ARTICLE · 08 FEBRUARY 2012

New budget reforms announced

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The Govt released its 2011/12 Mid-Year Economic and Fiscal Outlook, which forecast substantial downgrades to revenue.

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Amanda Verratti

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The Government has released its 2011/12 Mid-Year Economic and Fiscal Outlook, which forecasts substantial downgrades to revenue due to "a significant deterioration in global conditions."As a result, the Government "has had to find further savings in the budget", including the following measures that will apply from 1 July 2012:

The Government will introduce reforms to stop individuals from being able to exploit the tax exemption for living-away-from-home allowances and benefits;
The Government will further restrict the Dependent Spouse Tax Offset (DSTO) to those with spouses born before 1 July 1952 (this extends the 2011/12 Budget measure, to phase-out the DSTO for most taxpayers with a dependent spouse born on or after 1 July 1971);

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