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| Government Tax Reforms Take Effect |
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Government Tax Reforms Take Effect
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| Are you? |
- A taxpayer? |
| At a glance: |
- From July 1, 2009 the federal government tax reforms have come into effect. |
| You should: |
- Be aware of the reforms and how they may affect you.
- Contact us if you require any clarification or advice. |
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| 1. |
As the new financial year begins, several Federal Government reforms have now come into effect.
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| 2. |
The key taxation changes that have taken effect from July 1, 2009 include:
a. The 30 per cent income tax threshold has increased to $35,001 up from $34,001.
b. The 40 per cent tax rate has been reduced to 38 per cent.
c. The maximum low-income offset is now $1,350 up from $1,200.
d. The Tax exemption threshold on employment share schemes has increased to $180,000.
e. The Commonwealth superannuation co-contributions has decreased to a dollar for each dollar contributed up to a maximum of $1,000.
f. The concessional superannuation caps have been halved to $25,000 for people under 50 and to $50,000 for people over 50 years of age.
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| 3. |
For the full listing of reforms that have been introduced for the 2009/10 financial year, visit the ATO website at http://www.ato.gov.au.
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