Budget 2012: The Good, Bad And Ugly
Listen to a Preview
Update Required
To play the media you will need to either update your browser to a recent version or update your Flash plugin.
  Running Time: 8:28 Date: 01/06/2012 In tax terms, the 2012-13 Budget has movie overtones: there's the good, the bad and the ugly. The Federal Budget's a mixed bag, says tax expert Michael Jones, of Cummings Flavel McCormack. On the positive side of the ledger, the "loss carry-back" provision and the write-offs of up to $6500 on the purchase of some business assets. On the other side, the decision to limit deductible super contributions to $25,000 a year for everyone - that hits people over 50 and particularly those nearing retirement. And while the tax-free income threshold's been lifted to $18,000, tax rates above that level have increased. Missing in action is the suggestion of a year ago about standard tax deductions, which would have reduced the number of people needing to file tax returns. Topics: Accounting & Tax, Financial Management |
 Michael Jones, Cummings Flavel McCormack |