The Tax Law Amendment (Luxury Car Tax) Bill 2008 that proposes to increase the luxury car tax rate has finally been passed by the Senate.
The luxury car tax rate on vehicles that cost more than $57,180 will increase from 25% to 33%. The new rate will applied retrospectively from 1 July 2008.
The new first home saver accounts were introduced by the Government recently, to provide a simple and tax effective way to help first home buyers kick start saving for a first home. These accounts are available now for eligible people aged between 18 to 65.
The due date for lodgement of annual income tax returns for individual self-preparers is on 31 October 2008. The Commissioner of Taxation has issued a media release to remind taxpayers that the deadline to lodge income tax returns is fast approaching with less than one month to go.
Draft Self Managed Superannuation Fund Determination - SMSFD 2008/D1
Published on 10 September 2008 for public comment by 10 October 2008, this draft SMSFD explains the Tax Office’s preliminary view in respect of the following superannuation question:
“Is there any restriction in the Superannuation Industry (Supervision) Act 1993 on a fund trustee accepting from a member a binding nomination of the recipients of any benefits payable in the event of the member’s death?”
The federal government has released the report of the review of Australia’s national innovation system conducted by an expert panel. The report aims to catapult Australia into the globally competitive innovation playing field.