2012/13 Federal Budget Highlights
The Federal Budget for 2012/13 was handed down by the Treasurer, Mr Wayne Swan, at 7:30 pm (AEST) on 8 May 2012. The Budget was a fiscally tight one, designed to return the Budget to surplus. It contained anticipated tax changes, such as superannuation changes and the abolition of previously announced measures, such as the company tax rate cut and the Tax Breaks for Green Buildings. However, it also contained a raft of other tax measures, including significant changes to the tax loss measures and the decision not to proceed with the standard tax deduction and the interest discount.
Here are the tax and superannuation highlights. MORE
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Taxation Ruling TR 2012/D1entitled "Income tax: meaning of 'income of the trust estate' in Division 6 of Part III of the Income Tax Assessment Act 1936 and related provisions".
The draft Ruling states that there "is no set or static meaning of the expression 'income of the trust estate' as used in Division 6. The meaning in the case of a particular trust will depend principally on the terms of that trust and the general law of trusts...The statutory context in which the expression is used may also influence its meaning. In the context of Division 6 the 'income' must be:
- measured in respect of distinct years of income,
- a product "of the trust estate", and
- an amount in respect of which a beneficiary can be made presently entitled.
The draft Ruling also deals with the effect of "income equalisation clauses". MORE
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