MLC Market Watch » Henry review http://update.mlc.com.au/market_watch MLC Market Watch Blog Mon, 26 Sep 2011 06:42:04 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Government's response to the Henry review http://update.mlc.com.au/market_watch/2010/05/07/governments-response-to-the-henry-review/ http://update.mlc.com.au/market_watch/2010/05/07/governments-response-to-the-henry-review/#comments Fri, 07 May 2010 04:56:10 +0000 MLC Market Watch Team http://update.mlc.com.au/market_watch/?p=3060 On Sunday 3 May, the Government announced a range of proposals in response to the much anticipated Henry Review of taxation. If legislated, many Australians will benefit in the long term.

Summary of key proposals
The key proposals announced by the Government include:

  • the minimum super guarantee (SG) contributions you can receive from an employer will increase gradually from 9% to 12% of salary, starting from 1 July 2013
  • the age to which you could receive SG contributions from an employer will increase from 70 to 75 from 1 July 2013
  • if you earn up to $37,000 pa, the Government may make a super contribution of up to $500 pa from 1 July 2012 to refund the tax payable on concessional Includes SG, salary sacrifice, personal deductible contributions and certain other amounts.
  • the cap that applies to concessional super contributions from 1 July 2012 will no longer halve from $50,000 to $25,000 pa, if you’re aged 50 or over at that time and your total super balance is below $500,000
  • the company tax rate will gradually reduce to 28% by 1 July 2014 (and two years earlier if you have a small business), and
  • generous depreciation rules will apply to small businesses from 1 July 2012.

pdfMLC’s summary of the Government’s response to Henry review (PDF, 175KB)

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