Statement of formula rates and thresholds

The Federal Budget did not result in any changes to tax rates or income thresholds for 2021-22 income year. The extension of the low and middle income tax offset is only claimable when individuals lodge their income tax return.

Medicare levy surcharge (MLS) amounts and thresholds to be updated as per the tables in the ‘Resource Attachments’ file. Find out more:

The cents per kilometre deduction rate for motor vehicle expenses is 72 cents per kilometre, for the income year commencing 1 July 2020.

The attached spreadsheet provides 2021–22 indexation of rebates as per section 159HA of the Income Tax Assessment Act 1936 and Subdivision 960-M of the Income Tax Assessment Act 1997.

Seniors and pensioners tax offset (SAPTO) lodgment thresholds 2020–21. The calculation for SAPTO no longer includes the Low income tax offset (LITO).

The following links are to the Tax Determinations in relation to the Fringe benefits tax (FBT) rates from 1 April 2021.

On 1 January each year, Services Australia Protected Earnings Amount (PEA) is adjusted to allow for increases in the cost of living. The PEA is a set minimum amount that must be left after tax and child support is deducted from a person's wage.

The repayment rates and income thresholds for HELP and other study and training support loans for the 2020–21 financial year are now available.

These Determinations set out the amounts that the Commissioner considers are reasonable (reasonable amounts) for the substantiation exception in Subdivision 900-B of the Income Tax Assessment Act 1997 (ITAA 1997) in relation to claims made for:

The Item A3 calculator allows users to calculate the correct amounts for the A3 labels on the individual tax return. This will ensure they receive the correct amount of government super co-contribution.