Category: Tax

In this month’s Wealth Pipeline, we outline some of the proposals contained in the Federal Government’s 2015/16 Budget. Specifically, we detail changes to age pension entitlements, small business reforms, childcare support and car expense deductions.

These issues must be considered and resolved if such a proposal was to be implemented by a future government and any proposal will need to be followed up by genuine and meaningful consultation to work through implementation issues. Whether the measure announced by the ALP ever sees the light of day, we don’t know. However, what we can be certain about is that change in the long term will occur to address the Budget deficit and redistribution of superannuation tax concessions. 

The Federal Government released its discussion paper yesterday on the Australian taxation system. Titled ‘Re: think’, the paper provides an insight into what the Government perceives as Australia’s largest taxation challenges rather than inform the public of future policy directives. Although the document does not provide a clear indication of how the taxation system will change, it does contain some interesting data on the Australian taxation system.

There are numerous year-end tax strategies. This year we will be concentrating on Capital Gains for individual investors. If you are interested in discussing this or any of the other year-end strategies don’t hesitate to contact us.

As a result of negotiations with Clive Palmer’s Palmer United Party (PUP), the government has delivered on its promise to repeal the Minerals Resource Rent Tax (the mining tax).