FAQs – SMSF Audits

Get the answers to your SMSF audit, compliance and financial reporting questions.

What is total superannuation balance?

Total superannuation balance is the total value of member’s super interests on a given date.

Total superannuation balance is the sum of the following:

 

Accumulation interests
(+) transfer balance account (or modified transfer balance account)
(+) rollover superannuation benefits in transit
(–) structured settlement contributions paid into your superfund
(+) Outstanding Limited recourse borrowing arrangement (‘LRBA’) amount1

1. Only apply to LRBA amount that entered into by the SMSF or small APRA from 1 July 2018, if either:

  • LRBA entered with an associate of the Fund; or
  • member has satisfied a condition of release with NIL cashing restriction

What are the contribution rules?

Contribution rules (from 1 July 2007)

Contribution typeMember age under 67Member age 67-69Member age 70-74Member age 75 +
Undeducted contributionsGreen tick 7Green tick
Must be gainfully employed at least on part-time basis3,7,8,11
Green tick
Must be gainfully employed at least on part-time basis 3,7,8,11
X 9
Eligible for co-contributionsGreen tickGreen tick7,11Green tick
Only if less than age 71 at end of financial year of contribution 7,11
X
Deductible contributionsGreen tick
If less than age 18, must have some income from eligible employment1 or income from the carrying on of a business2, but this income must make up less than 10% of assessable income. 5,6
Green tick
Must be gainfully employed at least on part-time basis 3,6,8
Green tick
Must be gainfully employed at least on part-time basis3,6,8

X9
Employer contributionsGreen tickGreen tickGreen tickX 9
Superannuation guaranteeGreen tickGreen tickGreen tick4Green tick4
Mandated employer contributions (e.g. under award)Green tickGreen tickGreen tickGreen tick
Salary sacrificeGreen tickGreen tickGreen tickX9
Downsizer contributions10XGreen tickGreen tickGreen tick

Please note that a rollover is not a contribution; rollovers can generally be undertaken at any age. Thus, while member contributions cannot be made after age 75, a CGT Exempt component (via the small business CGT Retirement Exemption) can be created and rolled over after age 75.

NOTES:

  1. Eligible employment means: the holding of any office or appointment; or the performance of any functions or duties; or the engaging in of any work; or the doing of any acts or things that results in the person being treated as an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (assuming that subsection 12 (11) of that Act had not been enacted).
  2. Business refers to any profession, trade, employment, vocation or calling, but does not include occupation as an employee.
  3. Gainfully employed at least on a part-time basis refers to someone who is gainfully employed for at least 40 hours in a period of not more than 30 consecutive days in that financial year. This employment period must be satisfied before the date of the contribution.
  4. From 1 July 2013, employees over 70 will be entitled to super guarantee payments from their employer.
  5. This deduction cannot create a tax loss, i.e. the person must have derived income from employment or business (excluding passive income) and the deduction cannot exceed that income.
  6. Effective 1 July 2017, the 10% condition is removed for the 2017-2018 and future financial years.
  7. Individual with a total superannuation balance of > $1.7 million as at 30 June of the previous financial year will no longer be eligible to make non-concessional contributions and government co-contributions.
  8. From 1 July 2020, those aged 67-74 with a TSB below $300,000 are able to make voluntary contributions for 12 months from the end of the financial year in which they last met the work test.
  9. Can contribute no later than 28 day from the end of the month in which a member turns 75 years and satisfied work test or work test exemption.
  10. From 1 January 2023, minimum age to make downsizer contribution is 55 years old (previously, 60 years old from 1 July 2022 and 65 years old from 1 July 2018). There is no maximum age limit.
  11. From 1 July, 2022, members no longer need to satisfy work test requirement to make contributions, except for personal concessional contributions.

What are concessional contributions caps?

