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 Treasurer indicated the budget was a “no frills budget” and it was. This series of posts incorporates a summary of matters within the Federal Budget, the Henry Review and other initiatives that have commenced in 2010 that may affect SME operators. Other than those items which have already commenced in 2010, none of the items contained within the budget, nor the Henry Committee Review, will become law until the budget and the various Henry Committee Review recommendations have been passed by the House of Representatives and the Senate, and signed by the Executive Council.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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