- Superannuation Guarantee will remain at 9.5%
- Maximum Superannuation Contributions Base for 2016/17 is $51,620 per quarter / $206,420 per year – this is indexed annually. For any earnings above this limit, employers do not have to pay SG Contributions.
- Concessional Contributions Cap – remains the same at <48 $30,000 and >49 $35,000
- The Temporary Budget Repair Levy of 2% that was introduced last year will remain for those that earn over $180,000 in the 2016/17 year
- The Medicare Levy remain the same at 2%
- The Income testing levels for the Private Health Insurance Rebate for this year is $90,000 for singles and $180,000 for families
- Superstream comes into effect for small business from 1st July – please contact our office for information on how we can take care of this for you
- The new HELP / TSL /SSL (HECS) rates can be found here https://www.ato.gov.au/Rates/HELP,-TSL-and-SFSS-repayment-thresholds-and-rates/
- As in 2015/16, the cents per kilometre rate remains at 66 cents per kilometre. Up to 5,000 business kilometres at this rate can be claimed without paying tax. If paying in addition to 5,000 kilometres or more than 66 cents, tax should be withheld from the applicable portion.
Understanding the Recent Changes to Fixed-Term Contracts
February 7, 2024
