2005/06 Key Tax Changes

End of financial year tax help & tax tips - 2005/06 key tax changes

  • Tax cuts at the top end – the top two marginal rates cut to 40% and 45%, $150K thresholds. 
  • The superannuation contributions surcharge was abolished from 1 July 2005. 
  • Tax-free benefits for the over-60s, no reasonable-benefit limits. 
  • A new 30% tax offset is available for out-of-pocket child care expenses. Expenses for the 2004/05 year are claimable in the 2005/06 tax return. 
  • A new 200% depreciation rate for newly acquired assets. 
  • From July 1 the fringe benefits tax rate will be reduced to 46.5%.

JH Business Services & Taxation
Accounting | Business Advisory | Tax Services
Specialist in small to medium business 
& personal tax services

Norwest Office

 Suite 205
29-31 Lexington Drive
Bella Vista
NSW 2153