Fast 2012 Tax Returns
Review of Federal Budget 2012-13 (Taxation and Superannuation)
There have been recent changes to tax brought upon by the 2012-13 Federal Budget announced earlier last week. This industry changes so quickly, it’s hard for individuals / businesses to keep up, and that’s why we’re here to help.
This article summarises the main tax changes contained within the budget:
- Beginning next financial year (1 July 2012), the tax free threshold will be tripling from $6000 to a massive $18200, relieving over a million Australians from a tax burden.
- Non-residents however will be taxed at a rate of 32.5% for taxable income below $80,000.
- Companies will be allowed to carry-back tax losses which will enable them to receive a refund against the tax paid in the previous year (2012-13). This will increase to two years from 2013-14. The maximum benefit amount that can be claimed upon is $300,000 per year.
- Small businesses will receive a tax break which increases the instant asset write-off threshold to $6,500.
- Non-resident investors will unfortunately no longer be eligible for the 50% CGT discount.
- Changes have been made to superannuation as well. The tax rate will double on concessional contributions made from individuals earning incomes above $300,000. In addition to this, the policy to allow individuals to contribute $50,000 as concessional where account balances are below $500,000 will be deferred till 1 July 2014.
These have been some of the major updates within the tax industry. To ensure you fully understand the changes and how it may apply to you, feel free to contact us for an obligation free consultation. What have you got to lose?
The earlier you prepare your Tax Return, the quicker you can get your TAX REFUND back in your pocket… where it should belong!
For more information please call the office 1800 556 122 to make an appointment, or contact our Business Accountants here.