Updates

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By May 12, 2010

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
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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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Thumbnail image for Greater Flexibility for First Home Saver Accounts
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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
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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
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  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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