BUILDING ALLOWANCE
Type
Construction Commenced
Rate %
Residential
18/7/1985 – 15/9/1987
4
16/9/1987 – 26/2/1992
2.5
27/2/1992 onwards
2.5 or 4*
Non-residential
20/7/1982 – 21/8/1984
2.5
22/8/1984 – 15/9/1987
4
16/9/1987 – 26/2/1992
2.5
27/2/1992 onwards
2.5 or 4*

* 4% rate applies to short term traveler accommodation and industrial buildings where construction commenced after 26/2/1992. Structural improvements that commenced after 26/2/1992 are also eligible.

DIVISION 7A BENCHMARK INTEREST RATE
Year of Income Ended 30 June
%
2015
5.95
2016
5.45
2017
5.40
MOTOR VEHICLES

Cents per Kilometre Rate

A standard rate of 66 cents/km applies from 1 July 2015.

This rate is used to claim motor vehicle expenses on a cents per kilometre basis where business

kilometres are less than 5,000 km, or for travel over 5,000 km where the claim is limited to 5,000 km

 

Luxury Cars

Financial Year
Car (Depreciation) Limit $

Luxury Car Tax threshold

Fuel-efficient vehicles $
Other vehicles $
2015/2016
57,466
75,375
63,184
2016/2017
57,581
75,526
64,132

Leases of cars costing more than the depreciation limit will be regarded as loans whereby depreciation and interest will be tax deductible rather than lease payments.

 

GST input tax credit claims for cars are generally capped at 1/11 of the car limit ($5,235 in 2017).

QUEENSLAND TRANSFER DUTY
Dutiable Value $
Tax Thereon $
Duty Rates on Excess
5000
0
$1.50 for each $100 or part thereof
75,000
1,050
$3.50 for each $100 or part thereof
540,000
17,325
$4.50 for each $100 or part thereof
1,000,000
38,025
$5.75 for each $100 or part thereof

A 3% transfer duty surcharge on foreign purchasers of residential property, effective from 1 October 2016.

QUEENSLAND PAYROLL TAX

Exemption Threshold – $1,100,000

Rate – 4.75%

COMPANY TAX
Company Aggregated Turnover
2015/2016 %
2016/2017 % (Proposed)
Operating a Business
Less than $2 million
28.5
27.5
$2 million to $9,999,999
30
27.5
$10 million or more
30
30
Not Operating a Business
30
30
SUPERANNUATION FUNDS
Earnings on Assets Supporting:
2015/2016 & 2016/2017 %
Accumulation phase
15
Pension phase
0
EMPLOYMENT TERMINATION PAYMENTS (LIFE BENEFIT TERMINATION PAYMENT)

2015/2016 & 2016/2017

Age at last day of the income year in which the payment was made
Amount $
#Taxable Component Rate %
Under preservation age
Up to 195,000
30
Over 195,000
TMR*
Preservation age and over
Up to 195,000
15
Over 195,000
TMR*

TMR = Top Marginal Rate

# Table excludes Medicare Levy

The payment must be received within 12 months of the termination to be eligible as an ETP.

 

The taxable component is the ETP less the tax free component. The tax free component consists of the invalidity component and the pre-July 1983 component of the payment.

 

For certain ETPs (non-excluded), only the part of the ETP that takes a person’s total annual taxable income (including the ETP) to no more than $180,000 will receive the ETP tax offset.

TAX FREE EARLY RETIREMENT AND GENUINE REDUNDANCY PAYMENTS
Tax Free Amoun
2015/2016 $
2016/2017 $
Base limit
9,780
9,936
For each complete year of service
4,891
4,969