AUSTRALIAN INCOME TAX - Tax items for Tax year 2009/10

By Hugo Schouten Accountant, Adelaide, Australia.

DISCLAIMER: This information is for interest only and is not accounting, legal, taxation or any other advice. No person should rely on its contents and must obtain independent professional advice before taking any action.

Tax Returns By Internet

Consider these tax items in your personal Tax return if they apply.

Information mainly for Individuals and Small Business.

TAX RETURN NOTES FOR TAX YEAR 2009/10

These items will begin from 1 Jul 2009.

1. Entrepreneurs Tax Offset - changes to the income level where it will no longer apply (income above $250,000).

2. 8 DIFFERENT INCOME DEFINITIONS APPLY WITHIN THE TAX RETURN for Y2010.

Dependant Spouse offset income definition changed.

Mature age worker offset income definition changed.

Medicare Levy surcharge income definition changed.

Age pensioner offset income definition changed.

Spouse superannuation contribution - income of non-working spouse changed.

Deduction for personal super contributions - income changed for 10% rule.

Super co-contribution income definition changed

Repaying HECS/HELP debt income definition changed

3. Medicare levy surcharge - levy percentage increased for high incomes.

4. Super Co-contribution amount reduced to $1000.

5. Also Centrelink will count salary sacrifice for Superannuation as income.

6. Same sex relationship will be counted for Tax purposes.

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Go to Australian Tax Questions and Answers. Includes current TAX RATES FOR 2008/09.

Maintained by Hugo Schouten, Accountant and Tax Agent