New Financial Year Changes – #4

The new financial year always brings change, and 2019/20 is one of the more dynamic in recent times. An array of rates and thresholds have moved, but the first week of this July brings more than just incremental changes. A number of rules affecting the clients of financial planners are markedly different in the new financial year. This month there are a dozen of these changes that planners need to know about;

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Tax Offsets

An increase in allowable excess on private health insurance passes parliament.

A pair of bills that make amendments to private health insurance laws have passed both houses of parliament. The major change for advisers from these bills is an increase to the allowable excess on private health insurance hospital coverage before Medicare levy surcharge is payable. The allowable excesses will increase from $500 to $750 for individuals and $1000 to $1500 for couples and families from July 1, 2019.

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Tax Offsets

Increase in allowable excess on private health insurance passes parliament.

A pair of bills that make amendments to private health insurance laws have passed both houses of parliament. The major change for advisers from these bills is an increase to the allowable excess on private health insurance hospital coverage before Medicare levy surcharge is payable. The allowable excesses will increase from $500 to $750 for individuals and $1000 to $1500 for couples and families from July 1, 2019.

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Company tax rates

The coalition government’s policies on company tax have been under the spotlight for over two years. A proposal was made in the 2016/17 federal Budget to lower the company tax rate to 25%, regardless of company size. Even in 2018, repeated efforts to implement this proposal have been amended or defeated by the Senate, leading to some confusion as to the state of the current rules. More news on this to follow.

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