14th of December 2009
PAYG payment instalment for SMEs
Automatic reduction of PAYG instalments take effect for 2009/2010. Applies to quarterly payers who have their PAYG adjusted for GDP.
Tax equality for same sex couples
Same sex couples and families will be treated the same as married and defacto couples for tax purposes from 1 July onwards.
Education tax refunds now claimable
If you are eligible, you can now claim a refund for education expenses incurred by primary and secondary students from 1 July 2008. Don’t forget to keep your receipts.
Super changes
The reduction in the concessional superannuation contributions cap (from $50,000 to $25,000) and the reduction in the co-contribution rate (down to 100%) take effect from 1 July 2009.
Investment Allowance spending rush slows down
For those businesses selling products that qualified for the Investment Allowance, you can expect to see a slow down as the end of financial year rush is over. Sales will pick up again through the year for customers under the $2 million threshold as they can still access the higher Investment Allowance rate of 50% until 31 December 2009.