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 from 1 July 2008 to 33%.
- Family Tax Benefit Part B limited.
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.
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