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10 highlights from the 2012 Federal Budget

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