740 New Places to Boost Uni Entry in NSW

University students in New South Wales will benefit from 740 new Commonwealth supported places announced today by the Minister for Education, Science and Training.

“Places have been allocated for areas of skills need and student demand. New South Wales will receive 2,006 additional places by 2011,” Minister Bishop said.

“The new student places will provide for the training of 225 engineers, 200 nurses, 120 science professionals, 120 teachers, 50 health professionals including Indigenous health professionals, 10 business and IT professionals and 15 places for Indigenous education pathways.”

“Nationally the Australian Government has allocated more than 2,300 new Commonwealth supported places to help meet student demand for higher education,” Minister Bishop said.

More to Receive Higher Pensions

More than two million age pensioners will receive increases in their pension payments from 20 September 2007 and an estimated 300,000 older Australians will be able to access the pension for the first time or get a higher rate of pension.

Minister for Families, Community Services and Indigenous Affairs, Mal Brough, yesterday announced that pensions would once again rise above inflation.

The Minister said the adjustments from 20 September also applied to people receiving the full range of Centrelink payments, such as Disability Support pension and Newstart payments.

You can access a full summary of changes online here.

Elements of a Super Payout

From 1 July this year, Super payouts are made up of two components - a tax-free and a taxable component.

A tax-free component does not count towards your taxable income.

A taxable component is the part of the payment which is taxable. This will usually be broken up again into "taxed" and "untaxed" elements.

The taxed element had already had tax paid on it in the fund. It may or may not need to have additional tax paid on it once it is paid out. How much tax you may still need to pay on the taxed portion depends on the type of payout and your age when taking it. If you are 60 or over, you pay no tax on the taxed element of your payout.

The untaxed element is the part of your payout that hasn’t had any tax paid on it in the fund. It is still taxable so needs to included in your tax return as income. How much tax you will need to pay on the untaxed element depends on the type of payout and your age.

When you receive your payout, your super fund will send you a payment summary which will show the components (including any untaxed and taxed elements) and the tax withheld.

If the taxable component includes both taxed and untaxed elements, each is taxed separately according to different rules. For more detiled information, visit the ATO page How Your Super Is Taxed.

Thousands of Apprentices Gain New Benefits

According to a government media release this morning, thousands more Australians have today become eligible for a wide range of incentives to encourage the take up of apprenticeships in areas of skills shortages.

Backdated to 1 July 2007, Aircraft Maintenance Engineers, Binders and Finishers, Butchers, Flat Glass Trades, Furniture Finishers, Locksmiths, Optical Mechanics, Painters and Decorators, Picture Framers, Printing Machinists, Screen Printers, Shearers, Signwriters, Tree Surgeons, Vehicle Trimmers and Wood Machinists, will now join 38 trades previously eligible to access a range of Australian Government apprenticeship incentives including:

* $2,000 Apprenticeship Wage Top-Up;
* $1,000 Apprenticeship Training (FEE) Vouchers;
* $800 Tool Kit;
* $13,000 Wage Subsidy for Apprentices over 30 yrs;
* $1,000 Commonwealth Trade Learning Scholarship; and
* $1,000 Rural and Regional Skills Shortage Employer Incentives.

For more information contact the Australian Apprenticeships referral line on 13 38 73 or check out the website at http://www.australianapprenticeships.gov.au/.

Q&A: Allowances and Deductions

Question: I received a laundry allowance from my employer. Does this mean I have been reimbursed and can't claim a tax deduction for laundry?

Answer: Receiving an allowance from your employer (as shown on your payment summary) is not the same as being reimbursed. The allowance is taxable income and included on your tax return along with your regular wages. You can and should still claim a tax deduction for your actual laundry expenses in order to reduce your income (which now includes the allowance you received).