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.

Australian income tax rates for the 2013/2014 year, (and for 2012/2013 year)


Note: For your convenience we have included the latest income tax rates, and the income tax rates for the previous financial year. Over time, this page will also include relevant tax offsets, such as the Senior Australians and Pensioners Tax Offset (SAPTO) (you can find information on SAPTO in other … [Read more...]

Super contributions: Juggling two caps is not excessive


Q: For a taxpayer aged over 50, can a total contribution of $175,000 this year ($150K non concessional and $25k concessional) and a total contribution of $475,000 next financial year ($450k non concessional and $25K concessional) be made without attracting penalty tax? A: The short answer your … [Read more...]

ATO levy hike for SMSFs

Australia Currency Roll Background

For those preparing or lodging the 2012/2013 self-managed super fund tax return you may get a rude shock when you discover the ATO has hit your SMSF with a whopping $321 supervisory levy for the year. You may recall that the ATO levy was supposed to be $191 for the 2012/2013 financial year, so … [Read more...]

Double contributions tax for high-income earners


In the May 2012 Federal Budget (rather than the 2013 Federal Budget), the Government announced that from 1 July 2012, anyone earning more than $300,000 will pay 30% tax on concessional contributions paid into a super fund, doubling the super tax bill for high-income earners. The regular … [Read more...]

Superannuation contributions: Are the caps merely a super con?

policy word in letterpress type

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...]

SMSF whack! Another 11% increase in ATO supervisory levy

parliament house

For the 2011/2012 year, the ATO supervisory levy for self-managed super funds has increased from $180 to $200. The levy hike is an 11% increase from the previous financial year, and a massive 400% increase from the ATO levy that was payable 5 years ago. In the 2012 Federal budget, hidden in the … [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...]