...One of the many reason I like reading reports is to get the facts straight from the source without the media spin.
Despite much hype, the 2010 Federal Budget and the Goverment's response to the Henry tax review have resulted in few significant structural changes to the tax, superannuation and social security systems in Australia.
Sumary of the key annoucements:
Individual will only need to include 50% of interest income of up to $1,000 from certain investments in their tax return.
Taxpayer will have the option to claim a standard tax deduction of $500 in 2010-2013, increasing to $1,000 in 2013-14.
The personal tax cuts announced in the 2009 Federal Budget have confirmed, these changes are higlighted in bold below.