Budget Tax Policy

What is coming in the budget? Budget lotto 2015

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.

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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