YearContribution cap
for ages below 50 years
Contribution cap
for ages 50 years and above
2023-2024$27,5005$27,5005
2022-2023$27,5005$27,5005
2021-2022$27,5005$27,5005
2020-2021$25,000 5$25,000 5
2019-2020$25,000 5$25,000 5
2018-2019$25,000 5$25,000 5
2017-2018$25,000$25,000
2016-2017$30,000 4$35,000
2015-2016$30,000 3$35,000
2014-2015$30,000 2$35,000
2013-2014$25,000$25,000
2012-2013$25,000$25,000 1
2011-2012$25,000$50,000
2010-2011$25,000$50,000
2009-2010$25,000$50,000
2008-2009$50,000$100,000
2007-2008$50,000$100,000
2006-2007n/an/a
  1. If age 59 years or over on 30 June 2013, concessional contributions cap is $35,000.
  2. If age 49 years or over on 30 June 2014, concessional cap is $35,000.
  3. If age 49 years or over on 30 June 2015, concessional cap is $35,000.
  4. If age 49 years or over on 30 June 2016, concessional cap is $35,000.
  5. From 1 July 2018 members can accrue any unused concessional contribution cap for a maximum of 5 years. However member can only make additional concessional contribution for any unused amount from 2019-2020 financial year onwards, provided their total superannuation balance at the end of 30 June of the previous financial year is less than $500,000.

What are non-concessional contributions caps?

YearContribution cap
2023-2024$110,0001
2022-2023$110,0001
2021-2022$110,0001
2020-2021$100,000 1
2019-2020$100,000 1
2018-2019$100,000 1
2017-2018$100,000 1
2016-2017$180,000
2015-2016$180,000
2014-2015$180,000
2013-2014$150,000
2012-2013$150,000
2011-2012$150,000
2010-2011$150,000
2009-2010$150,000
2008-2009$150,000
2007-2008$150,000
2006-2007$1,000,000
  1. Individual with a total superannuation balance of equal to or more than $1.7 million as at 30 June of the previous financial year will no longer be eligible to make non-concessional contributions and government co-contributions. Refer to bring forward contribution caps table below if the individual triggers bring forward contribution from 1 July 2017.
  2. Non-concessional contributions cap exemptions.
    • Proceeds from settlement of personal injury
    • Government co-contribution payments
    • Rollovers from taxed superannuation funds
    • Proceeds from sale of small business CGT assets up to cap limit. (Refer to lifetime capital gain tax cap limit table below.)
    • Downsizer contributions up to lifetime $300,000 limit.
    • Re-contribution of amounts withdrawn under COVID-19 early release (between 1 July 2021 and 30 June 2030)

What is lifetime capital gain tax cap limit?

YearCGT Cap amount
2023-2024$1,705,000
2022-2023$1,650,000
2021-2022$1,615,000
2020-2021$1,565,000
2019-2020$1,515,000
2018-2019$1,480,000
2017-2018$1,445,000
2016-2017$1,415,000
2015-2016$1,395,000
2014-2015$1,355,000
2013-2014$1,315,000
2012-2013$1,255,000
2011-2012$1,205,000
2010-2011$1,155,000
2009-2010$1,100,000
2008-2009$1,045,000
2007-2008$1,000,000

What is bring forward contribution cap?

From 1 July 2017 to 30 June 2021, the bring forward contribution cap amount and period is dependent on member’s total superannuation balance at 30 June of the previous financial year.

Total superannuation balance on 30 June of the previous financial yearNon-concessional contribution cap for the first yearBring forward period
< $1.4M$300,0003 years 1
$1.4M to below $1.5M$200,0002 years 1
$1.5M to below $1.6M$100,0001 year - none available but the member can contribute up to the general non-concessional cap
$1.6M or overNilN/A
  1. If member has triggered the bring forward rule and has not used up all the bring forward cap, member can contribute the remaining of the bring forward cap in subsequent years provided their total superannuation balance as at 30 June of the previous financial year is below the general transfer balance cap.

From 1 July 2021 to 30 June 2023

Total superannuation balance on 30 June of previous financial yearNon-concessional contribution cap for the first yearBring forward period
< $1.48M$330,0003 years 1
$1.48 -< $1.59M$220,0002 years 1
$1.59 -<$1.7M$110,0001 year - none available but the member can contribute up to the general non-concessional cap
$1.7MNilN/A
  1. Members lock in their bring forward period and maximum amount in the year they exceed their NCC cap. If triggered prior to 1 July 2021, indexation of NCC cap does not apply.

