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 2015/2016 and 2016/2017 years

The Australian income tax rates applicable for the 2016/2017 financial year, and the 2015/2016 and 2014/2015 financial years 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, … [Read more...]

Double contributions tax for more high-income earners

Note: Currently (and until 30 June 2017), anyone earning an adjusted taxable income of more than $300,000 pays an extra 15% tax (total of 30%) on concessional (before-tax) super contributions. In April 2015, the ALP announced an election policy to bring the income thresholds down to $250,000, and on … [Read more...]

Concessional contributions cap for over-50s to be slashed from July 2017

On 3 May 2016, as part of the 2016 Federal Budget, the Coalition government has announced it intends to scrap the over-50s concessional (before-tax) contributions cap of $35,000, and reduce the general concessional contributions cap to $25,000, from its current $30,000, taking effect from July 2017. … [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...]

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...]