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More On The Tax Changes

The changes are:

Companies

  • The company tax rate to be cut from 30% to 29% in 2013/14, then to 28% from 2014/15

Small business

  • The tax rate to be cut to 28% from 2012-13. It is expected to affect 720,000 businesses.
  • The immediate write-off of assets valued at less than $5000 (from July 1, 2012)
  • Small businesses will be able to write-off all other assets (except buildings) in a single depreciation pool at a rate of 30 per cent. (from July 1, 2012)

Small Miners

  • To receive Resource Exploration rebate of 30% without having to offset against profit.
  • Definition of exploration to include geothermal energy.

Both measures will boost the small exploration sector.

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ANZ Underwhelms

The market wasn’t all that convinced by ANZ’s interim profit, not that it looked light on, just that there was less growth than expected, especially from Asia where the bank is expanding, and Australia.

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