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

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Anyone with an adjusted taxable income of more than $300,000 (including rental property losses and other items) now pays 30% tax on concessional contributions paid into a super fund, doubling the super contributions tax bill for high-income earners. The regular contributions tax is a flat rate of … [Read more...]

Super contributions: $1 million opportunity

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Q: I am aged 54. How much can I make in super contributions without attracting penalty tax? 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 general … [Read more...]

Australian income tax rates for the 2014/2015 year, (and for 2013/2014 year)

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Note: For your convenience we have included the latest income tax rates, and also the income tax rates for the three previous financial years. The tax rates applicable for the 2014/2015 year and future years are set out in the tables below. We have also included the tax rates for the 2013/2014, … [Read more...]

ATO levy hike for SMSFs

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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...]

Superannuation contributions: Are the caps merely a super con?

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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

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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

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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

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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

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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

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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...]