Tax Offsets

Thumbnail image for Changes to Income Tax Rates and LITO [Video]
By April 10, 2012

By now, most people are probably aware that the tax-free threshold is going up. But what about some of the other changes that are on the way as a result of the Clean Energy reforms? The government have made good use of the media to let taxpayers know that they ...

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Thumbnail image for Means Test for Private Health Insurance Rebate [Video]
By March 10, 2012

As it stands at the moment, almost anyone under 65 in entitled to a 30% private health insurance rebate, and it’s even more if you’re over 65. Most people receive this benefit directly in the form of reduced insurance premiums. Otherwise, it can be claimed in your income tax return. There’s ...

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Thumbnail image for Payroll Tax Rebates for Hiring Employees with a Disability
By October 26, 2011

A new Bill has been introduced into parliament to establish a payroll tax rebate scheme which is intended to encourage the employment of people with disabilities (as opposed to the general dis-incentive payroll tax offers for employing people). The Payroll Tax Rebate Scheme (Disability Employment) Bill 2011 will provide employers with ...

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Thumbnail image for Forget the Ads… You’ll Still be Taxed
By July 2, 2011

The recent spate of “get private health cover before 30 June or get taxed” campaigns really irritate me. I have nothing against Private health Cover and if you’re likley to be up for the Medicare Levy Surcharge (MLS), you should look into it. What bugs me is that unless you ...

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Low Income Tax Offset for 2011
By June 19, 2011

Last year the post titled Low Income Tax Offset for 2010  proved to be one of the most popular topics. With Tax Time just around the corner, it’s time we update that information and take a look at LITO for 2011. This year, adult taxpayers do not pay tax until their income is above ...

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Thumbnail image for Phasing Out of Dependent Spouse Tax Offset
By May 10, 2011

*** SEE FURTHER DOWN FOR AN IMPORTANT UPDATE. *** The Government will phase out the tax offset for dependent spouses currently aged less than 40 to help encourage more Australians into paid employment. This reform will mean that from 1 July 2011 taxpayers with a dependent spouse born on or after ...

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Thumbnail image for More take-home pay for low income earners
By May 9, 2011

Measures to bring forward low income tax offset (LITO) relief to 6.5 million low income taxpayers will be annouced in tomorrow nights budget. From 1 July 2011, the Government will increase the proportion of the low income tax offset (LITO) that is delivered through workers’ week-to-week pay packets from 50% ...

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