Henry tax review reform papers was released 2 may 2010
Document download for Henry tax review Document
The Henry tax review is finally out and everyone can have a look at it in detail. The tax review out on 2nd May 2010 was not much of a surprise as not many of the recommendations got implemented , but then not many of the henry recommendations also did get rejected, so we can see a slow implementation of many recommendations through the next coming years.
Here are the Henry tax reform Documents ( .doc . pdf ) for download
Date Released – 2 May 2010 – PDF
The Henry review tax reforms at a glance
- 40% Rent resource tax of the mining sector companies
- Superannuation reform taxes to help lower income workers(superannuation to go up to 12% from 9%)(The increase in the superannuation guarantee will occur from July 1, 2013, with the first of two 0.25% raises to come on that date, with the second to occur on July 1, 2014. From July 1, 2015-19, the guarantee will be lifted by increments of 0.5%, resulting in the target 12% guarantee by the end of the decade)
- Company tax rate cut from 30 % to 25 %
- All family tax benefits to be a single means tested payment
- Small businesses will be able to write-off assets worth up to $5,000 in the year of purchase under changes announced by the Federal Government today.