There are limited changes in FBT and income tax, however as a
result of the repeal of the Minerals and Resource Rent Tax, there
are quite a few changes to superannuation. These are outlined
Fringe Benefits Tax
After a crackdown in 2012 on the Living Away From Home Allowance
(LAFHA) and in-house benefits FBT concessions, plus the aborted
removal of the statutory formula method for cars this year, it is a
relief that there are no FBT related changes in today's
A number of superannuation measures that were introduced with
the Minerals Resource Rent Tax (MRRT) will be repealed. These
changes result in a gain to the budget of $9.5 billion over the
forward estimates period.
The low income superannuation contribution expense measure which
was first announced in the 2010-11 Budget will be abolished, and
will be applied to contributions made from 1 July 2013.
The Gradual Superannuation Guarantee increase from 9% to 12%
will be adjusted, so the current increase at 9.25% will be
maintained until 30 June 2016.
In addition, the Government will not proceed with the funding
for the Priority consumer focused superannuation
activities measure that was previously announced in the
Pre-election Economic and Fiscal Outlook 2013.
The Government will be retaining the current tax rates for
0 - $18,200
$18,201 - $37,000
$37,001 - $80,000
$80,001 - $180,000
$180,001 and over
Repeal of the tax bonus for working Australians
The Government has decided to repeal the Tax Bonus for
Working Australians Act (No.2) 2009, which was introduced in
the previous Labour Government, where tax bonus payments of up to
$900 were to Australian residents who paid tax in the 2007-08
The Government believes that the issues of such cheques are no
longer warranted, and as a result the ATO will no longer be issuing
further tax bonus cheques upon the abolishment of the Tax Bonus
for Working Australians Act (No.2) 2009. The repeal will come
into effect the day after Royal Assent.
There has been a range of recent legal developments that affect privacy, child abuse claims and workers compensation.
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