Key July 1 2012 Tax Changes for Business, SMSFs and Individuals ...

Here?s a quick overview of key changes on 1 July 2012:

For business

Small businesses now have access to:

• An immediate deduction for depreciating assets costing less than $6,500 (GST exclusive)
• An immediate deduction on the first $5,000 for motor vehicles used for the business (new or second hand)
• All other assets depreciated at 15% in year of purchase and 30% in future years.
• Companies now able to ?carry back? up to $1m of losses offset against previous tax paid.
• New reporting regime for building & construction industry.
• GST changes to hire purchase agreements entered into from 1 July. Businesses accounting for GST on a cash basis can claim the full tax credits up front. All components of the arrangements are now subject to GST, even if credit component is disclosed separately.
• Carbon Tax introduced
• Wider range of businesses will qualify for fuel tax credits

For SMSFs

• Concessional contribution cap for those 50 and over now same rate as everyone else at $25,000.

For Individuals

• Income tax rates changed
• 15% tax on super abolished for low income earners
• Household assistance package introduced

What?s pending or deferred

• LAFHA changes deferred until 1 October 2012.
• For SMSFs, the off market transfer restrictions due to commence on 1 July 2012 have been deferred until 2013.

Source: http://www.hayesknight.com.au/archives/3337

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