Key Facts
PLEASE NOTE: THIS INFORMATION HAS BEEN FURTHER UPDATED FOLLOWING NEW INFORMATION FROM TREASURY REGARDING THE TRANSITIONAL ARRANGEMENT THAT WAS CONFIRMED IN THE 2012-13 COMMONWEALTH BUDGET
- Two reforms were announced in the budget. These are additional to the reforms proposed in November 2011’s Mid-Year Economic and Fiscal Outlook (MYEFO).
- The transitional arrangements outlined in the budget are only applicable to the additional reforms.
- Treasury has confirmed in new information that it is the Government’s intention to enact on the reforms outlined in the MYEFO with no transitional arrangement.
- For more information on the reforms refer to the Employee or Employer sections of this website.
The Government are to consult with tax experts and employers on the technical detail of the legislation for the purposes of ensuring it is fully enacted on 1st July 2012.