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\frac{5}{60}-\frac{2}{60}
Least common multiple of 12 and 30 is 60. Convert \frac{1}{12} and \frac{1}{30} to fractions with denominator 60.
\frac{5-2}{60}
Since \frac{5}{60} and \frac{2}{60} have the same denominator, subtract them by subtracting their numerators.
\frac{3}{60}
Subtract 2 from 5 to get 3.
\frac{1}{20}
Reduce the fraction \frac{3}{60} to lowest terms by extracting and canceling out 3.