Perks- Focussed, Client-driven Accounting & Financial Services Firm in South Australia & Northern Territory

Budget 2008-09: Minors and Tax-free Threshold

10.09.08

The maximum "unearned income" that a resident minor can earn for the 2008-09 income year is $2,667.

Effectively, a resident minor can receive up to $2,667 in trust distributions for 2008-09 before incurring a tax liability, unless the minor has other sources of income.

Generally, income derived by a minor is taxed under a separate rate. However, exceptions apply, such as income from full-time employment.

Tax Office Eyes Overdue Tax Lodgments
The Tax Office is eyeing companies, trusts, partnerships and individual taxpayers which have overdue income tax returns.

Tax Scams On Tax Office Radar
The Tax Office has recently highlighted the emergence of new tax schemes, warning taxpayers to be vigilant.

Education Tax Refund - Claims Check
The Tax Office will be data-matching with Centrelink to identify recipients who may be incorrectly claiming the education tax refund.

"Perks have provided me with excellent advice regarding the management of my company.” Warren Rogers

"Perks is more than just our accountants. They’re genuinely our business partner and advisors.” Jenny Sherman

“The proactive nature and forward thinking of the team at Perks has made us stop and think." Neil and Andrew Pike

"Perks has always swiftly responded and seamlessly fallen into stride with us to explore opportunities.” John Kain

"Perks has been our accountants, financial and business advisors for over two decades – critical at every stage of our business journey. " Greg Ennis

"Their detailed understanding of the process...and hands-on approach all combined to achieve an excellent result." Chris Day