|
|
The Treasurer, Mr Swan has delivered a budget with the focus on delivering a surplus in the 2012-13, getting more people into jobs and spreading the opportunities from the Mining Boom to more Australians.
|
|
|
|
From 1 July 2011, 70% of the low income tax offset (LITO) is to be included in employee's wages, an increase from the current 50%. Find out more...
Indexation of Family Tax Benefit payments, income thresholds and limits are to be suspended until 1 July 2014. Find out more...
From 1 July 2011 minors can not access the low income tax offset on unearned income. Find out more...
From 1 July 2011 the law will be amended to prevent deductions being claimed against all government assistance payments. Find out more...
Generally, the flood levy will apply to individual taxpayers, both resident and non-resident, who have a taxable income over $50,000 in the 2011-12 financial year. By virtue of the levy, for the 2011-12 financial year, the effective top personal marginal tax rate will be 47.5%, including the flood levy and the Medicare levy.Find out more...
From 1 July 2011 taxpayers with a dependant spouse aged less than 40 years (ie born on or after 1 July 1971) will no longer be eligible for the dependant spouse tax offset.
From 1 January 2012 the upfront discount on HECS student payments to be halved from 20% to 10% and the bonus on voluntary payments to the tax office of $500 or more is to be reduced from 10% to 5%.
|
|
|
|
From 10 May 2011 a flat rate of 20% will replace current statutory rates. Find out more...
Small businesses will be able to immediately write-off assets valued under $5,000 (currently $1,000) and all other assets (except buildings) will be written off in a single depreciation pool at a rate of 30%. In addition the first $5,000 of any motor vehicle purchase from 2012-13 will be immediately written off. Find out more...
Primary producers affected by natural disasters are able to access their farm management deposits (FMDs) within 12 months of making a deposit while retaining concessional tax treatment under the scheme. This will provide the same taxation relief as provided to primary producers affected by severe drought to those who are affected by other types of natural disaster.
|
Excess contributions can be taken out of an individual’s super fund and included in their assessable income, taxed at marginal tax rates instead of incurring excess contributions tax penalty where the amount is no more than $10,000. Find out more...
The Government announced in last years budget that the indexation applied to the income threshold for which the superannuation co-contribution is paid will freeze until 2011-12, this has been extended to 2012-13. Find out more...
50% pension drawdown relief will be phased out so that minimum payments can be reduced by 25% in 2011-12, returning to normal by 2012-13. Find out more...
The Government announced other superannuation measures. Find out more...
From 1 July 2012, people over 50 with balances below $500,000, can make up to $50,000 a year in concessional superannuation contributions as previously announced as part of the Government's response to the Henry Tax Report on 2 May 2010.
|
|
|
Source:
2011 Federal Budget Report, Chartered Accountants, https://www.charteredaccountants.com.au/~/media/Files/Industry%20topics/Tax/Current%20Issues/Federal%20budget/Weekly%20Tax%20Bulletin%20Special%20Budget%20Report%202011ICAA
Budget Overview, Australian Government,
http://www.budget.gov.au/2011-12/content/overview/html/overview_key_initiatives.htm |
|
 |
|
