As you’re probably aware, there have been some changes to income tests which affect your eligibility to certain tax rebates and government benefits. We now have to get used to terms like ‘adjusted taxable income’, ‘rebate income’ and ‘income for surcharge purposes’.
But wait, there’s more… the income tests for HELP amd SFSS repayments, Mature Age Worker Tax Offset , etc have been amended to include new items such as ’reportable super contributions’ and ‘total net investment losses’.
I have had a few recent queries regarding this and so I’ve put up a summary of the new income tests and what on earth they actually mean on the main site.
I have to say it… in what universe is this simplifying the tax system for the average taxpayer? I actually love this stuff and thinking about it is giving me a headache!
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 811 awesome articles for us at Alan Lewis Accountants – BLOG
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