Henry Tax Recommendations to Watch Out For
The long-awaited Henry tax report has been publicly released with the Government's initial response. There are a number of recommendations made by the Government which, if implemented, will impact many taxpayers. Below is a snapshot of some of the main reforms put forward by the Government:
The long-awaited Henry tax report has been publicly released with the Government's initial response. There are a number of recommendations made by the Government which, if implemented, will impact many taxpayers. Below is a snapshot of some of the main reforms put forward by the Government:
- reducing the company tax rate to 28%;
- allowing small businesses to immediately write-off assets valued at under $5,000 ($1,000 under the present law);
- increasing the superannuation guarantee rate from 9% to 12%, phasing in from 1 July 2013.
- providing a contribution of up to $500 for workers with incomes up to $37,000 from 1 July 2012.
