By taxconnect on
Sunday, July 10, 2011
The Prime Minister today released details of the Government's plans to put a price on carbon. From 1 July 2012, the scheme proposes to set a price of $23 for each tonne of carbon pollution released into the atmosphere by Australia's biggest polluters. The price will rise by 2.5% a year in real terms during a 3-year fixed price period until 1 July 2015.
Small Business (a business with turnover of less than $2m) will benefit with an immediate tax deduction for assets costing up to $6,500. This is an increase of $1,500 on the election promise of $5,000.
In addition to small business incentives there are also incentives to householders. These changes include an increase in the tax free threshold and family tax benefit changes.