Some of the important measures introduced by Federal Treasurer Wayne Swan in his 2012-13 budget:
- Tax-free threshold rises from $6,000 to $18,200
- $1.8 billion increase to Family Tax Benefit Part A (but doesn’t start until 1st July, 2013)
- New Schoolkids Bonus. The good thing about this is that it’s paid directly
- Introduction of the National Disability Insurance Scheme
- “carry-back” tax losses for small businesses
- $515.3 million to improve dental care and “blast” waiting lists
- A $3.7 billion Aged Care package and an increase of Home Care Packages to nearly 100,000 over the next 4 years
- Rise in Superannuation concessional contributions cap deferred for another 2 years
There were also cuts to Defence, foreign aid and the abandonment of a proposed reduction in company tax.
If you are unsure how the Budget affects your financial future call your Wealthwise adviser on (08) 9380 6333
To see the Budget in more deal you can visit the Federal government’s website
http://budget.australia.gov.au/2012-13/content/at_a_glance/html/at_a_glance.htm
