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The Government will introduce a Resource Super Profits Tax at a rate of 40% from 1 July 2012. This tax will replace crude oil exercise. The proceeds from the Resource Super Profits Tax will be directed to building skills and infrastructure to sustain growth.
Australia has abundant non-renewable resources, which are expected to continue to command high prices driven by demand particularly from China and India. The Resource Super Profits Tax will increase the return to Australians from non-renewable resource deposits and will stimulate greater investment and growth. |
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The Government will provide a cash flow benefit to many small businesses by introducing an earlier cut to the company income tax rate to 28 per cent for small businesses from the 2012-13 income year.
Australia’s 2.4 million small businesses are the backbone of our economy. This change will enable small business companies to reinvest more of their profits back into the company to expand and grow their businesses.
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The Government will reduce the company tax rate to 29% (from 30%) for the 2013 - 2014 income year and to 28% (from 29%) for the 2014 - 2015 income year.
The reduction of the company tax rate will lead to an increase in investment, particularly from overseas. This in turn will flow through to higher real wages for Australians. By reducing the company tax rate Australia will encourage new industries and businesses to set up and new jobs to be created, growing the entire economy.
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The Government will significantly enhance and expand the existing capital allowance (depreciation) concessions available to small businesses from 1 July 2012. These changes will increase cash-flow, reduce compliance costs and simplify the depreciation calculations for up to 2.4 million small businesses. From 1 July 2012, the threshold under which depreciable assets of small businesses can be immediately written-off will be increased from $1,000 to $5,000.
Small businesses that elect to pool their assets will also be able to depreciate other assets (apart from buildings) in one pool at a rate of 30 per cent. This single pool will replace the two pools under the existing law.
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$337.5 million will be provided over 4 years to the ATO to fund additional activities that promote voluntary GST compliance. These measure are intended to address issues relating to fraudulent GST refunds, systematic under reporting of GST liabilities, non-lodgement of GST returns and non-payment of GST debts. This measure is expected to generate an additional $2.7 billion in revenue over 4 years due to increased taxpayer compliance.
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