Tax Update for Individuals
- Abolish mature age worker tax offset – 2013─14 tax return is the last return in which you can claim this offset, so you won’t be able to claim it in your 2015 tax return.
- Abolish dependent spouse tax offset – 2013─14 tax return is the last return in which you can claim this offset, so you won’t be able to claim it in your 2015 tax return.
- Phase out of net medical expenses tax offset – 2014─15 tax return is the last return you can claim this tax offset (subject to income tested), unless you have medical expenses relating to disability aids, attendant care or aged care, in which case you can claim up to 2018-2019 income tax year.
- Temporary budget repair levy – From 1 July 2014, 2% temporary budget repair levy will be imposed to individual taxpayer with a taxable income exceeds $180,000. As a result, the top marginal tax rate will become 49% (including 2% medicare levy). This levy applies to the 2014-15, 2015-16 and 2016-17 income years. It ceased applying from 1 July 2017.