There are a number of tax changes we know the Abbot Government intends to make. And of course, there are the changes that will never happen that were announced by the Rudd Government during the election campaign including the abolition of the statutory formula method for calculating the taxable value of car fringe benefits.
The main tax changes that have been announced include:
Abolition of the Minerals Resource Rent Tax (mining tax) and a series of related measures including the loss carry back scheme, increase to the instant asset write off, accelerated depreciation and rephrasing of the planned increases to the superannuation guarantee rate.
- Abolition of the Carbon Tax
Company tax rate cut by 1.5% from 1 July 2015
Parental leave levy - 1.5% levy on companies with a taxable income above $5 million (and apply to taxable income in excess of $5 million).
Then there are the tax changes we don't know. As part of their reform agenda, the Government intend to create a "comprehensive" White Paper on tax reform. There has been a lot of recent speculation about the intended reforms including a potential increase in the GST rate - since ruled out by the Prime Minister.
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Last updated October 2013. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.