GST Income Tax Legislation Super Tax Policy

Clearing the Tax and Super Decks

Apart from the changes in the Mining Tax and Carbon Tax repeal bills (small business instant asset write off, carry back losses…), and the promise to remove the means testing of the private health insurance offset, the government only has a series of promises to do certain things the previous government announced.

There are 37 of these “announced but unenacted” changes. Right now there are bill before the parliament (or just about to be released like TLAB2) that cover 10 of these announcements, two excise ones are already being collected, there are two discussion papers (dividend washing and data matching) and draft legislation for the investor manager regime.

There are 15 that relate to mining, consolidations, foreign exchanges rules, debt/equity rules, MITs, OBUs or thin capitalisation… so irrelevant to the vast majority of taxpayers.

That just leaves ten issues…

These include:

1. Non resident withholding for sales of commercial and residential property

2. CGT issues with earnouts and installment warrants (this is just making the law do what you always thought it did)

3.  Changes to GST going concerns and GST “connected with Australia” rules to make things easier.

4. Removing the need for small business with less than $2 million in interest to need to consider the thin cap rules.

5. Extending CGT rollovers where assets are not held as CGT assets

Hopefully this link has them all and I will start to look at some of these in future posts… But maybe we might have a relaxing tax year…

Government Tax announcements

By Ken Mansell

As a stay at home Dad most of the week this is my way of pretending I am still the tax counsel of ASX and SEC listed companies, working at big 4 firms, working at the Federal Treasury, on the Henry Review and at Parliament House for the previous government.

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