2008/09 Key Tax Changes
2008/09 Key Tax Changes
End of financial year tax help & tax tips - 2008/09 key tax changes
Changes to employee share scheme election requirements – $1,000 exemption applies if an election is made to be taxed upfront.
Increased Medicare Levy Surcharge threshold for singles and members of a family has been increased to $70,000 and $140,000.
Temporary Tax Break for business – Businesses may be able to claim a tax deduction of 50%, 30% or 10% of the cost of an eligible new tangible depreciating asset, acquired and first used or installed ready for use between specified periods under new law passed by Parliament in May.
Tax Calender is available for small business with turnovers below $2 million. This can be personalised for each individual circumstances. To download visit www.ato.gov.au/TaxCalendar
Education Tax Refund – Clients can claim 50% of eligible expenses up to $750 for each eligible child in primary school and $1,500 for each eligible child in secondary school or for an independent student.
New HECS-HELP Benefit for graduates.
Superannuation tax concessions cut for both high and low income earners. From July 1, tax deductible super contributions will be halved to $50,000 for those over 50 and $25,000 for younger workers.
The Government maximum super co-contribution reduced from $1,500 to $1,000.
Same-Sex Relationships and Tax – From 1 July 2009, all couples and families will be treated the same way for tax purposes, regardless of gender.
A change to Super for same-sex couples and their children – The law has been changed for regulated super funds to recognise same-sex relationships.
Tax-free super for people with a terminal medical condition. The fund is not required to issue a payment summary with the benefit and not required to include the amount in tax return for 30 June 2009 tax return.
Foreign deductions and losses after 1 July 2008 – Foreign losses are no longer quarantined from domestic income or from other foreign losses of a different class.
Lump sum claim of Family Tax Benefit is no longer paid through lodging annual tax return. Claim FTB through the Family Assistance Office for the year starting 1 July 2008 and future years.
First Home Saver Accounts – Clients do not pay tax on earnings on this account. The government will pay a 17% contribution on up to $5,000 of personal FHSA contributions made each year.
JH Business Services & Taxation
Accounting | Business Advisory | Tax Services
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& personal tax services
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