10 highlights from the 2012 Federal Budget
- No Company Tax Cut as previously promised
- Family Tax benefit A increases payments to families and individuals on welfare
- No standard deduction on company tax for small businesses
- New Schoolkids bonus scheme for education expenses
- Super high contributor’s tax for over 50’s earning greater than $300,000 per year
- Funding for GST additional compliance extended
- Deferral of contributions cap increase for over 50’s with low super
- No 50% discount on interest income
- Company loss carry-back scheme to receive refund on tax paid in prior year
- New Income support supplement for workers with children