The 2010/2011 Australian Federal Budget
May 11th 2010, 10:15 am
#1
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The 2010/2011 Australian Federal Budget
The 2010/2011 Australian Federal Budget
Tuesday 11th May 2010
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
Tuesday 11th May 2010
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
May 11th 2010, 10:26 am
#2
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Joined: Jun 2007
Location: Melbourne
Posts: 10,994
Re: The 2010/2011 Australian Federal Budget
The 2010/2011 Australian Federal Budget
Tuesday 11th May 2010
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
Tuesday 11th May 2010
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
May 11th 2010, 11:08 am
#4
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Joined: Feb 2010
Location: Amongst Melbourne's tall gum trees
Posts: 1,323
Re: The 2010/2011 Australian Federal Budget
The 2010/2011 Australian Federal Budget
Tuesday 11th May 2010
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
Tuesday 11th May 2010
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
May 11th 2010, 11:13 am
#6
I'm Old Gregg!
Joined: Mar 2009
Location: A Former Bogan Colony in QLD
Posts: 8,460
May 11th 2010, 1:48 pm
#8
Lost in BE Cyberspace
Joined: Dec 2008
Posts: 6,039
Re: The 2010/2011 Australian Federal Budget
Other things that will affect some people:
- The main thing in the budget for me was that unemployment is now predicted to fall below 5% in the next 2 years. This is amazing in these times.
- Low income tax offset up to $1500.
- Tax free threshold rises to $16,000.
- The 30 per cent threshold will increase from $35,000 to $37,000.
- The 38 per cent marginal tax rate will decrease to 37 per cent.
- This equates to the following tax cuts:
• A person earning $20,000 will have received an income tax cut of around 56 per cent;
• A person earning $50,000 will have received an income tax cut of around 18 per cent; and
• A person earning $80,000 will have received an income tax cut of around 8 per cent.
(http://www.youngandgrumpy.com/2010/0...-tax-cuts.html)
- From 2012/13 if you choose you will be able to just choose a "standard tax return" and claim $500 automatically with no proof or receipts required. Aimed at doing away with tax returns for thousands. This will save an average worker $192 in tax. Rises to $1000 the year after.
- Hugely increased smoking tax for you poor smokers
- Way more training places and apprenticeships to try to reduce the skills shortages (and presumably immigration).
- Superannuation (pension) rising to 12% over a number of years.
- If you own a company the company tax is going down to 28% by 2015 and a assets less than $5000 will enjoy instant write-off.
And some other big picture things:
- Massive injection into sport.
- They have also predicted that net govt debt as % of gdp will peak at just 6.1% (10 times smaller then the govt debt level of many major western economies) and the budget will be in surplus in 2012/2013. This relies on mining prices staying high this year as predicted.
- Money that was to be used on carbon scheme redirected to a renewable energy future fund.
- Receipts from mining tax to be used to build infrastructure (Qld and WA to get larger share) + fund some super changes + reduce company tax?. Budget deficit reduction not reliant on mining tax.
Last edited by fish.01; May 11th 2010 at 2:05 pm.
May 11th 2010, 4:06 pm
#9
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Re: The 2010/2011 Australian Federal Budget
May 12th 2010, 1:22 am
#11
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: The 2010/2011 Australian Federal Budget
Coverage has been crap as usual by the news websites.
The income tax cuts are not even covered on news.com.au they just say "x$for someone earning 100k " thanks for the table posted above but anyone seen a calculator so I can plug in my 1,500,000 salary and see what it does instead of having to guess.
Found this : 2010 rates from that Grump website.... fantastic, perhaps they should take over from news.com.au
$0 – $6,000 - Nil
$6,001 – $37,000 - 15c for each $1 over $6,000
$37,001 – $80,000 - $4,650 plus 30c for each $1 over $37,001
$80,001 – $180,000 - $17,550 plus 37c for each $1 over $80,000 (This is 1c per dollar better than 2009 )
$180,001 and over - $54,550 plus 45c for each $1 over $180,000 (this is same as 2009)
.
The income tax cuts are not even covered on news.com.au they just say "x$for someone earning 100k " thanks for the table posted above but anyone seen a calculator so I can plug in my 1,500,000 salary and see what it does instead of having to guess.
Found this : 2010 rates from that Grump website.... fantastic, perhaps they should take over from news.com.au
$0 – $6,000 - Nil
$6,001 – $37,000 - 15c for each $1 over $6,000
$37,001 – $80,000 - $4,650 plus 30c for each $1 over $37,001
$80,001 – $180,000 - $17,550 plus 37c for each $1 over $80,000 (This is 1c per dollar better than 2009 )
$180,001 and over - $54,550 plus 45c for each $1 over $180,000 (this is same as 2009)
.
Last edited by spalen; May 12th 2010 at 1:28 am.
