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• Individual automatic $500 deduction measure has been withdrawn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