Budget 2012-2013 

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Wednesday 09 May 2012

The Australian Government announced its 2012-13 Budget on Tuesday, 8 May 2012. The 2012-13 Federal Budget includes funding for new and existing programs and services to assist businesses.

Some of the initiatives are listed below.

New programs or services

  • small business write off on assets less than $6500 and write off up to $5000 of the cost of motor vehicles from 1 July 2012
  • establishment of a Australian Small Business Commissioner, for small business services and information
  • commitment of $29.8 million over four years to establish the Manufacturing Technology Innovation Centre

Changes to existing programs or services

  • $27.5 million spent to extend the Small Business Advisory Service (SBAS) program for another four years
  • $1.2 billion on Clean Technology Programs, which provides assistance for Australian manufacturing businesses to reduce emissions and support investment in clean technologies
  • Enterprise Connect program extended to include support for tourism operators
  • Commercialisation Australia to receive increased funding over the next four years
  • $19.4 million to provide business and finance training to newly qualified tradespeople to help them establish their own businesses

Taxation and superannuation changes

  • from 1 July 2012, companies will be able to carry-back up to $1 million worth of losses to get a refund of tax paid in the previous year; and
  • from 1 July 2013, companies will be able to carry-back up to $1 million worth of losses against tax paid up to two years earlier.

For details on budget announcements related to the Department of Industry Portfolio, visit the Department of Industry External link website. For a full copy of the Budget and details on all of the initiatives above, please visit the Budget 2012-13 website External link.

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