Summary of tax changes

Happy new year to all!

I thought it would be useful to summarise some of the announced changes and non changes to the Governments tax policy. After all, we had a change of government last year, along with having three Prime Ministers in the same calendar year which was unprecedented in Australian politics.

Announcements that are NOT being proceeded with include:

  • Carbon Tax and Minerals and Rent Resources Tax.
  • Removing the statutory formula method for calculating car fringe benefits.
  • Payment of quarterly R&D tax credits.
  • Additional tax on superannuation pensions earning over $100,000
  • Capping of self education expenses.

Announcements that are being proceed with include:

  • CGT treatment of earn-out arrangements.
  • Changes to thin capitalisation legislation.

If you need any further information of the above please contact your accountant or get in contact with us at Bramelle Partners.