Newsletter
May 2015 Newsletter
Individuals
- For the 2014–2015 income year, the general tax-free threshold available to Australian resident taxpayers is $18,200.
- Certain low income taxpayers are entitled to the low income offset. The maximum offset for 2014–2015 is $445.
- The medical expenses offset is being phased out and will no longer be available after 2018–2019. Transitional arrangements will allow taxpayers to claim the offset from the 2012–2013 income year until the end of the 2018–2019 income year, subject to limitations.
- The private health insurance offset has been means tested since 1 July 2012. There are three private health insurance incentive tiers.