2004/05 Key Tax Changes

End of financial year tax help & tax tips - 2004/05 key tax changes

• From1 July 2005 – Super surcharge abolished. 2004/05 surcharge rate reduced to 12.5%.

• Choice of superannuation fund starts.

• The Government co-contribution matching rate in 2004/05 is $1.50 for each $1 of employee contribution, up to maximum of $1,500.

• Stamp Duty: From 1 June 2004, unpopular vendor duty of 2.25% introduced. In recent State Budget, this tax is to remain.

• Land Tax - New tax rates and abolition of the tax-free threshold and abolition of the premium property tax. For 2006 land tax year – reinstatement of the tax-free threshold. No tax up to $330,000.