* 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
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 Car Tax threshold
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
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%
EMPLOYMENT TERMINATION PAYMENTS (LIFE BENEFIT TERMINATION PAYMENT)
2015/2016 & 2016/2017
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.