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2009 Federal Budget

Individual Tax Rates

From 1st July 2009 all Australian Taxpayers will receive further personal income tax cuts as announced in the May Budget. The changes are summarised in the following table:

2007/08
Taxable Income

Tax Rate

2008/09
Taxable Income

Tax Rate

2009/10
Taxable Income

Tax Rate

$0 - $6,000

Nil

$0 - $6,000

Nil

$0 - $6,000

Nil

$6,001 - $30,000

15%

$6,001 - $34,000

15%

$6,001 - $35,000

15%

$30,001 - $80,000

30%

$34,001 - $80,000

30%

$35,001 - $80,000

30%

$80,001 - $180,000

40%

$80,001 - $180,000

40%

$80,001 - $180,000

38%

$180,001 +

45%

$180,001 +

45%

$180,001 +

45%


SUPERANNUATION

From 1st July 2007

  • Lump sum payments and pensions for those over 60 will be tax-free.
  • Self-employed taxpayers will be entitled to a full deduction for superannuation contributions
  • Self-employed people may be entitled to the super co-contribution payment (dependant upon income levels in 2007/2008)

Note: To obtain advice as to how these changes may effect you please contact one of our advisors for personalised advice.


SUPERANNUATION CO-CONTRIBUTION

The Government rebate of $1.50 for each $1.00 contributed to superannuation for eligible taxpayers, up to a maximum of $1,000, still applies. To be able to claim this rebate, the Superannuation Fund must receipt contributions by the 30th June 2007.

MEDICAL EXPENSES OFFSET

Cosmetic procedures are no longer eligible for the medical expense offset, even though performed by a qualified medical practitioner. Medical expense claims are still subject to the $1,500 thresh-hold limit.

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