The Budget for 2012-13 was handed down by the Treasurer on 8 May 2012. Details of the Budget, which unless otherwise indicated will apply from 1 July 2012, are summarized below.
Corporate taxation
| - | A previously announced reduction of the corporate tax rate to 29% (see Australia-1, News 14 March 2012) will not proceed. | |
| - | A previously announced change allowing tax loss carry back (see Australia-2, News 17 April 2012) will proceed as announced. | |
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