November 28, 2012 by stirling

  • Building Industry must commence recording taxable payments for all contractor services
  • Capital Gains tax – the 50% individuals discount has been removed for non-residents
  • Carbon tax begins to apply, increasing energy and business costs
  • Company tax remains 30%, but new Carry-back provisions allow 2012 tax to be recouped in 2013
  • Depreciation for SBE – assets under $6500 and first $5000 of new work cars are 100% deductible
  • Education Tax Refund replaced by Schoolkids Bonus & limited to Family Tax Benefit A eligibility
  • Eligible Termination Payments – new concessional tax treatment limits
  • Entrepreneurs tax offset ends
  • Fuel Tax Credit rates change for purchases from 1st July for carbon charges
  • Individual automatic $500 deduction measure has been withdrawn
  • Individual flood levy tax ends 30 June 2012
  • Individual tax low income offset reduces 1500 to 445
  • Individual tax rate of 30% increases to 32.5%
  • Individual tax-free threshold goes to 18200
  • Living-away-from-home tax concession limited to a maximum 12 months
  • Medical expenses tax offset reduces to 10% over 5000 for those with 84000+ ATI income
  • Medical Private Health Insurance Rebate is reduced for those with 84000+ ATI income
  • Medicare Levy Surcharge increases up to 1.5% for those with no cover and 84000+ ATI income
  • Shareholder loans – stricter deemed dividend rules to apply unless a loan agreement
  • Super co-contribution reduces from 1000 to 500
  • Super contributions for income earners over 300,000 to be taxed 30% rather than 15%
  • Super deductible contribution limit drops from 50000 to 25000 for over 50’s