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.