In the 2011-12 Federal Budget, the government announced that the freeze of the indexation applied on the superannuation co-contribution income thresholds will apply for an additional year.

As part of Mid-year economic and fiscal outlook (MYEFO) 2011-12, the government announced further reductions to the co-contributions scheme, for personal contributions made from 1 July 2012.

More Money in Retirement - an Historic Boost to Superannuation

In the biggest change to superannuation in 20 years, around 8.4 million Australians will have their superannuation savings boosted as a result of the superannuation guarantee rate legislation introduced into the Parliament today.

The Superannuation Guarantee (Administration) Amendment Bill 2011 increases the superannuation guarantee (SG) rate from nine per cent to 12 per cent.

At its meeting yesterday, the Reserve Bank Board decided to leave the cash rate unchanged at 4.75%.

The situation in global financial markets continues to be unsettled, with uncertainty increasing about the prospects for a solution to the sovereign debt and financial problems in Europe and the outlook for global economic growth.
  

The RBA release stated that it will take more time for evidence of the effects of the recent European and US financial turbulence on economic activity in other regions to emerge.

 
The NSW State Government announced on 6th September 2011 that as of 1st January 2012 stamp duty concessions will only be available to first home buyers purchasing a brand new home or vacant land intended to be used as a site for a first home. So purchasers of established properties will no longer receive a stamp duty concession as of 1st January 2012.

  
  
From 1 July 2011, eligibility for the dependent spouse tax offset will be confined to taxpayers with a dependent spouse born before 1 July 1971.

Taxpayers who maintain an invalid or permanently disabled spouse, support a carer or who are eligible for the zone, overseas forces or the overseas civilian tax offsets are exempt from the new age limit and will still be able to claim the value of the dependent spouse tax offset via an expanded invalid spouse, zone, overseas forces or overseas civilian offset.

The Australian Government is helping you with the costs of educating your kids.

The Education Tax Refund provides up to 50% back on a range of children’s education expenses.

For the 2010–11 tax year refunds may be as much as $397 for every child at primary school, and up to $794 for every child at secondary school.

Am I eligible?

I care for a child.

You can claim the Education Tax Refund (ETR) if you had eligible education expenses during the financial year for a child who meets the schooling requirement, and:

Many types of education expenses are eligible under the Education Tax Refund (ETR). And you do need to keep your receipts.

What is an eligible education expense?

An eligible education expense is:

• incurred by an eligible person

• for a child or independent student’s education

• an item specified in the legislation as an eligible education expense, and

• incurred on a day when the child or independent student satisfied the schooling requirement.