Tax Changes for 2010

2010 tax changes offers some good news and some BAD news.

Good news first -  Over the last several months we have worked tirelessly, updating our knowledge bas/tax blog, offering effective tax tips both for now and over the next tax year. Here are a couple of samples:
Bad news - There have been changes to the income tests used to work out some tax offsets, deductions and the Medicare levy surcharge. This may increase the amount of tax and Medicare levy you have to pay in 2009-10.
You may be affected by the changed income tests if:

  • your employer has made extra super contributions for you such as salary sacrifice super contributions – these are called reportable employer super contributions
  • you have rental properties, and the deductions you will claim exceed the income you have derived from them
  • you have financial investments and the deductions you will claim exceed the income you have derived from them.
Now that the income tests include these additional amounts, your income may be above the existing income thresholds. This means that you may:

  • no longer qualify for certain tax offsets or you may only qualify for a reduced amount
  • no longer qualify for super co-contributions or personal super contribution deductions
  • be liable for the Medicare levy surcharge
  • be required to pay more of your Higher Education Loan Program or Student Financial Supplement Scheme debt.

See this post for more details on Adjusted Taxable

Income==> What Is Adjusted Taxable Income (ATI)

We look forward to interacting with you over the next year.

Our 2010 online tax return system will be available for the 1st July. See you at our online tax return site.
Kind regards
David Maynard

Copyright 2014. My Tax Zone.