The basics of maximising your tax return remain the same every year — keep good records and deduct what you can — but there's constant changes to the rules. What are the big-picture changes to tax for individuals in 2010?
Picture by colin_lieberman
Compared to last year, when the education tax refund came in and Family Tax Benefit rules changed, 2010 doesn't have anywhere near as many major changes. The Australian Taxation Office has singled out the key legislative shifts which are likely to affect large numbers of individuals. These include:
- Removal of the baby bonus for the 2009-2010 financial year. This doesn't affect families already claiming the baby bonus for children born before that financial year, however.
- Changes to the law to allow same-sex couples the same tax concessions available to married couples and opposite-sex de facto relationships
- More detailed questions about superannuation contributions, and more complex rules for calculating some tax offsets and for income earned overseas
The ATO link below has more details on these changes. (As ever, if you need highly specific advice, contact the ATO or seek professional assistance.) One change not mentioned on the list (and which will affect the next financial year) is the rather annoying retirement of the E-Record package, which doesn't affect tax law but has left many individuals and businesses seeking a new way to store their business information.
What's new in 2010 [ATO]