THE ACT government has recently announced tax reforms to make the territory's taxes fairer, simpler and more efficient.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
A number of ACT assistance programs and government concessions will change to better target pensioners and help alleviate any adverse impacts pensioners may incur due to taxation reform.
Changes are being made to the Pensioner Duty Concession Scheme, the General Rates Rebate and the Rates Deferral Scheme.
The Pensioner Duty Concession Scheme helps eligible pensioners move to accommodation more suited to their needs, but who may find conveyance duty (stamp duty) to be a significant impediment and cost to downsizing.
The government has expanded the Pensioner Duty Concession Scheme to increase access to the scheme. These changes started on June 6.
Property owners who receive a Centrelink or Department of Veterans' Affairs pension with entitlement to a Pensioner Concession Card or a War Veteran's pension are eligible for the General Rates Rebate for up to 50 per cent of their rates. The rebate for capped recipients is being increased to $565 from $481.
The General Rates Rebate Scheme currently allows eligible households to defer payments of their general rates, on which a relatively low rate of simple interest is charged.
The government is expanding the eligibility criteria to non-pensioners aged 65 and over, regardless of whether they are working or retired.
These changes support older Canberrans and will help alleviate any additional cost of rates as a result of tax reform.
Pensioners and older Canberrans will also benefit from other areas of the tax reforms, such as the abolition of insurance duties.
Those who have insurance will benefit in a reduction in costs. For those who do not have insurance, the premium cost reductions will make insurance more affordable.
■ For more information, phone Canberra Connect on 13 22 81 or visit www.act.gov.au
