Canberra, 23 April 2010: The Government’s long awaited response to the Henry Review will be released on Sunday, 2 May 2010.
The Henry Review is the most comprehensive review of Australia’s tax system in 60 years. The Government’s response is anticipated to herald a series of sweeping reforms.
The Review has taken a ‘root and branch’ approach and examined Australian and State government taxes, and interactions with the transfer system in order to make its recommendations for structural reform.
More Information: Australia’s Future Tax System Review
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Flood levy announced
The Government has just announced an increase to the Medicare Levy threshold to help pay for the flood recovery process.
Applying from the 2011/2012 income year, the flood levy of 0.5% will apply to all taxpayers with a taxable income of $50,000 or more and 1% for all those with an income above $100,000. Those below the income threshold or who are in receipt of an Australian Government Disaster Recovery Payment for a flood event that occurred during the 2010/2011 income year will be exempt from paying the flood levy. The levy is intended to apply to the 2010/2011 income year only.
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Tags: ATO | Federal Government | Flood assistance | flood levy | State Government
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