Henry
Tax Review, Introduction of a 40 per cent Resource Super Profits tax
(RSPT, on profits earned from resources, rather than production by July 1,
2012, States will be able to keep existing royalties, but the federal
government will provide companies with a refundable credit for current
state royalties paid. Resource Exploration Rebate to provide refundable
tax offset at the company tax rate from July 1, 2011. Will apply to all
resource companies, including geothermal. New ongoing infrastructure fund
to be established, with annual federal government contribution starting at
$700 million in 2012/13. The fund will provide money to the states for
infrastructure projects from 2012/13. Phased in cut of the company tax
rate from 30 per cent to 29 per cent in 2013/14 and 28 per cent in
2014/15. Small business will be eligible for the 28 per cent rate from
2012/13. Small business will also be able to immediately write off assets
valued at under $5000 and be allowed to write off other assets (except
buildings) in a single depreciation pool at a rate of 30 per cent.
Increasing the Superannuation Guarantee Rate from 9 per cent to 12 per
cent by 2019/20. Around 3.5 million low income earners on less than
$37,000 will receive a $500 annual super top up from the government.
Raising the the super guarantee age limit from 70 to 75. Over 50s with
lower super balances will be given more generous contribution+ A higher
concessional contributions cap of $50,000 for those aged 50 or over who
have less than $500,000 saved in super. No changes to the GST rate or
base. Further changes to be announced later, including possible changes to
income tax return process. The changes are expected to increase Australian
GDP by 0.7 per cent and real wages by 1.1 per cent - equivalent to an
extra $450 per year in the pocket of the average full-time worker.
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