Pool

Thereis onepoolfor

allassetscosting$20,000or more:

Thereis onepoolfor

allassetscosting$25,000or more:

Thereis onepoolfor

allassetscosting$30,000or more:

15%inthefirstyear

30%insubsequentyears.

If the balance of a general smallbusinesspoolfallsbelow

$20,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.

30%insubsequentyears.

If the balance of a general smallbusinesspoolfallsbelow

$25,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.

30%insubsequentyears.

If the balance of a general smallbusinesspoolfallsbelow

$30,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.

Note: For businesses with a turnover of $10m or more, assets not eligible for immediate write-off are depreciatedusingeffectivelife depreciation.

AppliestoSBE<$10m turnover

Instantassetwrite-offand accelerated depreciation also applies to other businesses with < $500m

turnover

Applies to SBE <$10m turnover

Accelerated depreciation also applies to businesses with < $500m turnover

Applies to SBE <$10m turnover

Purchasedfrom7.30pm

(AEST)on12/03/2020until 31/12/2020, provided

installed readyforuseby30

From 01/01/2021 to 30/06/2021

From 01/07/2021 - 30/06/2023

June2021

InstantAssetWrite-Off

<$150,000immediate deduction

InstantAssetWrite-Off

<$1,000immediatededuction

Replacedbytemporaryfull expensing

InstantAssetWrite-Off

<$1,000immediatededuction

Replacedbytemporaryfull expensing

SBE Pool

All assets costing the same or more than the instant asset write-offthreshold,otherthanthoseeligibleforaccelerated

depreciationunderthebackingbusinessinvestmentmeasures

SBE Pool

Allassetscosting$1,000or more:

15% in the first year 30%insubsequentyears.

15%inthefirstyear

30%insubsequentyears

Forassetseligibleforaccelerateddepreciation,claim:

57.5% in the first year 30%insubsequentyears

Eligible assets are new depreciating assets first held and first usedandinstalledreadyforuseonorafter12March2020and installed ready for use prior to 30 June 2021.

If the balance of a general smallbusinesspoolfallsbelow

$1,000 after adding acquisitions and deducting disposals, but before calculatingthedeclineinvalue for the year, that balance may be claimed as a deduction.

Replacedbytemporaryfull expensing

Backingbusinessinvestmentmeasures

Forbusinesseswithturnoverof$10mor moreandlessthan

deduction of50%ofthecostoftheassetoninstallation

remainderofthecostoftheassetdepreciatedusing effective life (either DV or PC).

AppliestoSBE<$10m turnover	AppliestoSBE<$10m turnover	AppliestoSBE<$10m turnover
From01/07/2023- 30/06/2024	From01/07/2024- 30/06/2025	01/07/2025 onwards
InstantAssetWrite-Off <$20,000immediate deduction	InstantAssetWrite-Off <$1,000immediate deduction (proposedincreaseto $20,000)	InstantAssetWrite-Off <$1,000immediate deduction
SBE Pool Allassetscosting$20,000or more: 15%inthefirstyear 30%insubsequentyears If the balance of a general small business pool falls below$20,000afteradding acquisitions and deducting disposals, but before calculating the decline in value for the year, that balance may be claimedas a deduction.	SBEPool Allassetscostinginstantasset write-off threshold or more: 15%inthefirstyear 30%insubsequentyears If the balance of a general small business pool falls below the instant asset write-off threshold after adding acquisitions and deducting disposals, but before calculating the declineinvaluefortheyear, that balance may be claimed as a deduction.	SBE Pool Allassetscosting$1,000or more: 15%inthefirstyear 30%insubsequentyears Ifthebalanceofageneral small business pool falls below$1,000after adding acquisitions and deducting disposals, but before calculating the decline in value for the year, thatbalancemaybe claimed as a deduction.

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