May 12th 2010, 1:24 am
#12
Frequent Flyer Member
Joined: Jun 2007
Location: Melbourne
Posts: 10,994
Re: The 2010/2011 Australian Federal Budget
Definitely was mentioned.
Other things that will affect some people:
- The main thing in the budget for me was that unemployment is now predicted to fall below 5% in the next 2 years. This is amazing in these times.
- Low income tax offset up to $1500.
- Tax free threshold rises to $16,000.
- The 30 per cent threshold will increase from $35,000 to $37,000.
- The 38 per cent marginal tax rate will decrease to 37 per cent.
- This equates to the following tax cuts:
• A person earning $20,000 will have received an income tax cut of around 56 per cent;
• A person earning $50,000 will have received an income tax cut of around 18 per cent; and
• A person earning $80,000 will have received an income tax cut of around 8 per cent.
(http://www.youngandgrumpy.com/2010/0...-tax-cuts.html)
- From 2012/13 if you choose you will be able to just choose a "standard tax return" and claim $500 automatically with no proof or receipts required. Aimed at doing away with tax returns for thousands. This will save an average worker $192 in tax. Rises to $1000 the year after.
- Hugely increased smoking tax for you poor smokers
- Way more training places and apprenticeships to try to reduce the skills shortages (and presumably immigration).
- Superannuation (pension) rising to 12% over a number of years.
- If you own a company the company tax is going down to 28% by 2015 and a assets less than $5000 will enjoy instant write-off.
And some other big picture things:
- Massive injection into sport.
- They have also predicted that net govt debt as % of gdp will peak at just 6.1% (10 times smaller then the govt debt level of many major western economies) and the budget will be in surplus in 2012/2013. This relies on mining prices staying high this year as predicted.
- Money that was to be used on carbon scheme redirected to a renewable energy future fund.
- Receipts from mining tax to be used to build infrastructure (Qld and WA to get larger share) + fund some super changes + reduce company tax?. Budget deficit reduction not reliant on mining tax.
Other things that will affect some people:
- The main thing in the budget for me was that unemployment is now predicted to fall below 5% in the next 2 years. This is amazing in these times.
- Low income tax offset up to $1500.
- Tax free threshold rises to $16,000.
- The 30 per cent threshold will increase from $35,000 to $37,000.
- The 38 per cent marginal tax rate will decrease to 37 per cent.
- This equates to the following tax cuts:
• A person earning $20,000 will have received an income tax cut of around 56 per cent;
• A person earning $50,000 will have received an income tax cut of around 18 per cent; and
• A person earning $80,000 will have received an income tax cut of around 8 per cent.
(http://www.youngandgrumpy.com/2010/0...-tax-cuts.html)
- From 2012/13 if you choose you will be able to just choose a "standard tax return" and claim $500 automatically with no proof or receipts required. Aimed at doing away with tax returns for thousands. This will save an average worker $192 in tax. Rises to $1000 the year after.
- Hugely increased smoking tax for you poor smokers
- Way more training places and apprenticeships to try to reduce the skills shortages (and presumably immigration).
- Superannuation (pension) rising to 12% over a number of years.
- If you own a company the company tax is going down to 28% by 2015 and a assets less than $5000 will enjoy instant write-off.
And some other big picture things:
- Massive injection into sport.
- They have also predicted that net govt debt as % of gdp will peak at just 6.1% (10 times smaller then the govt debt level of many major western economies) and the budget will be in surplus in 2012/2013. This relies on mining prices staying high this year as predicted.
- Money that was to be used on carbon scheme redirected to a renewable energy future fund.
- Receipts from mining tax to be used to build infrastructure (Qld and WA to get larger share) + fund some super changes + reduce company tax?. Budget deficit reduction not reliant on mining tax.
May 12th 2010, 1:30 am
#13
Lost in BE Cyberspace
Joined: Apr 2004
Posts: 10,375
Re: The 2010/2011 Australian Federal Budget
I listened to the budget and didnt hear that either
Do you know when that comes in? this year we have about $6000 of out of pocket expenses despite medicare and private ins. Mainly dental
.
May 12th 2010, 1:38 am
#14
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: The 2010/2011 Australian Federal Budget
Nothing on the googlebox about it that I could find other than this whihc is different
http://www.youngandgrumpy.com/2010/0...threshold.html
May 12th 2010, 1:51 am
#15
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Joined: Jun 2007
Location: Melbourne
Posts: 10,994
Re: The 2010/2011 Australian Federal Budget
http://www.budget.gov.au/2010-11/con...verview_36.htm
The 5th item down is 'Personal income tax - increase in the net medical expenses tax offset claim threshold'.
Appears to start in 2011-12 and phased in. The ABC quoted increase to $2000 for the threshold.