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Budget Brief.pdf

MAY-JUNE-2006-BUDGET-BRIEF..pdf
Preview of Budget Brief
🔗 Source: carbonico.com.au
📊 Size: 50 KB
👤 Author: Carboni
⬇️ Downloads: 127

Summary

- Reduction in Fringe Benefits Tax rate from 48.5% to 46.5%
- Increase in GST cash accounting turnover threshold from $1 million to $2 million
- Increase in diminishing value rate for depreciation from 150% to 200%
- Simplification of Small Business CGT concessions
- Personal income tax cuts worth $36.7 billion over four years
- Reduction in top marginal tax rate from 47% to 45%
- Increase in Senior Australian Tax Offset
- Increase in Medicare levy thresholds
- Removal of part-year tax free threshold for students
- Increase in low income tax offset
- Tax-free superannuation benefits for Australians aged 60 and over from 1 July 2007
- Abolition of Reasonable Benefit Limits
- Removal of age-based deduction limits
- Increased deductibility of superannuation contributions
- Reformation of pension assets test to reduce assets test taper rate.

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Description

- Reduction in Fringe Benefits Tax rate from 48.5% to 46.5%
- Increase in GST cash accounting turnover threshold from $1 million to $2 million
- Increase in...

Technical Information

  • File Format: PDF
  • File Size: 50 KB
  • Pages: 2
  • Language: EN
  • Author: Carboni
  • Total Downloads: 127
  • Last Updated: 3 hours ago

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