Updates

The budget has been prepared in uncertain times. Matters which could affect the budget outcomes include: • The turmoil in Greece, particularly if this spreads to other European countries. • The expectation that commodity exports from Australia to China and other Asian countries will continue to rise. • The Government ...

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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 ...

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A standard deduction of $500 for the 2012/13 income year will be made optional in lieu of employment deductions and tax agents fees.  This deduction increases to $1,000 for the 2013/14 income year. Although I am sure this will sound appealing to some taxpayers, it is far from beneficial for ...

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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 ...

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The superannuation contribution levels are: Taxpayers aged:- 2009/10 2010/11 2011/12 50 and over $50,000 $50,000 $50,000 under 50 $25,000 $25,000 $25,000   The Government has announced, as part of the Henry Review, changes to the superannuation contribution levels. From the 1st July 2012 a tax payer aged over 50, who ...

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Super Co-Contributions

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 ...

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At present funds in a first home saver account must be held for at least 4 years before an individual can use the savings to buy a home.  If the home is purchased within the 4 year period the funds must be transferred to a superannuation account.  It is now ...

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Changes to Corporate Tax Rates

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 ...

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The Government has introduced the third tranche of its earlier commitment for reductions in personal income tax rates from 1 July 2010. Personal income tax rates which apply for the 2010/11 financial year are: From 1st July 2010 – Taxable Income ($) Tax Rate (%) 0 – 6000 0 6001 ...

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Key Budget Numbers at a Glance

  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% ...

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With the Budget just days away, I’ve stayed away from reporting on the Government’s response to the Henry Review…. let’s face it, it wasn’t much of a response (especially after the hype). These proposals are widely reported elsewhere which is why I have held off for now and thought I would include ...

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