Budget Review 2012-13

Budget Highlights 2012-13

 Families: 
  • School Kids Bonus (replacing the Education Tax Refund) – About 1 million households claiming Tax Benefit A to receive cash payment of $820 for each high school student and $410 for each primary school student under School Kids Bonus, replacing the Education Tax Refund - see summary here ==> School Kids Bonus 2012-13 Budget
  • Increase to FTB from July 2013 – an additional payment of up to $600 each year. 
  • Scrapped:
  1. plans to introduce a 'standard deduction' in tax returns which would have made filing a tax return simpler.
  2. 50 per cent discount on interest income 
  • National Disability Insurance Scheme (NDIS) 
  • The funding will see an NDIS start in mid-2013 for around 10,000 people with significant and permanent disabilities in select locations across the country. This will increase to 20,000 people from mid-2014 – web page  http://www.ndis.gov.au/ 
  • Flood levy exemption extended to victims of 2012 flooding across eastern Australia 
  • Crackdown on living-away-from-home allowance for executives interstate or overseas 
  • Changes to Medicare levy surcharge and means-testing of private health insurance rebate 
  • Reduction in tax breaks for golden handshakes 
  • Phasing out of $50 mature age worker tax offset 
Business: 
  • $6500 instant asset write-off 
  • Scrapping of the 1% company tax cut 
  • Small businesses to "carry back" past profits to offset current losses see this post ==> Business To "Carry Back" Losses
  • $1,000 payment to companies for each worker they hire aged over 50 for at least three months 
  • Increase on Superannuation Guarantee from 9% to 12%
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See these posts with tips, calculators and checklists to help you prepare your eTax Return (and get a better refund) with less hassle - checklist of eTax and Assessable Income and deductions and checklist of eTax and Allowable Deductions.

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