Newsletter
May 2014 Newsletter
Individuals
- The current government has proposed to cancel the carbon tax-related income tax cuts that are legislated to commence on 1 July 2015, and repeal the associated amendments to the low-income tax offset (LITO). Under these changes, the tax-free threshold would remain at $18,200 and the maximum value of the LITO would remain at $445.
- The 30% private health insurance offset has been means tested since 1 July 2012. For 2013–2014, the singles’ income threshold for the 30% offset is $88,000 ($176,000 for families).
- The medical expenses offset is being phased out and will not be available after 2018–2019. Transitional arrangements allow taxpayers to claim the offset from the 2012–2013 income year until the end of the 2018–2019 income year, subject to limitations.
- From 2012–2013, the principal dependant offset is the dependant (invalid and carer) offset.