What the Government WILL NOT DO is - 

• Include the family home in means tests;
• Introduce land tax on the family home – this is a state tax and thus an issue for the states;
• Require parents to work when their youngest child turns 4;
• Hit single income families;
• Restrict eligibility to rent assistance for families;
• Do any changes to the tax system that harm the not-for-profit sector, including removing the benefit of tax concessions, raising the gift deductibility threshold or changing income tax arrangements for clubs;
• Reduce overall remuneration to the members of our defence forces;
• Reduce the CGT discount, apply a discount to negative gearing deductions, or change grandfathering arrangements for CGT;
• Remove the Medicare levy;
• Reduce indexation of the age pension ;
• Remove the benefits of dividend imputation ;
• Think of hitting pensioner and low income concessions for utilities, transport and other essential services ;
• Introduce a bequests tax ;
• Align preservation age with pension age ;
• Offer a government annuity product ;
• Ask the States to charge market rents to public housing recipients ;
• Abolish the Luxury car tax ;
• Index fuel tax to CPI ;
• Change alcohol tax in the middle of a wine glut and where there is an industry restructure underway.

What the Government WILL DO is -

• Raise the Superannuation Guarantee (SG) to 12% – commencing with a 0.25 increase in 2013-14 and 2014-15, followed by 0.5 increments until the SG reaches 12 per cent by 2019-20;
• Introduce a low income earners Government superannuation contribution. From 1 July 2012 the Government will provide a contribution of up to $500 annually into the superannuation account of workers on adjusted taxable incomes of up to $37,000. The Government will also retain the co-contribution scheme;
• Raise concessional superannuation contribution caps for those nearing retirement. From 1 July 2012 workers aged 50 and over with superannuation balances below $500,000 will be able to make up to $50,000 in annual, concessional superannuation contributions;
• Raise age limit for Superannuation Guarantee contributions from 70 to 75 from 1 July 2013;
• Introduce a 40 per cent resource super profits tax (RSPT) from 1 July 2012;
• Cut the company tax rate to 28 per cent from 2012-13 for small businesses and later for others;
• Allow an instant write‑off for assets worth up to $5,000 for small businesses and reduce red tape. The Government has flagged that there will be more announcements in the future. So it’s business as usual for the SMSF sector with at least partial relief in the future for the inadequacy of the current contribution caps;