From 1 July 2023

Total superannuation balance on 30 June of previous financial yearNon-concessional contribution cap for the first yearBring forward period
< $1.68M$330,0003 years 1
$1.68 -< $1.79M$220,0002 years 1
$1.79 -<$1.9M$110,0001 year - none available but the member can contribute up to the general non-concessional cap
$1.9MNilN/A
  1. Members lock in their bring forward period and maximum amount in the year they exceed their NCC cap. If triggered
    prior to 1 July 2023, indexation of NCC cap does not apply.

What is the Superannuation Guarantee Maximum Contribution base per quarter?

YearContribution cap per quarter
2023-2024$62,270
2022-2023$60,220
2021-2022$58,920
2020-2021$57,090
2019-2020$55,270
2018-2019$54,030
2017-2018$52,760
2016-2017$51,620
2015-2016$50,810
2014-2015$49,430
2013-2014$48,040
2012-2013$45,750
2011-2012$43,820
2010-2011$42,220
2009-2010$40,170
2008-2009$38,180
2007-2008$36,470
2006-2007$35,240

What is transfer balance cap?

From 1 July 2017, transfer balance cap applies as the maximum amount each member can transfer into retirement phase.

YearGeneral Transfer Balance Cap
2023-2024$1,900,000 1
2022-2023$1,700,000 1
2021-2022$1,700,000 1
2020-2021$1,600,000 1
2019-2020$1,600,000 1
2018-2019$1,600,000 1
2017-2018$1,600,000 1
  1. Member’s transfer balance cap is equal to the general transfer balance cap. Members with a transfer balance account (TBA) before 1 July 2023, will have a personal TBC between $1.6m – $1.9m, based on their highest balance in their TBA.
  2. The cap operates on the basis of ‘credits’ counting to the cap and ‘debits’ removing value from the cap.
CreditsDebits
The value of super interest supporting income streams on 30 June 2017Commutations of superannuation income streams
Commencement of new superannuation income streams from 1 July 2017 onwardsStructured settlement payments contributed to superannuation
The value of reversionary income streams when an individual becomes entitled to themCertain payments arising from family law splits, fraudulent or void transaction
LRBA loan repayment when the LRBA was entered into after 1 July 2017 and the payments result in an increase in the value of the members super interest supporting their retirement phase income stream.Trustee fails to pay the minimum pension and the income stream stops being in retirement phase
Notional earnings accruing to excess transfer balance amounts

When to lodge transfer balance account reporting (TBAR)?

From 1 July 2023, all SMSFs will be required to report quarterly regardless of a member’s total super balances. This means SMSF trustee must report the event that affects the members transfer balance within 28 days after the end of the quarter in which the event occurs.

All unreported events that occurred before 30 September 2023 must be reported by 28 October 2023.

If a member exceeds their personal transfer balance cap, the SMSF trustee must report the following events sooner:

  • a voluntary member commutation of an income stream in response to an excess transfer balance (‘ETB’) determination- this must be reported within 10 business days after the end of the month in which the commutation occurs
  • responses to commutation authorities which must be reported within 60 days of the date the commutation authority was issued.
    If an individual has exceeded their cap and the ATO issues an excess transfer balance determination or commutation authority based on incomplete or incorrect information, the SMSF trustee must correct the reporting as soon as possible.

What is the preservation age?

Date of birthPreservation age
Before 1 July 196055
1 July 1960 - 30 June 196156
1 July 1961 - 30 June 196257
1 July 1962 - 30 June 196358
1 July 1963 - 30 June 196459
From 1 July 196460

What is ‘basic conditions of release’?

Retirement
  • Preservation age to age 60 – must be permanently retired
  • Age 60-64 – ceased employment after attaining age 60
Attaining age 65
Other
  • Terminal medical condition
  • Permanent incapacity
  • Temporary incapacity
  • Death
  • Compassionate grounds including access to $10,000 in 2019/2020 and an additional $10,000 between 1 July 2020 and 31 December 2020 if financially impacted by COVID-19
  • Severe financial hardship
  • Temporary resident departing Australia permanently
  • First Home Super Saver Scheme
  • Cease employment and account balance <$200
Conditions of release (other than Transition to Retirement Income Streams (TRIS))
Preservation ageCondition of releaseBenefits
55 to 60 years + Permanently retired= Benefits can be accessed
60 to 65 years + Permanently retired or not = Benefits can be accessed
Over 65 yearsNo other condition or restriction to comply

What is minimum annual pension?

