What does the future of Tax and Superannuation hold?
If there’s one thing that’s certain, there will be change, if it hasn’t already happened.
The Coalition Government outlined the following proposed changes during the 2013 election:
- Withdrawal of the former Government’s proposal to remove the statutory formula method for both salary-sacrificed and employer-provided car fringe benefits.
- Removal of the small business immediate deduction of up to $5,000 for the cost of motor vehicles.
- Removal of the increase in the small business instant asset write-off threshold to $6,500.*
- Cessation of the company tax loss carry-back measure.
- A reduction in the company tax rate of 1.5 percent from 1 July, 2015.
- A levy of 1.5 percent to be imposed on companies with taxable income in excess of $5 million (the levy will apply only to taxable income in excess of $5 million) to fund the proposed paid parental leave scheme.
- A delay in the increase in superannuation guarantee from 9 percent to 12 percent by two years.
- Removal of the low income superannuation contribution.
- Removal of the Schoolkids Bonus.
- Abolition of the Australian Charities and Not-for-profits Commission (ACNC).
- Restoration of the Private Health Insurance Rebate
- A comprehensive White Paper on tax reform within two years of the new Government being elected.
Are you up-to-date with the changes that have already taken place? Do you understand what the changes mean for you and/or your business? Make an appointment with us at Knox Taxation & Business Services NOW! We’ve got our fingers on the pulse!
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