2005/06 Key Tax Changes

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

JHBST Services

Tax Services

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