Updates

There are no major tax changes in respect of the 2010/11 year as it affects SMEs.
A summary of the matters included in the budget, Henry Review and Government Initiatives which have already started in 2010 include:
Medical expenses offset threshold
The threshold of $1,500 applicable under the medical expenses rebate rules will be increased to $2,000 from [...]

Personal savings will be encouraged by way of a 50% discount in tax payable on the first $1,000 of interest earned.
This will apply to interest earned from the 1st July 2011 on deposits held in banks, building societies and credit unions, and on bonds, debentures and annuity products.

The Federal Treasurer, Mr Wayne Swan, presented the [...]

The Government has announced that the Superannuation Co-Contribution of 100% of the first $1,000, contribution will no longer revert to $1,250 by 2012/13 and $1,500 by 2013/14. The threshold will be frozen at $31,920 for 2010/11 and $61,920 for 2011/12.

The Federal Treasurer, Mr Wayne Swan, presented the Rudd Government’s budget on 11th May 2010. The [...]

The corporate tax rate applying to small business companies (turnover under $2M) will reduce to 28% in 2012/13.
The corporate tax rate for companies with turnovers over $2M will reduce to 29% in 2013/14 and reduce to 28% in 2013/14.
While this is good news for small corporate entities, it does nothing for the vast majority of [...]

 
Forecasts for 2010/11
Projection2011/12
Projections2012/13
Projections2013/14

GDP Growth
3.25%
4%
3%
3%

Inflation
2.5%
2.5%
2.5%
2.5%

Unemployment Rate
5%
4.75%
5%
5%

Forecast Deficit/Surplus
$40.8B
$13B
$1B surplus
$5.4B surplus

Net Debt
$160B (11.4% of GDP)
 
 
 

Business Investment
7.5%
4%
 
 

Household Consumption
3.5%
4%
 
 

 
The Federal Government resources super profits tax is expected to contribute $12B over 4 years.

The Federal Treasurer, Mr Wayne Swan, presented the Rudd Government’s budget on 11th May 2010. The Treasurer indicated the budget was a “no frills budget” and it was. [...]