05 May 099 Changes to income tests for various benefitsThe ATO advises that from 1 July 2009, changes to tax law will mean changes to the way the ATO works out income for some government benefits and obligations administered by the ATO and other government organisations. The changes do not change the income thresholds or the way the ATO works out assessable or taxable income. However, the changes may affect the amount of tax which a taxpayer is liable to pay as they may no longer receive a tax offset.
As part of the changes, two new items will be included in income for income testing purposes, these are:
- reportable super contributions
- total net investment losses.