From the category archives:

Budget 2008-09

HECS-HELP benefit for early childhood education teachers

March 29, 2009

The HECS-HELP benefit for early childhood teachers aims to encourage early childhood education teachers to take up employment in rural and regional areas, Indigenous Australian communities and areas of high socio-economic disadvantage. The Tax Office have produced a list of eligible work location postcodes. The benefit is one of  a number of initiatives the Australian [...]

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HECS-HELP benefit for maths and science graduates

March 29, 2009

The HECS-HELP benefit aims to encourage maths and science graduates to take up employment in specified occupations, including teaching of those subjects in primary and secondary schools. The benefit is one of  a number of initiatives the Australian Government announced in the 2008 Budget to implement its ‘education revolution’ policy.
You need to lodge an application [...]

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Hang onto those back-to-school receipts for tax time!

December 9, 2008

Parents should ‘keep their receipts’ for education expenses in light of the proposed commencement of the Education Tax Refund from 1 July 2008. Under the ETR, eligible families will be able to claim:
? a 50 per cent refundable tax offset every year for up to $750 for each child undertaking primary school, (that is, a [...]

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Budget 08: New Education Tax Offset

May 18, 2008

From 1 July 2008, families who receive FTB Part A with children in primary or secondary school will be able to claim a refundable tax offset for eligible education expenses. The offset will be claimed through the individual tax return for the relevant income year.
Eligible expenses would appear to include laptops, education software, text books, [...]

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Budget 08: Childcare Changes

May 18, 2008

From 1 July 2008, the Child Care Tax Rebate (CCTR) will increase from 30% to 50%. Currently this payment is made annually through Centrelink to cover out-of-pocket childcare expenses.
The maximum value of the claim will increase from $4,354 per child to $7,500 per child per year.
The payment frequency of the CCTR is set to change also and [...]

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Budget 08: Baby Bonus Changes

May 18, 2008

From 1 July 2008, the Baby Bonus will increase from $4,258 to $5,000.
There have been some other changes too. From 1 January 2009, eligibility for the bonus will be limit to families with income of $75,000 or less in the six months after the birth of the child (effectively, $150,000 per annum).
Additionally, from January, it [...]

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Budget 08: Other Assorted Changes

May 18, 2008

A few other budget changes and initiatives include:

Restricted eligibility for the Entrepreneur’s tax offset.
Changes to fringe benefits regarding the current exemptions.
Depreciation period changed for in-house software.
Definition of a family changed with regards to family trusts.
Expanding the definition of income for government support.
No deductions allowed for donations to political parties.
Luxury car tax rate to increase [...]

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Budget 08: First Home Saver Accounts

May 18, 2008

The First Home Saver Accounts (FHSA) will operate from 1 October 2008.
There have been some changes since the original proposal was first released. I’ll be writing in more detail on the FHSA soon (there’s a lot to cover).
Basically, eligible taxpayers make deposits into the accounts and the Government will partly match these contributions. Earnings on the accounts [...]

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Budget 08: Dependant Offset Restricted Eligibility

May 18, 2008

From 1 July 2008, an income threshold of $150,000 will apply when determining a taypayer’s eligibility for claiming certain tax offsets. These include Dependent Spouse, Housekeeper, Child Housekeeper, Invalid Relative and Parent/Parent-in-law tax offsets.
Currently these offsets are not income tested. By July 2009, the Government has said they will also align the definition of ‘income’ [...]

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Budget 08: Senior Australian Threshold Increase

May 18, 2008

The amount of income a senior Australian eligible for the Senior Australian Tax Offset (SATO) can earn before they incur a tax liability will increase to the following:
2008-09:
Singles $28,867     Couples (each) $24,680
2009-10:
Singles $29,867     Couples (each) $25,680
2010-2011:
Singles $30,685     Couples (each) $26,680
The Medicare Levy low-income threshold will also be increased to ensure that seniors will not pay [...]

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Budget 08: Low Income Tax Offset Going Up

May 18, 2008

From 1 July 2008 the Low Income Tax Offset (LITO) will increase from $750 to a generous $1,200. This means a taxpayer will be able to earn $14,000 before they pay tax.
From 1 July 2009, it will go up even further to $1,350 and from 1 July 2010 will reach $1,500.
The tax offset will continue to [...]

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Budget 08: Medicare Levy Surcharge Threshold Increase

May 18, 2008

From 1 July 2008 the Medicare levy surcharge thresholds will be increased.
Singles without adequete private health cover will no longer be liable for the surcharge until their income exceeds $100,000 (currently $50,000).
The family threshold will also increase to $150,000 (currently $100,000).

Compare private Health Insurance policies from participating health funds

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Budget 08: Income Tax Cuts

May 18, 2008

The Government has set a six-year tax goal for personal income tax rates. Currently, we have 4 tax rates (15%, 30%, 40% and 45%). The Government plans to reduce this to just three tax rates by eliminating the top marginal rate of 45%. 
You can see the 2007-08 tax rates from our main site.
Thresholds will increase over [...]

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