From 1 July 2009, changes to tax law will mean changes to the way we work out your income for some government benefits and obligations administered by us and other government organisations.
The changes do not change the income thresholds or the way we work out your assessable or taxable income. However, they may affect the amount of tax you are liable to pay as you may no longer receive a tax offset.
yes folks, significant changes are already upon us, and i dont think too many are aware - YET.
these changes will mean anyone receiving some form of government assistance thru pensions or payments, or have various investments that create deductions that in turn reduce income and maintain eligibility for various tax offsets, or avoid having to pay other requirements are in for a rude shock.
IN OTHER WORDS, GOODBYE MIDDLE CLASS WELFARE.
i encourage anyone who relies or enjoys their little centrelink payment, or more importantly those who carefully structure their investments and deductions on investments to claim offsets, or avoid medicare levy surcharge or even paying your HECS debt had better revisit everything - NOW.
I GUARANTEE MOST ACCOUNTANTS HAVE NO IDEA THAT ITS ALREADY HERE, SO DONT THINK THEYVE KEPT WATCH FOR YOU.