The recent repeal of the mining tax has several implications for businesses and individuals:

>    Compulsory superannuation guarantee (SG) contributions frozen at 9.5% until 2021
>    Up-front deduction of $5,000 for motor vehicles removed from 1 January 2014
>    Immediate deduction threshold for asset depreciation reduced from $6,500 to $1,000 from 1 January 2014
>    Company loss carry back rules repealed from 1 July 2013, meaning current year tax losses can no longer be applied against a tax liability paid in a previous year
>    Schoolkids bonus retained until 31 December 2016  
>    Low income superannuation contributions retained until 30 June 2017
>    Income support bonus retained until 31 December 2016