Reduction of concessional contribution cap from 1 July 2009 The Government will reduce the concessional contributions (CC) cap to $25,000 per annum (indexed), with effect from the 2009-2010 financial year. The transitional concessional contributions cap (applicable to individuals aged 50 and over for the 2009-2010, 2010-2011 and 2011-2012 financial years) will be reduced to $50,000 […]
Additional small business and general business tax break from 13 December 2008 The Government will expand the small business and general business tax break announced in February. Small businesses will now be entitled to a bonus deduction of 50% where they acquire an eligible asset between 13 December 2008 and 31 December 2009 and install […]
Increased Medicare levy low income threshold from 1 July 2008 The Government will increase the Medicare levy low income threshold to $17,794 for individuals and $30,025 for individuals in families. The additional amount of threshold for each dependent child or student will also increase to $2,757. The Medicare levy threshold for pensioners below age pension […]
Announced tax cuts from 1 July 2009 In accordance with the tax cuts announced in last year’s budget, the new personal income tax thresholds for the 2009- 2010 year will be as follows: Income threshold Tax rate $0 – $6,000 0% $6,001 – $35,000 15% $35,001 – $80,000 30% $80,001 – $180,000 38% $180,000+ 45% […]
Extension of 50% minimum pension draw down relief from 1 July 2009 The Government will halve the minimum payment amounts for account-based pensions for 2009-2010. Reducing the minimum payment amounts for account-based pensions will assist pension account balances to recover from capital losses from the global recession. This measure extends the pension drawdown relief provided […]
Managed Investment Trusts (MIT) taxation from 1 July 2008 Australian MITs (except those taxed as companies) will be able to make an irrevocable election to apply the CGT regime as a primary code for taxing certain disposals of assets. Consequently the tax treatment of asset disposals by MITs will be consistent with disposals of similar […]
The government will extend the First Home Owners boost for another six months. The following table summarises the extension of the First Home Owner grant: Contract date for purchase (inclusive) First Home Owner grant for established homes First Home Owner grant for new home 1 July 2009 – 30 September 2009 $14,000 $21,000 1 October […]
The government has proposed to means test the 30% private health insurance rebate for middle to high income earners according to age. This is going to be achieved through introducing a three tier system with a parallel increase in the Medicare Levy Surcharge rate to penalise taxpayers who do not have eligible private health insurance. […]
Reform of family payments from 1 July 2009 From 1 July 2009, as a cost reduction measure, the FTB –A payment rates will be indexed by the Consumer Price Index (CPI) consistent with other family payment such as FTB-B and the Baby Bonus. Currently the maximum rates of FTB-A for children under the age of […]
Commonwealth Seniors Health Card (CSHC) — income test The government will remove the inclusion of gross tax-free superannuation pension income in the proposed amendment to the definition of income used for determining eligibility to the Commonwealth Seniors Health Card. The government will proceed with the inclusion of income that is salary sacrificed to superannuation in […]
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