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24 September 2001

Tax Reform and 2001 budget change timetable

 

1999

21 September

CGT averaging abolished & New CGT regime commences

30 September

 

CGT indexation frozen*

 

2000

1 July

New individual marginal tax rates apply
GST commences
Excess Imputation credits refundable
Company tax rate reduced from 36% to 34% for 2000/01 tax year
Increased tax and medicare thresholds for Senior Australians and Pension rebate recipients

 

2001

22 May

Excessive component of ETP exempt from surcharge**

1 July

Company tax rates reduced from 34% to 30% for 2001/02 tax year
Removal of superannuation from Social Security means test for persons aged over 55

31 December

Proposed cut-off date for $300 one off tax-free payment for self funded retirees

 

2002

1 July

Proposed new rules for withholding tax

 

* for assets acquired before 21 September 1999

** Other Federal Budget changes in relation to adjusted taxable income backdated to 20 August 1996

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