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Moree Ph: 0267 591000 Bingara Ph: 0267 241677 Warialda Ph: 0267 291216 |
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reception@candw.com.au |
Budget Notes
Individual Tax Payers
· Simple Individual returns will be offered a standard $500.00 deduction for 1st July 2012 and $1,000 from 1st July 2013. Taxpayers with deductions in excess of this can still lodge their return as normal.
· From 1st July 2011 individuals will have access to a 50% tax discount on up to $1,000 of interest earned.
· Previously announced income tax cuts will go ahead from 1st July 2010.
|
Taxable Income ($) |
Tax Rate (%) |
|
0-6000 |
0 |
|
6,001 – 37,000 |
15 |
|
37,001 – 80,000 |
30 |
|
80,001 – 180,000 |
37 |
|
180,000 + |
45 |
· Low Income tax offset will increase from $1350 to $1500 from 1st July 2010.
· From 1st July, 2009 the Medicare low income threshold will increase to $18,488 for individuals & $31,196 for families. The threshold increases by $2,865 for each dependant student or child.
· The net medical expenses tax offset threshold will increase from $1500 to $2000 from 1st July 2010.
· Child care rebate has been capped at $7500 from July 2010.
Small Business
· Small & medium business that employ and retain eligible apprentices between 12th May 2010 & 12th November 2010, will be eligible for a $3,350 bonus payment.
· The government intends to set up a national system for registering business names rather than the existing system of having to register in each state separately.
· The company tax rate will be reduced to 28% from the 2012/2013 year.
· Assets purchased for $5000 or less will be able to be immediately written off and all other assets (except buildings) can be pooled and depreciated at 30% from the 2012/2013 year.
Large Business (turnover greater than $2 million)
· Reduction in company tax rate to 29% in 2013/14 and 28% in 2014/15.
Superannuation
· From 1st July 2012 individuals aged 50 and over with total superannuation balances below $500,000 will be able to make up to $50,000 in concessional contributions each year.
· A superannuation contributions tax rebate of up to $500 will be introduced for low income earners (under $37000) which will be paid into the individuals superannuation fund.
· The superannuation co-contribution will be retained at 1:1 on contributions up to $1000.
· The superannuation guarantee age limit will be raised from 70 to 75 from 1st July 2013.
· Superannuation guarantee will be increased from 9% to 12% which will be phased in as follows;
|
Financial Year |
Superannuation Guarantee |
|
2013/2014 |
9.25% |
|
2014/2015 |
9.50% |
|
2015/2016 |
10.00% |
|
2016/2017 |
10.50% |
|
2017/2018 |
11.00% |
|
2018/2019 |
11.50% |
| 2019/2020 | 12.00% |
Goods & Services Tax
· $337.5 million will be spent to improve GST compliance.
Resource Super Profits Tax
· The government will introduce a resource super profits tax at a rate of 40%.
Should you have any queries regarding these budget measures, please contact your C & W advisor.
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