Budget 2008-09

By 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 ...

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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 ...

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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 ...

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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 ...

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Budget 08: Medicare Levy Surcharge Threshold Increase
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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 ...

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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 ...

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