The Henry tax review
The first tax system changes arising from the Henry Tax Review will include:
- the introduction of a 40% ‘resource super profit tax’ on the mining sector
- an increase in the super guarantee from 9% to 12% over 10 years
- an increase in the super guarantee eligibilty age from 70 to 75
- a reinstatement of the $50,000 concessional contributions cap from 1 July 2012 for those aged 50 or over but only for those people who have a super balance of less than $500,000
- a reduction in the company tax rate from 30% to 28%
- an early reduction in the company tax rate for small businesses (effective from 1 July 2012)
- improvements to the depreciation rules that apply to small businesses. The proposed rules will allow a small business to claim an immediate write off for any asset purchased with a value of less than $5,000 and all other assets to be depreciated at 30%. The rules are proposed to start 1 July 2012.