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  • Overview of Federal Budget

    9 May at 09:22 from atlas

    Proposed cut to the company tax rate of 1 per cent is scrapped.
    Government is introducing a loss carry?back, and extending this to a two year carry?back from 2013?14. In 2012-13, companies will be able to carry back tax losses of up to $1 million and from 2013-14 companies will be able to carry back losses for two years of up to $300,000 per year.
    From 1 July 2012, small businesses will be able to immediately write off each eligible business asset they buy costing less than $6,500 per asset;
    Assets costing $6,500 or more will be depreciated in a single pool at 30 per cent (15 per cent in the first year);
    Small businesses will be able to claim up to $5,000 as an immediate deduction for new or used motor vehicles acquired from 1 July.
    From 1 July 2012, the Government will introduce the Minerals Resource Rent Tax.
    The Government will also extend the Petroleum Resource Rent Tax to onshore oil and gas projects and the North West Shelf from 1 July 2012.
    Increasing the Superannuation Guarantee from 9 per cent in 2012?13 to 12 per cent by 2019?20. This measure was previously to be partially funded through the cut to company tax rate which has now been scrapped.
    From 2012?13 the Government will more than treble the tax free threshold from $6,000 to $18,200 and from 2015?16 the tax free threshold will increase further to $19,400 (funded by the Carbon Tax).
    Revenue from the Minerals Resource Rent Tax will go to $1.8 billion worth of increases to family payments from 1 July 2013, and a new Supplementary Allowance of $1.1 billion for eligible income support recipients, with the first payment in March 2013.
    From 1 July 2013 Family Tax Benefit Part A (FTB-A) will increase for all eligible families. For those on the maximum rate, the Government will deliver an increase of $300 per year for families with one child and an increase of $600 for families with two or more children.
    Changing living-away-from-home allowances and benefits by ensuring it can only be used for the expenses of people who are legitimately maintaining a second home in addition to their actual home, for a maximum period of 12 months.
    The Government will change the fringe benefits tax treatment of cars. Instead of providing a sliding scale of rates that rewards those who drive further, the Government is transitioning to a flat rate by 1 April 2014 that will apply irrespective of the distance travelled.