25 Nov 2021 Personal Income Tax
Fact sheet: Rental property owners – Paying body corporate fees for your rental property?
You may be able to claim a deduction for body corporate fees and charges you incur for your rental property.
The ATO has released a new fact sheet to help you through what you could claim during Tax Time.
Download the fact sheet here.
JobMaker Plan – Temporary measures
The Government has introduced temporary measures and tax incentives to support businesses through the economic impacts of the COVID-19 pandemic for the 2020–21 and 2021–22 financial years.
Most of these measures relate to claiming tax concessions, deductions, and depreciation of assets at tax time. They include:
- Loss carry back
- Temporary full expensing
- Backing business investment – accelerated depreciation
- Instant asset write-off
- Interaction of tax depreciation incentives
- Increasing the small business entity turnover threshold
- JobMaker Hiring Credit
- Supporting your small business.
JobMaker Plan – Bringing forward the personal income tax plan
On 11 May 2021, as part of the Federal Budget 2021–22, the Government announced it will extend the low and middle income tax offset (LMITO) for the 2021–22 income year.
- increases the low income tax offset (LITO) from $445 to $700 and adjusts the phase out rules
- increases the top threshold of the 19% personal income tax bracket from $37,000 to $45,000
- increases the top threshold of the 32.5% personal income tax bracket from $90,000 to $120,000.
These measures result in changes to the tax rates for the 2020–21 income year for individuals who are Australian residents, foreign residents and working holiday makers.
The Tax Institute has produced our member-only Tax Rates Tables 2021–22 that reflect these changes. Download your copy here.