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Most Australian resident individuals will no longer be entitled to an exemption in respect of their foreign employment income. Instead, foreign employment income will generally become taxable and taxpayers will be entitled to a foreign income tax offset for foreign tax paid on the foreign employment income.
Foreign employment income will only be exempt if an individual has earned the income as an aid worker, a charitable worker, under certain types of government employment or on projects that are in the national interest.
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Changes to tax law means changes to the way your income is calculated for some entitlements and obligations. The new income test do not alter the income tax thresholds or the way your assessable income is calculated. However, the income tests may affect the amount of tax you are liable to pay.
In the 2009/10 tax return and future years, there are 7 new items included in the tax return and if you have a spouse, an additional 6 items. With the changes some tax payers may no longer be eligible for or may received a reduced amount of tax offset or tax concessions, or may be liable for or an increased amount of Medicare levy surcharge or HELP and SFSS repayments. |
For most tax payers the final year the baby bonus is claimed through tax system is 2008/09 as the child turned five. Families who qualified under the baby bonus scheme will continue to claim concessions under that scheme in the tax return for the relevant year.
The baby bonus was replaced by the maternity payment (new baby bonus scheme) for babies born or adopted from 1 July 2004. This payment is $5,000 for each child and is made through the Family Assistance Office not the tax system. From 1 January 2009, the maternity payment will be paid in 13 fortnightly instalments of approximately $384.
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2010 Individual Checklist
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