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Economic Overview
Federal Budget 2012/13

Find out what the key budget and economic highlights are for business, individuals and families.

Budget highlights
  • Scrapping of planned company tax rate reduction
  • Introduction of a loss carry-back for companies
  • Further restrictions on LAFHAs
  • Tightening of employment termination payment tax offset
  • Deferral of higher concessional contribution caps for super
  • Doubling of tax on super contributions for very high income earners
  • Non-residents locked out of CGT discount
  • Tripling of the tax free threshold
  • Scrapping of planned 50% discount on interest  
  • First stage of a national disability insurance scheme
  • Increase to the rate of Family Tax Benefit A (but changes to age of eligibility)
  • Scrapping of standard deduction for work related expenses
  • Tightening of Net Medical Expenses Tax Offset
Key economic highlights
  • Australian economy expected to grow 3 per cent in 2012/2013 and 3% in 2013/2014
  • Budget in surplus by 2012/2013 of $1.5bn
  • Unemployment to remain stable at 5%
  • Headline inflation 3% through the year to June 2013
Download Treasury documents and press releases
Budget website

Prime Minister
Spreading the benefits of the boom

Treasurer
A stronger economy for a fair Australia (budget overview)
Resourcing ASIC to continue strong market supervision
2012-13 Budget builds on growing record of tax reform
Keeping low-income earners exempt from Medicare Levy
New flood victims exempt from flood levy
Tax relief for businesses in our patchwork economy

Assistant Treasurer
Maintaining the Cross-Agency Approach to Preventing Abuse of Secrecy Jurisdictions (Project Wickenby) and Other Tax Compliance Measures

Minister for Financial Services and superannuation
2012-13 Budget – superannuation reforms

Budget Details
Click through to the pages below for details about how the Budget affects you.

For the greater good
Business
Individuals
Tax Measures
Superannuation
Compliance
Family & Community
Download the 2012/13 Budget Summary

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Last updated May 2012. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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