Here is the 2009 Tax Return Checklist to assist in the preparation of your 2009 Tax Return.
Archive for June, 2009
Small Business & General Business Tax Break – Additional Upfront Tax Deduction for Asset Purchases
The Australian Government has now legislated the Small Business and General Business Tax Break. Businesses will now be entitled to an additional upfront tax deduction for qualifying asset purchases if they pass certain requirements. This is on top of the usual capital allowance depreciation (or pooling) amounts claimed.
Medicare Levy Surcharge Changes
The thresholds for the Medicare Levy Surcharge (MLS) have changed for the 2009 and future tax years.
You will be charged a surcharge if you are;
- an individual earning more than $70,000 year in Taxable Income; or
- a couple earning more than $140,000 a year in Taxable Income.
Disclaimer
The following information is intended to be a guide only and is not intended to be advice. You should not act solely on the information contained on this website because many aspects of the information have been generalised and the tax laws apply differently to different people in different circumstances. Further, as tax and related laws change frequently, there may have been changes to the law since the information was published on the website. Specific advice should always be obtained from our office before taking action.
Seachange Taxation and Planning, its partners and staff expressly disclaim any and all liability to any person for the consequences of anything done or omitted to be done by any such person relying on information contained in part or in whole on this website.
Superannuation Income Streams – 50% Reduction in Minimum Payments
As a result of the downturn in financial markets, the Government has announced a 50 per cent reduction in the minimum drawdown requirement for account based pensions for the 2008-09 financial year. This will apply to account-based Allocated Pensions including Transition to Retirement and Term Allocated Pensions.
2009-10 Budget Proposals for Super – Salary Sacrifice Arrangements Impacted
It has been proposed that from the 2010 financial year onwards the annual superannuation deduction limits would be halved from 2009 levels and then indexed annually.