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 Financial Happenings Blog 
Tuesday, May 11 2010

We have just emailed out our summary of the 2010 Budget as it relates to  personal finances and financial planning strategies.

This year's budget has provided a number of significant changes impacting on financial planning strategies.  These have been outlined in this summary.  The major changes include:

 

-          Confirmation of income tax changes from July 1st 2010 increasing the effective tax free threshold from $15,000 to $16,000 for those earning $30,000 or less, the bottom of the 30% marginal tax rate threshold increasing from $35,000 to $37,000 and the current 38% marginal tax rate being reduced to 37%.

 

-          A 50% discount commencing July 1st, 2011 on the tax payable on the first $1,000 of interest income generated by bank, credit union and building society accounts along with income from bonds, debentures and annuity products.

 

-          A $500 standard deduction for work related expenses starting 2012-13, increasing to $1,000 for 2013-14 to simplify tax returns and lead to tax savings for many individuals.

 

-          Superannuation guarantee contributions to rise from the current 9% to 12% by July 2019.

 

-          A $500 superannuation tax rebate, commencing July 1st, 2012, of the contributions tax for those with incomes of up to $37,000.

 

-          The superannuation guarantee age limit to rise from 70 to 75 starting July 1st 2013.

 

-          A reduction in the company tax rate from 30% to 29% in 2013-14 and 28% in 2014-15.

 

-          The company tax rate reductions to be brought forward for small businesses with the rate of 28% applicable from 2012-13.

 

-          Small businesses to be able to immediately write off asset purchases of less than $5,000 compared to the current limit of $1,000.

 

-          A permanent extension from 1st July 2012 of the eligibility for those over 50 to receive $50,000 of concessional contributions into super p.a. as long as superannuation balances do not exceed $500,000.

 

-          The Net Medical Expenses Tax Offset to increase from $1,500 to $2,000



To take a look at the full summary please click on the following link - 2010 Budget - Personal Finance Summary

Regards,
Scott Keefer


This Summary has been prepared as a brief summary of the 2010 Federal Budget as it impacts on personal finances.  It is a publication of A Clear Direction Financial Planning.  It contains general financial information.  Readers should check this information with a professional financial adviser before acting on any of the material contained in this document.

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