Future potential tax changes

The following is a list of what might eventuate in the future

Small business (turnover of less than $2m)

1. From 1 July 2012 reduction in company tax from 30% to 29%
2. From 1 July 2012 immediate write off for any asset costing less than $5000
3. From 1 July 2012 all assets costing $5000 or more will be depreciated at 30%

Large business

1. From 1 July 2013 reduction in company tax from 30% to 29%

Personal

1. From 1 July 2011 50% tax discount on up to $1000 of interest income
2. From 1 July 2012 standard tax deduction of $500
3. From 1 July 2013 standard tax deduction of $1000

Superannuation

1. From 1 July 2012 government will contribute $500 to super for low income earners if money is contributed to super and a tax deduction claimed
2. From 1 July 2012 if you are 50 plus and your super is less than $500,000 you can continue to contribute $50,000 per annum and claim a tax deduction for it
3. From 1 July 2013 SGC increases to 9.25%
4. From 1 July 2013 the maximum ages for SG rises from 70 to 75
5. From 1 July 2014 the SGC increases to 9.5%
6. From 1 July 2015 the SGC increases to 10%
7. From 1 July 2016 the SGC increases to 10.5%
8. From 1 July 2017 the SGC increases to 11%
9. From 1 July 2018 the SGC increases to 11.5%
10. From 1 July 2019 the SGC increases to 12%