Top 10 budget highlights

1    No standard deduction

The Government will not proceed with the standard deduction for work-related expenses

Increase revenue by $4269m

 2    Family Tax benefit A

Increase to payments for Families with children,as well as individuals living off welfare payments

Expenditure $1844m

3    No company tax cut

The proposal to lower company tax for small businesses will not proceed

Increase revenue by $1612m 

4    Schoolkids bonus

The education expenses tax offset will be replaced with a new Schoolkids Bonus from 1 January 2013.

Expenditure $1110m

5    Super high contributor’s tax

From 1 July individuals with income greater than $300,000 will have the tax concession on their contributions reduced from 30% to 15%

Increase revenue by $1030m

6    GST additional compliance

Funding for additional GST compliance activities will be extended for a further two years until 2015/16

Increase revenue by $986m

7    Deferral of contributions cap increase

The start date of the 2010/11 budget measure increasing concessional contribution caps for individuals over 50 with low superannuation balances will be deferred for two years

Increase revenue by $860m

8    No 50% discount on interest income

This tax discount will not proceed as promised.

Increase revenue by $795m

9    Company loss carry-back

Companies will be allowed to carry back up to $1million of tax losses in 2012/13 to offset against tax paid in 2011/12

Increase revenue $700m

10    New Income support supplement

This tax gives extra financial support to employees onlow incomes with children

Expenditure $596m