Age group2007-20082008-2009, 2009-2010,
2010-2011
2011-2012, 2012-20132013-2014, 2014-2015
2015-2016, 2016-2017
2017-2018, 2018-2019
2019-2020, 2020-2021, 2021-2022, 2022-2023, 2023-2024
Under 654%4% (2% 1)4% (3% 2)4%
65 - 745%5% (2.5% 1)5% (3.75% 2)5%
75 - 796%6% (3% 1)6% (4.5% 2)6%
80 - 847%7% (3.5% 1)7% (5.25% 2)7%
85 - 899%9% (4.5% 1)9% (6.75% 2)9%
90 - 9411%11% (5.5% 1)11% (8.25% 2)11%
95+14%14% (7% 1)14% (10.5%2)14%

NOTES:
No maximum limit applies for account-based pensions (other than balance of account), 10% max limit applies to Transition to Retirement Pensions.

  1. For 2008/09, 2009/10 and 2010/11 financial years, the minimum limits has been reduced by 50%.
  2. For 2011/12 and 2012/13 financial years, the minimum limit has been reduced by 25%.
  3. For 2019/2020, 2020/2021, 2021/2022 and 2022/2023 financial years, the minimum limits has been reduced by 50% due to impact of COVID-19

What tax is payable on pension payments from taxed fund?

Age groupTax payable
60 and overNot assessable, not exempt income 2
Below preservation age- Taxed at marginal rates with no tax offset
- Tax offset of 15% is available if a disability super benefit
Over preservation age and under 60Taxed at marginal rates with 15% tax offset
Over 60All benefits tax-free

IMPORTANT NOTE:

  1. Superannuation benefit payment from untaxed funds (i.e.: GESB) in pension and/or lump sum form are subject to different tax rates and may NOT be completely tax-free to individuals over age 60.
  2. From 1 July 2017, if members are receiving capped defined benefit income streams (including lifetime pensions/ annuities, life expectancy pensions/ annuities existing prior to 1 July 2017 and market-linked pensions/annuities existing prior to 1 July 2017) and the annual pension payment is more than the defined benefit income cap, 50% of the excess amount is taxed at members’ marginal rate.
  3. On 1 July 2017, an individual on a transition to retirement who has not met a condition of release would not satisfy as an income stream in retirement phase and would not eligible for exempt current pension income (ECPI).
YearDefined benefit income cap
2023-2024$118,750
2022-2023$106,250
2021-2022$106,250
2020-2021$100,000
2019-2020$100,000
2018-2019$100,000
2017-2018$100,000

What are low-rate cap amounts for SMSF lump sum withdrawals?

YearAmount
2023-2024$235,000
2022-2023$230,000
2021-2022$225,000
2020-2021$215,000
2019-2020$210,000
2018-2019$205,000
2017-2018$200,000
2016-2017$195,000
2015-2016$195,000
2014-2015$185,000
2013-2014$180,000
2012-2013$175,000
2011-2012$165,000
2010-2011$160,000
2009-2010$150,000
2008-2009$145,000
2007-2008$140,000

What are tax rates on lump sum superannuation benefit payments from taxed funds?

Age of taxpayer at date of payment(1)
Tax-free component
(2)
Taxable component
(Element taxed in the fund)
Below preservation age0%20% (excluding Medicare Levy)
Preservation age - 59
- up to low-rate cap
- amount over low-rate cap
0%
0%
15% (excluding Medicare Levy)
60 and over0%0%

(1) Tax Free Component includes total of Undeducted Contributions, Pre-July 1983 Component, CGT Exempt Component, Concessional Component and Post-June 1994 Invalidity Component crystallised as at 1 July 2007 plus subsequent non-concessional contributions.
(2) Taxed component equates to the value of the superannuation interest less the Tax-Free Component. The total entitlement of an individual in a SMSF is treated as one interest (excluding the balance attributable to an income stream that has begun to be paid from the SMSF).

