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 2014/2015 year, (and for 2013/2014 year)   Super Guide

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, 2012/2013 and 2011/2012 years (including the low-income threshold for the Medicare levy) at the end of the article, for your reference and convenience.

Double contributions tax for high income earners   Super Guide

Anyone earning 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 tax bill for high-income earners. The regular contributions tax is a flat rate of 15%.

Super contributions: Juggling two caps is not excessive   Super Guide

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?

ATO levy hike for SMSFs   Super Guide

Effective from 2013/2014 year, the ATO supervisory levy for self-managed superannuation funds is set to jump again, increasing to $259 a year.

Superannuation contributions: Are the caps merely a super con?   Super Guide

Under the superannuation rules, the annual superannuation contributions caps were designed to be indexed in line with movements in average wages.

SMSF whack! Another 11% increase in ATO supervisory levy   Super Guide

Effective from 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.

Federal Budget May 2012: At a super glance   Super Guide

On 8 May 2012, Federal Treasurer Mr Wayne Swan released the 2012/2013 Federal Budget promising to deliver a $1.5 billion surplus.

Another super con: Over 50s contributions cap removed   Super Guide

Until June 2009, Australians aged 50 years or over were permitted to make up to $100,000 a year in concessional contributions. In 2009 the ALP government halved the concessional cap to $50,000, and then in the May 2012 Federal Budget halved it again to $25,000.

Remember earlier Swan attack – freeze contributions caps and halve co contributions   Super Guide

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 tinkering with the super rules.

Swan backtracks again on tax discount for savings products   Super Guide

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.