среда, 13 ноября 2013 г.

The proposed taxes and super changes

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Proposed tax and super changes – what will stay and what will go?
Wednesday, 13th November, 2013, by Ana Cox
In today's Smart Tax Bulletin:
  • The new Government's position on Labor's proposed tax and super changes
Dear Reader,
Welcome to another edition of the Smart Tax Bulletin!
In today's edition, our Editor-in-Chief, John Kelly, will be taking a look at the status of proposed taxation and superannuation changes left hanging after Labor's loss in the Federal election.
When a new Government comes to power, there is always a period of clearing the decks and deciding what to do with the ousted Government's proposed legislative changes. However, in this instance, it would seem there was a larger than usual number of unfinalised tax and superannuation changes to deal with. The Coalition has therefore had a rather busy time deciding which measures to proceed with, what to get rid of, and what to seek further consultation on.
Read on for more from John about what has been decided so far, and the Coalition's intended deadline for resolution of all of Labor's proposed tax and super policy changes.
Until next time...
Ana Cox
Ana Cox
Editor
Smart Tax Bulletin
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New Government aims for tax certainty
By John Kelly
Editor-in-Chief, Smart Tax HandbookAt the time of the recent Federal election there were 96 proposed tax and superannuation changes that had not yet been finalised or legislated. Given many of these proposed changes would have a significant impact on small business, the situation created a lot of uncertainty and a fair amount of angst.
The new Government has recently announced its go-forward position with some of these unlegislated changes. Of note, the Government has decided to:
  • Proceed with:
    • Phasing out the net medical expenses tax offset.
    • Removing large companies' ability to access the research and development tax concessions.
    • Restricting refunds of overpaid GST.
  • Not proceed with:
    • Changes to the fringe benefits tax treatment of cars.
    • The self-education expenses cap.
    • Taxing superannuation pensions with an additional tax on income over $100,000
  • Proceed with an amended version of:
    • Changes to the thin capitalisation rules. Rather than introducing what was proposed, the Government will introduce anti-avoidance rules that will make it harder for multi-nationals to shift profits off-shore to lower-taxed countries.
  • Seek further consultation for the remaining measures including:
    • Better targeting of not-for-profit tax concessions.
    • Multiple changes to the GST rules.
    • Multiple changes to the capital gains tax rules.
The Coalition plans to resolve all policies relating to these tax changes by 1 December this year.
Warm regards,
John Kelly
John Kelly
Editor-in-Chief
Smart Tax Handbook


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