Changes to Income Tests | My Tax Zone - TAX BLOG

News Feed Comments

Changes to Income Tests

Labels: Tax general

From 1 July 2009, changes to tax law will mean changes to income tests for some government benefits and obligations administered by the ATO and other government organisations.

The changes may affect the amount of tax you are liable to pay as you may no longer receive a tax offset.

Three new income tests will be used when calculating tax offsets and obligations:

adjusted taxable income (ATI) ==> Link for details
rebate income ==> link for details
income for surcharge purposes ==> link for details

From 1 July 2009, the following offsets and obligations will be affected:

Medicare levy surcharge (lump sum payment in arrears) tax offset
Dependency tax offsets
Senior Australians tax offset
Pensioner tax offset
Mature age worker tax offset
Spouse superannuation contributions tax offset
Government super co-contribution
Deduction for personal superannuation contributions
Higher Education Loan Programme and Student Financial Supplement Scheme repayments.

The new measures also affect a range of Cenrelink, Family Assistance Office and Child Support payments.

comments

0 Responses to "Changes to Income Tests"

Post a Comment

Thanks for using my TAX BLOG. Depending on our current work load there may be a delay in responding to questions.

Topical questions will be added to our Facebook and Twitter accounts - check it out and like!

Kind regards

Subscribe to: Post Comments (Atom)

Who is behind My Tax Zone:

My name is David Maynard and I’m an accountant. As a registered tax agent I am fully licensed to offer taxation advice. Combined with over thirty years experience and online delivery capability, what that brings to our subscribers and readers is a powerful package of applications to help them save tax.

My online resources include Tax Blog, My Tax Zone web page and our online tax return web app Eztax. Back in 2005 I recognised the growth and impact of online tax resources. Since then my life and my business have changed as I have devoted a lot of time and effort in building my online presence with good quality and timely tax information and a great web tax app.

We would love to help you keep your tax returns up-to-date and on time. Have a look and try it out and join the many users enjoying our Tax App.

_____________________________________________________

Recommended reading:

Dreamt of purchasing an investment property but just don't understand tax implications and benefits? You're not alone.

Investment properties can have complex tax implications. Written from 30 years experience as an accountant and experienced property investor, this eBook is written so that you FULLY understand tax implications and sets out simple tax strategies to save tax.

Tax implications can have a considerable impact on investment returns and outcomes. Whether you are a beginner or a seasoned property investor you can benefit from knowing the rules in my Tax & Property Explained eBook. I'd love to help you get the best tax outcomes for your investment property.

_____________________________________________________

Copyright 2009 All Rights Reserved Revolution Two Lifestyle theme by Brian Gardner | Blogger template converted & enhanced by eBlog Templates