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Key Tax and Super Changes in the 2012-2013 Federal Budget

While a number of key budget tax and superannuation measures were leaked prior to budget night, hidden behind the Government’s headline spending measures are some very important tax changes that affect businesses in a number of ways. This is not just because previously announced tax concessions have been taken off the table, including the reduction in the company tax rate, higher concessional superannuation contribution caps for persons over 55 and lower tax rates on interest.

As with many budget announcements, much of the practical detail of the Government proposals is yet to see the light of day, but some of the budget changes that will have practical impacts on businesses and business owners include: More…