Budget 2007-08

New personal income thresholds to apply from 1 July 2007

The Tax Office today reminded employers to apply the new personal income thresholds to all payments they make to their employees from 1 July 2007. The new rates have been introduced following changes to the income tax thresholds announced in the May Federal Budget. Employers should be aware that changes ...

0 comments Read the full article →
Tax Concessions for Small Business

From 1 July 2007, small businesses with turnover of less than $2 million a year will be eligible for a range of tax concessions under the Government’s proposed changes to the law. Small businesses will also be able to pick and choose which tax concessions best suit their business. It’s ...

0 comments Read the full article →
Budget Highlights: Cutting Red Tape for Small Business

From 1 July 2007: The annual turnover thresholds for registration for the GST is increasing from $50,000 to $75,000 for businesses. This is great news for many small business who are heavily burdened with compliance obligations and mounting late fines. From 1 July, qualifying businesses may elect to de-register for ...

0 comments Read the full article →
Child Care Budget Changes #2

The second 2007-08 Budget initiative relating to child care comes in the form of changes to the way parents currently claim the child care tax rebate. 2. The Government will bring forward payment of the Child Care Tax Rebate (CCTR) and pay it through the Family Assistance Office (FAO) at ...

0 comments Read the full article →
Child Care Budget Changes #1

According to the Family Assistance Office, a number of the 2007-08 budget initiatives will impact Centrelink and FAO customers. Two significant changes have been announced in regard to child care. They are both good news for parents. 1. The rate of Child Care Benefit (CCB) will be increased by 10 ...

0 comments Read the full article →
Budget Highlights: Personal Tax Cuts

The Government has announced $31.5 billion of tax cuts over the next 4 years: • From 1 July 2007, the 30 per cent threshold will rise from $25,000 to $30,000. • From 1 July 2008, the 40 per cent threshold will increase to $80,000, and the 45 per cent threshold ...

0 comments Read the full article →
More Personal Tax Cuts

According to Budget 2007-08, all taxpayers will benefit from from a further $31.5 billion in tax cuts over the next four years. Highlights include: From 1 July 2007, the low income tax offset will increase to $750 per year and the 30 per cent threshold will rise from $25,000 to ...

0 comments Read the full article →
Cash Bonus for Senior Australians

On Tuesday, 8 May 2007 the Commonwealth Government announced details of the Budget for 2007-08.One-off $500 Payment A non taxable one-off payment of $500 will be paid by 30 June 2007 to each person of age pension age eligible for Utilities Allowance as at 8 May 2007. A payment of ...

0 comments Read the full article →