Welcome to the August edition of TOWER Talk.
Providing you with current information concerning TOWER,
our products and the industry.
In this edition:
82AAT Notices
Notices of Intention to Claim a Tax Deduction (82AAT (1A) Notice) will be mailed over a two week period, commencing on 22 August 2005.
To read more, click here
Super Fast Facts
Quick facts and updates on Superannuation to keep you informed. To read more, click here.
Canberra Corner
For an easy to read update on the progress of legislation through parliament, click here.
Notices of Intention to Claim a Tax Deduction (82AAT (1A) Notice) will be mailed over a two week period, commencing on 22 August 2005. These Notices are for Retail policies administered on PAS and LEO. Members who have made a personal superannuation contribution during the financial year 1 July 2004 and 30 June 2005 may be entitled to claim a tax deduction for those contributions. If eligible, members should complete the “Notice of Intention to Claim a Tax Deduction” form and return this to TOWER.
Please contact your Service Team if you have any questions regarding these Notices.
- Superannuation surcharge payable on individuals’ surchargeable contributions and relevant termination payments has now been abolished with effect from 1 July 2005 as the Superannuation Laws (Abolition of Surcharge) Bill 2005 has recently received Royal Assent.
- The Tax Laws Amendment (Personal Income Tax Reduction) Bill 2005 has also received Royal Assent which has served to change the personal tax rates and thresholds that apply from 1 July 2005. These changes are outlined below.
Resident Individual Tax Rates 2005/2006
2005/2006 Taxable Income
Tax on this income*
$0 - $6,000
Nil
$6,001 - $21,600
15 cents for every dollar over $6,000
$21,601 - $63,000
$2,340 plus 30 cents for every dollar over $21,600
$63,001 - $95,000
$14,760 plus 42 cents for every dollar over $63,000
$95,000 plus
$28,199 plus 47 cents for every dollar over $95,000
*These tax rates exclude the Medicare Levy of 1.5%.
There are many changes made to legislation that may affect you and your clients month to month. For an easy to read update on the progress of legislation through Parliament, click here.
Disclaimer
This document has been prepared to be used by financial planners and advisers only. It is not to be provided to individual clients. The information contained in this document is general information only and cannot be considered to be financial advice. The information does not take account of the investment objectives, financial situation or particular needs of any particular client. To the extent permissible by law, TOWER Australia Limited (ABN 70 050 109 450, AFSL 237848) and its related companies (TOWER) specifically disclaims any liability that may arise for any direct, indirect, incidental, consequential or special damages that may arise from the access to or use of this document. No liability is accepted by TOWER for errors and omissions or for loss or damage suffered as a result of reliance on this document.
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TOWER Australia Ltd
A.B.N. 70 050 109 450
AFSL Number 237848