On May 11, Finance Minister Wayne Swan released the 2010 Australian Federal Budget. In this issue, we provide a summary of some of the key changes that will affect our clients, including:
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Increases to the Medicare Levy Low-Income Thresholds
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Increase in the Net Medical Expense Tax Offset Claim Threshold
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50% Discount on Interest Income Tax
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Standard Deduction for Work Related Expenses
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Superannuation Co-Contribution Changes
Also in this issue, we provide ten tips to help you get the most from your Tax Return and look at mistakes people make when buying their own small business.
Abbott's Advisor May/June 2010