2006/07 Key Tax Changes

2006/07 Key Tax Changes

End of financial year tax help & tax tips - 2006/07 key tax changes

  • Income tax cuts from 1 July 2007. 30% tax rate will start from $30,001. A second round of tax cuts will flow to higher income earners on more than $75,000 in following year.

  • The Low Income Tax Offset increase from $600 to $750 from July 1. This will phase out once people earn more than $30,000.

  • The Tax Office will introduce Pre- Populated E-returns to simplify income tax returns. Details of salaries, interest, dividends, health insurance and welfare payments will be pre-prepared. Tax payers will still have to make manual claims for tax deductions or more complicated affairs.

  • The GST Registration threshold for small business will be increased to $75,000.

  • A 30% tax rebate for child care expenses will be paid shortly after the financial year. Previously you had to wait two years to receive rebate.

  • One-off doubling of superannuation co-contribution for those who claimed it in 2005/06 financial year.

  • Until 30 June 2007, after tax superannuation contributions of as much as $1 million can be made.

  • From 1 July 2007, tax free super benefits/withdrawals for superannuation fund members turning 60.

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

Business Services

Business Consulting

Individual Tax Return

BAS & IAS Lodgment Service

Set Up of New Business Entities

Partnership Tax Return

Financial Reporting

Business Tax Planning

Company Tax Return

Bookkeeping Solutions

Business Health Check

Trust Tax Return

Cloud Accounting

Business Funding & Finance

SMSF Tax Return


Budget & Cash Flow Forecast