These yet to be legislated proposals include:
- 50% discount on up to $1,000 of interest income earned;
- Reduction in the corporate tax rate;Increasing the superannuation guarantee by annual increments commencing in 2013/14 until it reaches 12% by 2019/20;
- 50% discount on up to $1,000 of interest income earned;
- Reduction in the corporate tax rate;Increasing the superannuation guarantee by annual increments commencing in 2013/14 until it reaches 12% by 2019/20;
- Raising the Superannuation Guarantee age limit from 70 to 75 from 1 July 2013;
- Extending the current $50,000 pa concessional contribution cap for those aged 50 and over so that it will also continue to apply after 30 June 2012. However, the $50,000pa (indexed) concessional cap for the 2012/13 income year and onwards will only apply where the super account balance is under $500,000; and
- Provision of a new Government superannuation contribution which will pay up to $500pa for individuals with adjusted taxable incomes less than $37,000, from 1 July 2012. This is separate and additional to the co-contribution in respect of non concessional contributions.
- Extending the current $50,000 pa concessional contribution cap for those aged 50 and over so that it will also continue to apply after 30 June 2012. However, the $50,000pa (indexed) concessional cap for the 2012/13 income year and onwards will only apply where the super account balance is under $500,000; and
- Provision of a new Government superannuation contribution which will pay up to $500pa for individuals with adjusted taxable incomes less than $37,000, from 1 July 2012. This is separate and additional to the co-contribution in respect of non concessional contributions.
