Superannuation - the April 2013 proposed changes are now confirmed:-
- earnings in pension phase that exceed $100,000 pa to be taxed
- increasing the concessional contributions cap to $35,000 from 1 July 2013 for 60 and over and from 1 July 2014 for 50 and over
- increasing the ability to refund excess concessional contributions and allowing excess concessional contributions to be tax at marginal rates
- deeming account based pensions under the social security income test
Self Education Expenses Reforms from 1st July 2014 - $2,000 cap on tax deduction claims for work-related self-education expenses. These expenses include tuition fees, textbooks, stationery & travel expenses
Net Medical Expenses Tax Offset to phase out from 1 July 2013
Deferral of proposed tax cuts that were due to come into effect 1 July 2015.
Foreign Resident CGT 10% withholding tax from 1 July 2016 on disposal of certain taxable Australian property but to exclude residential property transactions < $2.5 million
Baby Bonus $5,000 to cease from 1 March 2014 and replaced by a lower $2,000 supplement payable only to recipients of Family Tax Benefit A
Family Tax Benefit A upper income cut-offs to be frozen until 1 July 2017
Child Care Benefit & Rebate - indexation of annual cap frozen at $7,500 for another 3 years until 30 June 2017. From 2012-13 year families now only have 12 months to make claim, rather than 2 years.
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