Highlights of the Federal Budget 2012-13

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

 

 

Federal Budget 2012-13

Australian government cranking out money

Canberra promises a "return to surplus" federal budget

This weekend the government has been busy telling everybody the good news about the 2012-13 Federal Budget, which is due to be announced on Tuesday evening (that’s when we’ll get to hear the bad news!).

The main theme of the budget is “return to surplus”.

Promised highlights include $500 million for dental care, a “School Kids Bonus” and loss “carry-backs” for small businesses.

The area the pundits are predicting will face the biggest cuts is Defence.

Treasurer Wayne Swan will begin his reading of the budget at around 7.30 p.m. AEST on Tuesday, 8th May.

You can find more information on the budget on the government’s website

http://www.budget.gov.au/

You might also find The Power Index’s profile of “The Most Powerful Man in Canberra” quite educational

http://www.thepowerindex.com.au/politicians/wayne-swan