On 2 May 2010, the Government released to the public, the “Henry Report” on the future of Australia’s taxation system. There are 138 recommendations, but more than 100 of which the Government has made no commitment. Whilst some recommendations were adopted – the start dates are well into the future. Increase Superannuation Guarantee (SG) contribution rate.
Small increases commencing on 1 July 2013. Increasing the SG age limit from 70 to 75
1 July 2013 Low income earners Government contributions
1 July 2012 Concessional contribution caps for people aged 50 or more
1 July 2012 Cutting the company tax rate
For eligible small business companies 28% from the 2012-13 income year For other companies 29% for the 2013-14 Capital allowance concessions for small business assets
1 July 2012 Resource super profits tax
1 July 2012 Resource exploration rebate
After 1 July 2011 But they will be opposed by the Opposition who hold power in the Senate, so we may not see any of these in the final Legislation. In summary, quite disappointing
17th-May-2010 |