Sunday, May 2. Fresh out of the Henry Review in Canberra. Treasurer Wayne Swan told all of us in the Henry Lock-up that this was the biggest tax change in 20 years. I don’t think so.

Very disappointing.

Basically the major issues cover three areas;

SUPER PROFITS TAX ON RESOURCE COMPANIES

This measure targets the big mining companies who are making huge profits on the back of higher commodity prices because of the demand from China.

• a 40 per cent tax starting July 1 2012.

• any royalties paid to State Governments will be a refundable credit against the 40 per cent tax.

• Government will agree to contribute 40 per cent of the investment cost of a resource project.

• a new Resource Exploration Rebate will start from July next year which will provide a refundable tax offset (at the company tax rate) for exploration expenditure.

SUPERANNUATION

• lift superannuation guarantee gradually from 9 to 12 per cent starting in 2014 and getting there in 2020.

• from July 2012 Government will contribute $500 annually to superannuation for low income workers with taxable incomes up to $37,000.

• workers aged over 50 with superannuation balances of under $500,000 can make a concessional contribution of up to $50,000 a year.

• Superannuation Guarantee age limit to be lifted from 70 to 75 from July 2013 so older workers can still receive contributions.

BUSINESS

• Company tax rate to be cut from 30 to 28 per cent starting in 2012-13 tax year for small business (annual turnover less than $2 million) and 2013-14 tax year for big business.

• instant tax write-off for assets worth up to $5000 and depreciation to be simplified on more expensive purchases

Let me know what you think of these changes and how they'll affect you.