2010-11 Budget
Highlights of the new Budget
INTEREST DISCOUNT
· From 1 July 2011 (2012 Tax Year)
· 50% Discount on up to $1,000 of interest earned
· Reduces assessable income, as well as “adjusted taxable income” for other areas e.g. Family Tax Benefit or Commonwealth Seniors Health Card.
STANDARD TAX DEDUCTION
· From 1 July 2012 (2013 Tax Year)
· Optional $500 deduction instead of claiming work-related expenses and cost of managing tax affairs
· Increases to $1,000 from 1 July 2013 (2014 Tax Year)
SMALL BUSINESS
· Early company tax rate cut: 28% from the 2013 Tax Year
· $5,000 Immediate write off from 1 July 2012 (2013 Tax Year)
· Small Business Pool available at 30% depreciation rate (excluding buildings)
COMPANY TAX RATE REDUCTION
· Reduced to 29% in 2014 Tax Year
· Reduced to 28% in 2015 Tax Year
SUPERANNUATION
· Increasing SG rate from 9% to 12%
· Contribution of up to $500 for workers with low incomes up to $37,000
· SG Age increasing from 70 to 75
· Concessional cap for over 50s & balances of less than $500k increased to $50,000
· Co-Contribution cap to remain at $1,000 (Shading Range $31,920 to $61,920
|
Year |
SG % |
|
2014 |
9.25 |
|
2015 |
9.50 |
|
2016 |
10.00 |
|
2017 |
10.50 |
|
2018 |
11.00 |
|
2019 |
11.50 |
|
2020 |
12.00 |
