The Australian Federal Budget

The 2010/2011 Australian Federal Budget

    Tuesday 11th May 2010
    2010 Budget Australian Tax Rates

    Tax Deductions on interest income up to $1,000, a 50 per cent discount on up to $1000 of interest earned, to be effective from July 2011

    And that is about it…. as far as the average person is directly affected

The 2009/2010 Australian Federal Budget

    Tuesday 12th May 2009

    2009 Budget Australian Tax Rates:

    • No change to previously announced tax rates for 2009/1010
    • The Low Income Tax Offset is to be increased by $1,500 from July 2010, taking the effective tax free threshold to $16,000.

    2009 Budget Australian Superannuation Changes:

    • The co-contribution will be brought back down to the original 100%
    • Thresholds for the Tax rates on Superannuation contributions to be changed. the $100,000 cap will be reduced to $50,000 from July 1st 2009, and then again down to $25,000 from July 1st 2012.

    2009 Budget Baby Bonus Changes:

    • The upper income threshold will be frozen for 3 years

    2009 Budget Family Tax Benefit Changes:

    • The upper income threshold will be frozen for 3 years

    2009 Budget Aged Pension Changes:

    • Aged pension to be increased by $32.49 a week for singles and $10.14 for couples.
    • Aged Pension age to be increased to age 67, by 2017.

    2009 Budget First Home Buyer Grant Changes:

    First home owners grant boost is to be extended for another six months.

    • On 1st October 2009 it will be reduced to $10,500 for established homes, and $14,000 for new homes.
    • On 1st January it will be further reduced back to the original $7,000.

    2009 Budget Medicare Levy Changes:

    The Medicare levy surcharge will increase for singles earning above $90,000 and couples above $180,000

    • Singles without Insurance who earn between $75,000 and $90,000 will pay the same 1% Medical Levy Surcharge.
    • Singles without Insurance who earn between $90,000 and $120,000 will pay an increased 1.25% Medical Levy Surcharge.
    • Singles without Insurance who earn over $120,000 will pay an increased 1.50% Medical Levy Surcharge.

    2009 Budget Private health insurance :

    Private health insurance rebate to be means tested for singles earning over $75,000 and couples earning over $150,000, from July 2010.

    • Singles who earn between $75,000 and $90,000 will have the rebate reduced to 20%.
    • Singles who earn between $90,000 and $120,000 will have the rebate reduced to 10%.
    • Singles who earn over $120,000 will have the rebate removed completely.

    2009 Budget Maternity Leave:

    • Maternity leave of 18 weeks at Minimum wage (Currently $544pw)
    • This payment will be classed as taxable income.

The 2008 Australian Federal Budget
    The 2008/09 Australian Budget provides for a projected Budget surplus for next year of a record $21.7 billion, in the ALP’s first Budget for 13 years.

    An extra 31,000 skilled migrant places a year will added to the Migration program to assist employers struggling with labour shortages.
    Of next years total migration program’s 190,300 places, permanent skilled migration will be 133,500. The family stream will be increased to 56,500.

    From 1 July 2008, the main Income Tax threshold of 40 per cent will increase to $80,000 and the 45 per cent threshold will increase to $180,000. (As declared in the 2007 Budget) The 45% rate will reduce to 40% by 2013/14.
    Medicare levy surcharge threshold to be increased from $50,000 to $100,000 for singles, and from $100,000 to $150,000 for couples.
    Increasing the low income tax offset from $750 to $1,200.

    The Baby Bonus is to be means tested, meaning that no family with a household income exceeding $75,000 for the six months after date of birth will be eligible for this bonus. From January 2009 it will also be paid fortnightly instead of as a One Off lump sum.
    Family Tax Benefit (FTB) Part B will be limited to families where the primary earner has an adjusted taxable income of $150,000 or less.
    Child Care Benefit will now be paid only to those earning under $110,000, although it increases from 30% to 50%.

    50 per cent tax refund on education expenses for school students (maximum $375 per Primary child and $750 per secondary child, per year).
    The Federal Government will increase funding for private schools from $3.1 million to $3.5 million over a five-year period.

    Plans to cut Wages growth down to 4% from the current 4.25% pa growth
    Employment growth to slow from 2.5% to 1.25%

    2008-09 Australian Federal Budget

The 2007 Australian Budget
    The 2007/08 Australian Budget provides for an underlying cash surplus of $10.6 billion, the Liberal Government’s tenth surplus.

    Personal income tax reform
    All taxpayers will benefit from a further $31.5 billion in tax cuts over the next four years.
    From 1 July 2007, the low income tax offset will increase to $750 per year and the 30 per cent threshold will rise from $25,000 to $30,000.
    From 1 July 2008, the 40 per cent threshold will increase to $80,000 and the 45 per cent threshold will increase to $180,000.

    Realising Our Potential
    $5 billion will be invested in a new Higher Education Endowment Fund to provide a perpetual source of funding for university capital works and research facilities.
    $3.5 billion of additional funding for education and training.

    Other key initiatives
    From 1 July 2007, rates of Child Care Benefit will increase by 10 per cent on top of indexation. The Child Care Tax Rebate will be available as a direct payment shortly after the end of the year.

    One off doubling of superannuation co-contribution for eligible contributions made in 2005/06, to improve superannuation savings for low income earners by $1.1 billion.

    $500 one off bonus payment, to ensure older Australians share in the economic growth they helped create.

    2007-08 Australian Federal Budget

0 0 votes
Article Rating
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments
Would love your thoughts, please comment.x