Federal Budget News: Important tax changes you need to know about - 16 May 2012

Key changes to taxation introduced in this year's Federal Budget will affect the way both businesses and employees are taxed. HopgoodGanim has teamed up with BRR Media to bring you this series of short broadcasts outlining what you need to know about these changes and how they might affect you.

Loss carry back beneficial for business

The loss carry back measure announced in the Budget has been welcomed by companies looking for good news in a tough business environment. If a company finds itself making a tax loss, it can now look back to a previous year where it paid tax, and claim the tax it paid back as a refund.

Here, special counsel Justin Byrne explains how the measure will work, and which types of businesses will be able to take advantage of it.

Non-tax residents face tax hike

Non-tax residents of Australia will be affected by changes to:

  • the living away from home allowance;
  • the CGT discount;
  • the withholding tax rate for managed investment trusts; and
  • income tax rates for non-tax residents.

Here, special counsel Justin Byrne outlines how these changes will affect non-tax residents.

Tips for super following Budget 2012-13

A number of changes to superannuation were announced in the Budget. The higher concessional contribution cap for individuals aged 50 and over with superannuation balances of less than $500,000 has been deferred until 2014, while the superannuation contributions tax rate for individuals with an income of over $300,000 has doubled.

Here, solicitor Hannah Byrne outlines these and other important changes, and gives her tips for what you should be doing now to maximise your retirement savings.

Termination payment tax sting for high income earners

Changes to the tax offset applying to lump-sum employment termination payments mean that high income earners will now pay more tax on termination payments than before.

Here, partner Andrew Tobin explains the impact of the changes on high income earners who receive termination payments.

For more information

For more information on the effect of the Federal Budget on your business, please contact HopgoodGanim's Taxation and Revenue team.