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Changes effective 1 July 2016 (i.e., 2016/17 income year) 1.1 Targeted personal income tax relief From 1 July 2016, the government will increase the 32.5% personal income tax threshold from $80,000  to $87,000.   This measure will reduce the marginal…

Other Budget announcements  Changes effective for the 2015/16 income year 1.1 Medicare levy low income thresholds for 2015/16  For 2015/16, the Medicare Levy low income thresholds will be as follows:                    …

Superannuation reform changes (part 2)    Changes effective from 1 July 2017 (i.e., effective from the  2018 income year)   1.1 Allow catch-up concessional superannuation contributions From 1 July 2017, the government will allow individuals with a superannuation balance of…

Superannuation reform changes (part 1)  Effective Budget Night – 7.30pm (AEST) 3 May 2016 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000 lifetime non-concessional contributions cap. The lifetime cap will take into account all non-concessional…

A tax offset may apply if contributions are made on behalf of your spouse to a: complying super fund retirement savings account (RSA). This tax offset applies to contributions made on behalf of non-working or low-income-earning spouses, whether married or…

Each year, the ATO identifies industries that they believe are at risk of not meeting their super guarantee obligations for eligible employees. This year they are looking at these industries:  bakeries; supermarkets; car retailers; and computer system designers. Letters will…