Many changes proposed in the recent Federal Budget and at other times will commence on 1^st July 2009.

Some of the more important are:-

• Adjusted taxable income - new concept
  
  
• Education Tax Refund (ETR)
  
  
• Employee Share Scheme - changes on hold whilst "unreasonable" changes are reviewed
  
  
• Entrepreneurs Tax Offset
  
  
• Family Tax Benefit (FTB) - changes to delivery of
  
  
• HELP repayment thresholds
  
  
• Individual tax rules
  
  
• Non-commercial losses - $250,000 plus income
  
  
• Private health insurance rebate - yet to be finalised
  
  
• Rebate income - new concept
  
  
• Research & Development tax concession
  
  
• Restriction of Exemption for Overseas Employment Income
  
  
• Senior Australian tax threshold
  
  
• Superannuation deductions reduced
  
  

Source:  PlannerWeb / AcctWeb