HELP Repayment Rates and Thresholds
Compulsory repayments of Higher Education Loan Programme (‘HELP’) and other study and training loans are based on a taxpayer’s ‘repayment income’.
Repayment income is calculated as taxable income plus any total net investment loss, total reportable fringe benefits, exempt foreign employment income and reportable superannuation contributions. The repayment income thresholds and rates for the 2021 income year are as follows:
Cents Per Kilometre Rate for Car Deductions
Under the cents per kilometre method, a single rate is used for claiming car deductions – up to a maximum of 5,000 business kilometres per car (if applicable).
Car Depreciation Cost Limit
The depreciation cost limit applies to the income year in which a car is acquired or first held.
A hearse is not subject to the depreciation car limit.
Capital Gains Tax (‘CGT’) Improvement Threshold
Certain improvements to pre-CGT assets are deemed to be separate (post-CGT) assets for CGT purposes if the cost base of the improvement and any related improvements exceeds both:
u the improvement threshold for the income year in which a CGT event happens in relation to the original asset (e.g., the sale of the asset); and u 5% of the capital proceeds from the event.
Disclaimer
This content is intended for general information in summary form on tax and legal matters at the time of first publication and is not intended to provide, and should not be relied upon in place of appropriate professional advice. Please consult your tax, legal and accounting advisors before acting or relying on any content provided.
References
https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?page=24