CHANGES TO INCOME TEST

 

From 1 July 2009, changes in legislation will affect the calculation of certain government benefits and tax offsets.

 

There will be three new income tests:

1. Adjusted taxable income (ATI)

2. Rebate income

3. Income for surcharge purposes.

 

The following two new items will be included in the existing tests:

1.      Reportable super contributions

2.      Total net investment losses

 

Income tests that will be modified are set out below:

·         Higher Education Loan Repayment and Student Financial Supplement Scheme Repayments

·         Superannuation income tests

·         Mature age workers tax offset