As part of our continuous service to our clients and other taxpayers interested in what Gotsis Rubic & Barbariol has to offer we have listed below a number of areas that relate to personal tax and other grants available to individuals.
First Home Savers Account (FHSA)
If you are an Australian aged 18 years or older, the Australian government provides you with assistance to help you save for your first home. You will receive a 17% contribution up to a maximum of $935 for the 2010-11 year
First Home Owner Grant (FHOG)
Introduced on 1 July 2000 was brought in to offset the effect of GST when purchasing your home. This grant entitles first home owners to a one-off grant of up to $7,000 if they satisfy all of the eligibility criteria.
Individual Tax Rates for Australian Residents
For 2010-11 the tax rates are:
| $0 – $6,000 | Nil |
| $6,001 – $37,000 | 15c for each $1 over $6,000 |
| $37,001 – $80,000 | $4,650 plus 30c for each $1 over $35,000 |
| $80,001 – $180,000 | $17,550 plus 37c for each $1 over $80,000 |
| $180,001 and over | $54,550 plus 45c for each $1 over $180,000 |
Foreign Employment Income
The Government has announced they will amend the general exemption available for Australians working overseas for over 90 consecutive days. The exemption will now only apply for income earners:
- as an aid or charitable worker employed by a recognised non-government organisation; or
- as a government aid worker; or
- as a specified government employee (for example, defence and police force personnel deployed overseas).
Further, income earned by an individual employed on an overseas project approved by the Minister for Trade as being in the national interest will remain exempt, as provided for by existing rules.
To avoid Australians paying double-taxation, a tax offset will be available for any foreign tax paid on their foreign employment income.
