TaxRambling.com

After failing so badly guessing what was in the budget last year it is time to have another go.

So what is coming in next Tuesdays budget:

1. No changes to super at all. To differentiate them from the opposition.

2. A 2% reduction in the company tax rate for small business (>$5 million taxable income). Yes I am picking 2% rather than 1.5%.

3. 40-880 five year black hole deductions becomes one year deductions.

4. A change to the small business CGT rollover that “you” don’t need to buy a new CGT asset in the two years after sale but an entity in your group has to. This will let you change your business structure (including rolling assets into a discretionary trust… Wow…).

5. A change to apply GST to intangible imports – just call it the Joe hated Netflix tax…

6. A change to GST such that an intermediary arranging crowd source funding does not need to remit GST (likely input taxed).

Yes I know they are pretty boring but I think it will be pretty boring…

And now to sit up on Tuesday night reading budget paper 2.