1. Federal Income Tax Guide

Legislation passed in 2014 applied the Temporary Budget Repair Levy of 2% to taxable incomes in excess of $180,000 for a period of 3 years from 1 July 2014 until 30 June 2017. The tax rates tables above therefore reflect the removal of the levy with effect from 1 July 2017, and the return of the top marginal rate to 45%. With this change, most tax deduction employment schedules have been updated to apply from 1 July 2017. See updated The above tables do not include Medicare Levy or the effect of any (“LITO”).

Is applied on a progressive basis if eligible private health insurance cover is not maintained. There are low income and other full or partial Medicare exemptions available. A may also be applicable.

What’s new in 2017-18? As noted above, the higher income ($180,000 and above) 2% levy ceased on 30 June 2017. Here’s a list of some other significant tax changes applying in the 2017-18 financial year: Medicare Low Income Earners – The announcement of 8 May 2018 set out CPI uplifts to the medicare levy low income thresholds. Government super contribution for lower income earners: Under legislation passed in September 2014 the (“LISC”) benefit ceases on 30 June 2017. Determination of eligible LISC claims will cease on 30 June 2019. However the Budget 2016 contained a similar new measure to commence on 1 July 2017 for which legislation has now been passed – see: Spouse super tax offset: The full rebate spouse income threshold has been increased from $10,800 to $37,000 to apply from 1 July 2017, with a shading out on incomes between $37,000 and $40,000. The maximum rebate (calculated at the rate of 18% of maximum rebatable contributions) remains at $540.

Federal Income Tax Guide

See – Superannuation Caps and Pensions Rules – From 1 July 2017 Modified super contribution cap and retirement rules introduced, starting from 1 July 2017.

Confidently and quickly navigate all areas of tax with the Australian Master Tax Guide. Access authoritative commentary, practical examples, tax planning points, checklists and key tax rates and dates with ease.

This edition incorporates the 2017/18 Federal Budget measures and is up-to-date to 1 January 2018. An essential reference guide for all accountants, tax lawyers, financial advisors and payroll offices. KEY INCLUSIONS. A complete chapter of practical checklists, including expanded tax return preparation checklists for company, partnership and trust tax returns.

Complete effective life (depreciation) tables and calendar of key tax dates. A comprehensive subject index and finding lists. Practical examples and tax planning points. Authoritative commentary on all aspects of Federal income tax (including capital gains tax), GST, FBT, fuel tax credits, superannuation. Allison 754 troubleshooting guide. Basic overviews of State taxes such as duties, payroll tax and land tax.

TABLE OF CONTENTS. Highlights of 2017 Tax Changes. Checklist of Tax Changes in 2017/18. Introduction to Australian Tax System.

Types of Taxpayer. Tax Accounting, Stock. Income, Capital Gains. Superannuation, Termination. Personal Offsets, Deductions.

Capital Allowances, Incentives. International Taxation.

Finance. Returns, Assessment, Payment. Disputes, Avoidance, Tax Planning. Tax and BAS Agents, TFNs, ABNs. Other Taxes Other titles you may be interested in.