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The Federal Budget 2012

The treasurer promised that this year there would be a budget surplus; that is, turn a $44bn deficit in 2012 to a $1.5bn surplus in 2013.  To achieve this, business-promised tax cuts were scrapped, and other changes to superannuation and benefits tightened.  What it also focused on was the drive to collect every tax dollar owing, so funding was allocated to increasing ATO compliance activity to have a more aggressive compliance focus.  Technology has assisted to identify and review missing or incorrect information, in particular those using the e-tax system.

The following table lists some of the key changes:

Highlights

 Business Individual
  • Company tax rate reduction scrapped
  • Company loss carry back
  • Wine equalisation tax tighentened
  • FBT: Executives targeted by LAFHA changes
  • Tax increase for Managed Investment Trusts
  • CGT refinement and tightening
  • GST amendments
  • Tax Free theashold tripled
  • Non-residents taxed more
  • Medical expenses offset means tested
  • Golden Handshakes targeted
  • 8 dependent offsets merged into 1
  • Mature age worker offset phased out
  • Superannuation - increased tax on super contributions for the wealthy
  • Education Tax Refund replaced with School kids Bonus
  • Increased rate of Family Tax Benefit Part A
  • Disability Insurance scheme

 

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Increase in Superannuation Guarantee Levy

The increase to the Superannuation Guarantee from 9% to 12% is now official. A Bill was passed by both houses on 19 March 2012 that was dependent on the passing of the Mineral Resources Rent Tax, which has since happened.

The increases will occur from 1st July 2013.  Read more for a list on the amendments and when the increases will take effect.

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Pregnant Pause - Understanding the new paid parental leave scheme

Dec 2010

The Federal Government’s paid parental leave scheme is open for business. Available to eligible parents whose babies are born or adopted from 1 January 2011, the scheme opened for registrations on 1 October.

 

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Changing Rules for Trusts

A lot of family businesses use discretionary trust structures.  These have been popular because they provide both a level of risk management, separating the business from your personal assets, and are also quite tax efficient.

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