Operation of the concessional contributions cap for over 50s (1/7/2012)The $50,000 transitional concessional contributions cap will be extended permanently for individuals aged 50 or over with total superannuation balances of less than $500,000. The general cap for under 50’s remains at $25,000, and will be indexed to CPI whilst the over 50’s cap will remain a set $25,000 above this figure.
Superannuation co-contribution income thresholds – Indexation Freeze
Under the superannuation co-contribution scheme, the Government provides a matching contribution for contributions made into superannuation using after-tax income. The matching contribution is up to $1,000 for individuals with total income of up to $31,920 in 2010/11, with the amount available phasing down for incomes up to $61,920. Simply put, these levels will not be indexed in line with CPI for a further 2 years.
Superannuation information on pay slips
The government will legislate to ensure that employees receive information on their pay slips regarding the amount of superannuation paid into their account. Employees and employers will receive quarterly notification from their superannuation fund if regular payments cease.
Removing minor’s (children) eligibility for low-income tax offset - on unearned income such as dividends, interest, rent, royalties and other income from property. Income actually earned by minors from work will still be eligible for the full benefit of the LITO. The exception to this rule is minors who are orphans or disabled, or compensation payments and inheritances received by minors. This measure will discourage income splitting (family trusts) to children. 
HECS (Higher Education Contribution Scheme) – reduction in discounts from 20 to 10 percent for students electing to pay their student contribution up-front (effective 01/01/2012).

Phasing out dependant spouse tax offset for taxpayers with a dependant spouse born on or after 1 July 1971 (exception to rule is invalid or disabled spouses, carers, etc).

You may incur tax penalties and extra tax if you:

1) pay personal expenses from your company’s money without repaying it
2) don’t pay for the use of certain company assets
3) don’t declare money you have taken from your company as personal income.
Examples:
Jim owns and operates a plumbing company.

He regularly uses the company cheque book to pay personal expenses like his mortgage and bills. Jim also decides to use company money to take his family on an overseas holiday. He figures since he runs the company, he can spend the money any way he chooses.

Jim’s accountant advised him to keep the money he uses for private purposes separate from his company’s money, to avoid having to pay penalties and extra tax.

Jim’s accountant advises him of the following options:

Draw a salary from the company, pay tax on it and use that money for day-to-day living expenses such as groceries and mortgage payments.
Repay the company money he has used to pay his private expenses.
Pay for his family’s holiday using money he borrows from the company under an arm’s length loan agreement that he repays in regular instalments.

Example 2

Gary’s company owns a car. Although Gary is not an employee he is allowed to use the car. From 1 July 2009 Gary’s use of the car will be taxed if he does not pay an arms length value to the company for its use. If Gary was an employee, fringe benefits tax may apply. If Gary is not an employee and the exceptions above do not apply, he must declare its use as personal income.