A number of changes have been made to the individual tax return for the 2011 year.

Outlined below are some of the more important changes that will impact taxpayers lodging their 2011 tax return.

• Personal Income Tax rates have been marginally reduced from 1 July 2010.
• The Low Income Tax Offset has been increased to $1,500, up from $1,350.
• The Tax Free Threshold  has increased to $16,000, up from $15,000.
• The Medical Expenses Tax Offset threshold has been increased to $2,000, up from $1,500.
• The Senior Australian Tax Offset has been increased from $29,867 to $30,685 for singles and $25,680 to $26,680 for each for couples.
• Taxpayers receiving Youth Allowance can now claim self education expenses. A standard $550 deduction can be claimed from 1 July 2006 until 30 June 2011.
• The Paid Parental Leave (PPL) Scheme offers the primary caregiver of a child born on or after 1 January 2011  a maximum of 18 weekly payments equal to the minimum wage (currently $569.90). PPL payments are considered assessable income and need to be  included in your tax return.

If you are ready to lodge your 2011 tax return please call for an appointment or use the contact us Page. We are conveniently located in the Sydney inner west suburb of Five Dock.