IMPORTANT NOTE:
Superannuation benefit payment from untaxed funds (i.e.: GESB) in pension and/or lump sum form are subject to different tax rates and may NOT be completely tax-free to individuals over age 60.

What tax is payable on lump sum death benefit payments?

Lump sum componentDependentNon-dependent
Tax-free component0%
Non-assessable
Non-exempt income
0%
Non-assessable
Non-exempt income
Taxable component - taxed element0%
Non-assessable
Non-exempt income
15%
Plus Medicare Levy
Taxable component - non-taxed component0%
Non-assessable
Non-exempt income
30%
Plus Medicare Levy
  • Limited by the beneficiary’s Transfer Balance Cap (TBC)
  • Can only be paid to a dependant
  • When paid to a child of the member, they are:
    – Aged less than 18
    – Aged 18-24 and financial dependant
    – Aged 18 or over & disabled (s.8(1) Disability Services Act 1986)

What are the tax rates for income stream death benefit payments?

Income componentAge at payment dateAmount subject to taxTax rate
(excludes Medicare Levy)
Tax-free componentAny ageNoneNil
Taxable component - Taxed elementEither the deceased or dependent aged 60 or overNoneNil
Both deceased and the dependent aged under 60Whole amountTaxed at marginal tax rates, with a 15% tax offset
Taxable component - Untaxed elementEither the deceased or dependent aged 60 or overWhole amountTaxed at marginal tax rates, with a 10% tax offset
Both deceased and the dependent aged under 60Whole amountTaxed at marginal tax rates, with no tax offset
  • Limited by the beneficiary’s Transfer Balance Cap (TBC)
  • Can only be paid to a dependant
  • When paid to a child of the member, they are:
    –Aged less than 18
    – Aged 18-24 and financial dependant
    – Aged 18 or over & disabled (s.8(1) Disability Services Act 1986)

What are the resident marginal tax rates?

2023-2024Tax on this income
$0-$18,200Nil
$18,201 - $45,00019c for each $1 over $18,200
$45,001 - $120,000$5,092 plus 32.5c for each $1 over $45,000
$120,001 - $180,000$29,467 plus 37c for each $1 over $120,000
$180,001 and over $51,667 plus 45c for each $1 over $180,000

The above rates do not include Medicare levy of 2%

2022-2023Tax on this income
$0-$18,200Nil
$18,201 - $45,00019c for each $1 over $18,200
$45,001 - $120,000$5,092 plus 32.5c for each $1 over $45,000
$120,001 - $180,000$29,467 plus 37c for each $1 over $120,000
$180,001 and over $51,667 plus 45c for each $1 over $180,000

The above rates do not include Medicare levy of 2%

2021-2022Tax on this income
$0-$18,200Nil
$18,201 - $45,00019c for each $1 over $18,200
$45,001 - $120,000$5,092 plus 32.5c for each $1 over $45,000
$120,001 - $180,000$29,467 plus 37c for each $1 over $120,000
$180,001 and over $51,667 plus 45c for each $1 over $180,000

The above rates do not include Medicare levy of 2%

2020-2021Tax on this income
$0-$18,200Nil
$18,201 - $37,00019c for each $1 over $18,200
$37,001 - $90,000$3,572 plus 32.5c for each $1 over $37,000
$90,001 - $180,000$20,797 plus 37c for each $1 over $90,000
$180,001 and over$54,097 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.

Income 2019-2020Tax on this income
0 – $18,200Nil
$18,201 – $37,00019c for each $1 over $18,200
$37,001 – $90,000$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000$20,797 plus 37c for each $1 over $90,000
$180,001 and over$54,097 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.

Income 2018-2019Tax on this income
0 – $18,200Nil
$18,201 – $37,00019c for each $1 over $18,200
$37,001 – $90,000$3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000$20,797 plus 37c for each $1 over $90,000
$180,001 and over$54,097 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.

Income 2017-2018Tax on this income
0 – $18,200Nil
$18,201 – $37,00019c for each $1 over $18,200
$37,001 – $87,000$3,572 plus 32.5c for each $1 over $37,000
$87,001 – $180,000$19,822 plus 37c for each $1 over $87,000
$180,001 and over$54,232 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.
The temporary budget repair levy ceased applying from 1 July 2017.

