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Welcome to Gordon Mendes Accounting & Business Services newsletters. In this issue; Key initiatives of the 2010-11 Budget Tracking down lost and unpaid super ITS A BOY! Farewell ________________________________________________ Key Initiatives of the 2010-11 Budget Easing cost of living and making tax time simplier: Delivering tax relief, including raising the effective tax-free threshold to $16,000 from 2010-11 Lower tax on savings - 50 per cent discount on up to $1000 of interest income Standard deduction to simplify the tax system and leave more in the pocket for 6.4 million Australians Skills for sustainable growth and building infrastructure $661 million for the Skills for Sustainable Growth strategy $5.6 billion for a new infrastructure fund and $1 billion to renew rail networks Renewables and energy efficiency $652 million Renewable Energy Future Fund Growing the whole economy Resource Super Profits Tax from 1 July 2012 Company Tax rate cut to 29 per cent from 2013-14 and 28 per cent for small business companies from 2014-15 Company tax rate cut to 28 per cent for small business companies from 2012-13 Instant asset write off for assets under $5,000 for all small businesses from 1 July 2012 Stronger, Fairer Super Increasing the super guarantee to 12 per cent assissting 8.4 million Australians From 1 July 2012, contributing up to $500 to offset contributions tax for those on incomes up to $37,000 From 1 July 2012, allow catch-up contributions by older workers with super balances less than $500,000 National Health and Hospitals Network Total new investment of $7.3 billion over five years, and $23 billion over the rest of the decade Additional $2.2 billion to meet the needs of our modern health system: $355 million for GP Super Clinics $417 million to enhance after hours services $523 million to train our nurses $467 million to introduce individual electronic health records _________________________________________________ Tracking down lost and unpaid super SuperSeeker - Australian Taxation Office's free online service. This service helps people locate super they have not yet claimed, as well as lost super. If you use SuperSeeker and locate lost super, the Tax Office will provide the super fund's contact details and a link to a form you can use to consolidate your lost super. If you find details about unclaimed super, they will provide the information you need to make a claim, To use SuperSeeker you will need to provide your Tax File Number For more information about searching for your lost or unclaimed super, refer to www.ato.gov.au/superseeker _________________________________________________ ITS A BOY Henry Jack Gordon is the newest addition to the Gordon family arriving on the 26 April 2010 weighing 9lb 2oz. Both Henry and Mum are doing great. .   ________________________________________________ Farewell We would like to announce that Vanessa Mendes has moved on from Gordon Mendes Accounting. We would like to thank her for her contributions to this company and wish her all the best. Issue 6, June 2010 Key Dates 21 June 2010  May Monthly Activity Statement Due 30 June 2010 End of Financial Year _____________________ Quote of the Month "Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful". -Albert Schweitzer