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Guest Chelseadownunder

Federal Budget

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    Guest Chelseadownunder

    The key proposals announced in the Federal Budget include:

    • individuals will only need to include 50% of interest income of up to $1,000 from certain investments in their tax return
    • taxpayers will have the option to claim a standard deduction of $500 in 2012/13, increasing to $1,000 in 2013/14
    • the benchmark interest rate for capital protected products will retrospectively be the indicator rate plus 100 basis points
    • the maximum co-contribution matching rate and payment amount will remain at 100% and $1,000 respectively
    • super funds will be eligible to claim a deduction when paying terminal medical condition benefits
    • the Commissioner will be able to exercise discretion in relation to excess contributions tax before an assessment is issued, and
    • changes will be made to improve the accessibility of Special Disability Trusts.

    I will post more details as they follow



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