Income 2016-2017Tax on this income
$0 - $18,200Nil
$18,201 - $37,00019c for each $1 over $18,200
$37,001 - $87,000$3,572 plus 32.5c for each $1 over $37,000
$87,001 - $180,000$19,822 plus 37c for each $1 over $87,000
$180,001 and over$54,232 plus 47c** for each $1 over $180,000

**Including the Temporary Budget Repair Levy.
The 2% Temporary Budget Repair Levy will expire at the end of the 2017 income year, returning the effective top marginal tax rate to 45%.
The above rates do not include the medical levy of 2%.

Income 2015-2016Tax on this income
$0 - $18,200Nil
$18,201 - $37,00019c for each $1 over $18,200
$37,001 - $80,000$3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000$17,547 plus 37c for each $1 over $80,000
$180,001 and over$54,547 plus 47c** for each $1 over $180,000

**Including the Temporary Budget Repair Levy. The above rates do not include the Medical levy of 2%.

Income 2014-2015Tax on this income
$0 - $18,200Nil
$18,201 - $37,00019c for each $1 over $18,200
$37,001 - $80,000$3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000$17,547 plus 37c for each $1 over $80,000
$180,001 and over$54,547 plus 47c** for each $1 over $180,000

** Including the Temporary Budget Repair Levy. The above rates do not include the Medical levy of 2%.

Income 2013-2014Tax on this income
$0 - $18,200Nil
$18,201 - $37,00019c for each $1 over $18,200
$37,001 - $80,000$3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000$17,547 plus 37c for each $1 over $80,000
$180,001 and over$54,547 plus 45c for each $1 over $180,000

The above rates do not include the Medical levy of 1.5%.

Income 2012-2013Tax on this income
$0 - $18,200Nil
$18,201 - $37,00019c for each $1 over $18,200
$37,001 - $80,000$3,572 plus 32.5c for each $1 over $37,000
$80,001 - $180,000$17,547 plus 37c for each $1 over $80,000
$180,001 and over$54,547 plus 45c for each $1 over $180,000
Income 2011-2012Tax on this income
$0 - $6,000Nil
$6,001 - $37,00015c for each $1 over $6,000
$37,001 - $80,000$4,650 plus 30c for each $1 over $37,000
$80,001 - $180,000$17,550 plus 37c for each $1 over $80,000
$180,001 and over$54,550 plus 45c for each $1 over $180,000

The above rates do not include the flood levy.

Income 2010-2011Tax on this income
$0 - $6,000Nil
$6,001 - $37,00015c for each $1 over $6,000
$37,001 - $80,000$4,650 plus 30c for each $1 over $37,000
$80,001 - $180,000$17,550 plus 37c for each $1 over $80,000
$180,001 and over$54,550 plus 45c for each $1 over $180,000
Income 2009-2010Tax on this income
$0 - $6,000Nil
$6,001 - $35,00015c for each $1 over $6,000
$35,001 - $80,000$4,350 plus 30c for each $1 over $35,000
$80,001 - $180,000$17,850 plus 38c for each $1 over $80,000
$180,001 and over$55,850 plus 45c for each $1 over $180,000
Income 2008-2009Tax on this income
$0 - $6,000Nil
$6,001 - $34,00015c for each $1 over $6,000
$34,001 - $80,000$4,200 plus 30c for each $1 over $34,000
$80,001 - $180,000$18,000 plus 40c for each $1 over $80,000
$180,001 and over$58,000 plus 45c for each $1 over $180,000
Income 2007-2008Tax on this income
$0 - $6,000Nil
$6,001 - $30,00015c for each $1 over $6,000
$30,001 - $75,000$3,600 plus 30c for each $1 over $30,000
$75,001 - $150,000$17,100 plus 40c for each $1 over $75,000
$150,001 and over$47,100 plus 45c for each $1 over $150,000
Income 2006-2007Tax on this income
$0 - $6,000Nil
$6,001 - $25,00015c for each $1 over $6,000
$25,001 - $75,000$2,850 plus 30c for each $1 over $25,000
$75,001 - $150,000$17,850 plus 40c for each $1 over $75,000
$150,001 and over$47,850 plus 45c for each $1 over $150,000