The biggest change to personal tax rates was announced by the Treasurer ahead of time, with the Labor party stating that they are open to bringing forward the next stage of tax cuts. The cuts in question were due to begin 1 July 2022, but have now been brought forward and back dated to 1 July 2020. The tax rates for the rest of the year will factor in the backdating of this announcement once the law is passed. 最后, the Low and Middle Income 税 Offset of $1,080法案将继续实施一年, with an enhanced Low Income 税 Offset (now $700 rather than previous $445).
Assuming these tax cuts are ratified, the current resident tax rates are:
Medicare is an additional 2% where applicable, so the top marginal rate is effectively 47%
The Government is more or less relying on people to spend this additional income to try and get the economy back on its feet as quickly as possible.
The third and final stage of changes to personal tax rates announced is to; reduce the 32.5% tax rate down to 30% and applying this to taxable incomes ranging from $45,000 – $200,000, meaning 94% of taxpayers will not pay more than 30%. This is still intended to occur from 1 July 2024.
Based on Budget announcements resident tax rates from 2024-25 will become:
领取福利金人士的现金支付
将支付两次250美元, 一个在2020年12月，一个在2021年3月, 给某些福利的接受者. The recipients will be people who receive: age pension, 残疾养恤金, 护理员付款, 家庭税收优惠, 家庭税收优惠一次性付清, 双孤儿抚恤金, 负责照顾津贴, Commonwealth seniors health card and veteran card.
退休金
Changes announced to 退休金 will certainly impact retirement savings of members over the long term, but they are not changes that members can really act upon. Rather they are imposed on the large 退休金 funds and are intended to enhance transparency and rationalise costs.
这些公告可概括为:
- A new 退休金 account is not automatically created when someone starts new employment.
- Reforms will be made to make it easier for 退休金 accounts to follow people’s employment.
- There will be annual performance testing and reporting for 退休金 funds, conducted by the Australian Prudential Regulation Authority, 2021年7月1日起.
- There will be a new online tool that makes it easy for people to compare the performance and fees of 退休金 funds.
It is worth mentioning the following measures which were announced in last year’s Budget. 这些还没有成为法律, but they are before Parliament and are expected to become law this financial year. These are announced to apply from 1 July 2020.
Increasing number of Self Managed 退休金 Fund members from 4 to 6
This was originally intended to apply from 1 July 2019. The start date has been revised to be the date of the enabling legislation receiving Royal Asset.
Super contributions ‘bring forward rules’ to be extended
Recently the 工作 test was extended allowing people aged 65 and 66 to contribute without needing to meet the 工作s test prior to making their contributions. The law is also to be amended so that these people can also access the three year bring forward rule for non-concessional contributions, subject to those particular rules still being satisfied.
配偶供款年龄上限提高
The age limit for making spouse contributions is currently set at 70, meaning that people aged over 70 cannot receive contributions made by another person on their behalf. From 1 July 2020 this age limit will be increased from 69 to 74.
请看我们的单独报道 Federal Budget 2020 announcements affecting businesses. If you would like to know more about how the Federal Budget announcements could you and your 退休金, 请 保持澳门赌场官网 与当地的Accru顾问澳门赌场官网.
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