With the year end approaching, there are many tax and superannuation changes you can expect from January 1, 2013.
- The Dad and Partner pay will be available to eligibile working fathers and partners
- The SchoolKids Bonus replaces the Education Tax Refund
- The Government will limit eligibility for Family Tax Benefit Part A to young people under 18 years of age or, where a young person remains in secondary school, the end of the financial year in which they turn 19
- All unemployed single parents will lose the Parenting Payment when their youngest child turns eight
- There will be more generous income test for single principal carer parents on Newstart Allowance that will allow them to earn around $400 more per fortnight before ceasing eligibility for payment
- Individuals can travel overseas and continue to receive income support payments such as the Parenting Payment, Austudy, Rent Assistance and Family Tax Benefit Part A and B – among others – for only six weeks as opposed to 13 weeks
For more information on any of the above changes and to view our full newsletter, click here.