2012 Federal Budget

The Federal Budget 2012/2013 (also known as the 2012 budget) was announced by Treasurer Wayne Swan on Tuesday 8 May, 2012.

The Government reveals how it is going to spend taxpayers’ money over the following 12 months, and whether it will have any money left over. Federal Treasurer, Wayne Swan, has promised that the 2012 Federal Budget will deliver a surplus of $1.5 billion.

The Government also uses the Federal Budget to make significant policy announcements about superannuation.

Set out below are all SuperGuide articles explaining 2012 Federal Budget.

Double contributions tax for high-income earners

Note: Currently, anyone earning an adjusted taxable income of more than $300,000 pays an extra 15% tax (total of 30%) on super contributions. The ALP has announced a policy to bring the income thresholds down to $250,000. The rumour is that the Coalition plans to reduce the income threshold to … [Read more...]

Australian income tax rates for 2015/2016 and 2014/2015 years

The tax rates applicable for the 2015/2016 financial year, and for the 2014/2015 financial year are set out in the tax tables below (lists the tax brackets and individual tax rates). We have also included the tax brackets and individual tax rates for the 2013/2014, 2012/2013 and 2011/2012 years at … [Read more...]

SMSFs: ATO supervisory levy must be paid in advance

The ATO supervisory levy payable by SMSFs each year has been increasing in leaps and bounds over the past few years. The levy payable each year now sits at $259 and this amount is payable in advance. For a new SMSF what this means is that you would pay double the SMSF levy in your first … [Read more...]

SMSFs: Is the ATO supervisory levy ‘value for money’?

Every year, the ATO collects $259 from each self-managed super fund to finance the SMSF monitoring role the ATO performs on behalf of the government. Based on roughly 560,000 SMSFs that amounts to $145 million each year being collected from SMSF trustees, to monitor SMSFs.Over a period of 8 … [Read more...]

Super contributions: Can I contribute $1 million in one year?

Q: I am aged 54. How much can I make in super contributions without exceeding my contributions caps? Is it $210,000 or $215,000 or some other figure?A: Before I answer your question in detail, for the benefit of other readers I will first explain the figures you quote in your question.The … [Read more...]

Superannuation contributions: Are the caps merely a super con?

Under the superannuation rules, the annual superannuation contributions caps were designed to be indexed in line with movements in average wages. Wages have obviously increased since July 2007 (when the new contribution rules were introduced), but since July 2007, the concessional (before-tax) and … [Read more...]

Federal Budget May 2012: At a super glance

On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus.Mr Swan announced the following superannuation-related changes:Super contributions surcharge for high-income earners. Doubling of the contributions tax to 30% … [Read more...]

Another super con: Over-50s contributions cap removed

Until June 2009, Australians aged 50 years or over were permitted to make up to $100,000 a year in concessional contributions. In the May 2009 Federal Budget, the ALP government halved the concessional cap to $50,000, and then in the May 2012 Federal Budget, the over-50s concessional cap was halved … [Read more...]

Remember earlier Swan attack – freeze contributions caps and halve co-contributions

The 2012 Federal Budget has introduced further changes to the super rules, which we cover in other articles on this website. In this article, we explain the super changes the government snuck through in November 2011 although Federal Treasurer, Wayne Swan, may be hoping that we forget his earlier … [Read more...]

Swan backtracks again on tax discount for savings products

In the May 2010 Federal Budget, the Government announced a tax discount on interest income derived from savings products, to take effect from 1 July 2011.The tax discount policy was intended to allow Australians to claim a 50% tax discount for the first $1,000 of interest they earn, including … [Read more...]