Closely held trusts and TFN withholding arrangements from 1 July 2010 This measure ensures that assessable distributions to beneficiaries of closely held trusts (including family trusts) align with amounts declared in tax returns by beneficiaries. This will not apply to income where tax is directly payable by the trustee, such as minors’ assessable income. Taxpayers […]
Employee share scheme eligibility from 13 May 2009 Under the current rules an employee can elect to be assessed on discounts provided on shares or rights in the year they are acquired under an employee share scheme. If no election is made the discount is taxed at a later time. If the employee makes an […]
Small business CGT concessions The Government will make several changes to the small business capital gains tax (CGT) concessions provisions so that they operate flexibly and as intended. A transitional rule will extend the time for taxpayers to choose to access the concessions where the choice arises from changes to the concessions announced in the […]
Taxation of Special Disability Trusts To help support people with severe disabilities as well as their immediate family and carers, the Government has announced a number of changes to the taxation of Special Disability Trusts. These include: From 2008-2009, the Government will ensure that any unexpended income of a Special Disability Trust will be taxed […]
Tightening access to non-commercial business losses from 1 July 2009 From the 2009-2010 financial year, where taxpayers with adjusted taxable income of over $250,000 incur excess deductions from non-commercial business activities, those excess deductions will be quarantined to that business activity. The existing rules will continue to apply for taxpayers with adjusted taxable income of […]
Changes to income tax exemption for income earned by Australians working overseas from 1 July 2009 From 1 July 2009 foreign employment income derived by certain Australians working overseas for a continuous period of 91 days or more will become taxable in Australia. To avoid double taxation, taxpayers will be entitled to a foreign income […]
Modified Pay As You Go (PAYG) instalments relief for small business from 1 July 2009 For the 2009-2010 financial year, the Government will provide cash flow relief by reducing PAYG instalments for all taxpayers who pay quarterly instalments based on their previous year’s tax adjusted by GDP growth. From next year the adjustment factor for […]
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 […]
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