As previously released the Aged Pension qualifying age will continue to increase by 6 months every 2 years, so that the qualifying age will be 70 by 1 July 2035. Date of Birth between Eligible Age for Pension 1 July 1952 and 31 Dec 1953 65.5 1 January 1954 and 30 June 1955 66 1…
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Family Tax Benefit FY 2015
Family Tax Benefit payment rates will freeze for a 2 year period from 1 July 2014. Family Tax Benefit Part B – Primary earner income limit will reduce from $150,000 to $100,000 from 1 July 2015. Family Tax Benefit Part B will be paid until the youngest child turns 6. A transitional arrangement is in…
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HELP Repayment Thresholds
HELP Repayment Threshold to be reduced from 1 July 2016. New minimum repayment threshold will be set at 90% of the minimum threshold that would otherwise have applied for the 2016/17 year (approx. $50K). A new minimum repayment rate of 2% will apply to debtors with incomes that have been caught by the reduced threshold.…
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Tax Offsets
Nearly all of the dependant tax offsets including the dependent spouse tax offset will be abolished from 1 July 2014. Mature Aged Workers Offset will be completely abolished from 1 July 2014 Savings from MAWO abolition will be used for an expanded seniors employment incentive payment called Restart. Under Restart a payment of $10,000 will…
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