CALL 07 3666 0684

CALL 07 3221 4465

DBSYDBSYDBSYDBSY
  • What We Do
    • Tax Returns and Compliance
    • Business Advisory
    • Shadow Expert
    • Law Firm Profitability
  • Who We Help
    • Family Businesses
    • High Net Worth Individuals
    • Clients of Family Law Firms
    • Law Firms
    • High Net Worth Individuals
    • Clients of Family Law Firms
    • Law Firms
  • Who We Are
  • News
  • Contact

Progress on Outstanding Tax Proposals

    Home Tax News Progress on Outstanding Tax Proposals
    NextPrevious
    Individual, company, SMSF & Trust tax returns | De Blonk Smith Young Brisbane QLD 4001

    Progress on Outstanding Tax Proposals

    By de Blonk Smith Young | Tax News | 0 comment | 29 November, 2013 | 0

    In an attempt to provide some certainty to taxpayers the newly elected Federal Government has made an announcement regarding the future of outstanding tax proposals. Whilst there are 92 outstanding tax proposals we have listed below some changes that may be of interest.

    Proposals to proceed with changes (if any)

    • Phase out net medical expenses offset for individuals (transitioned in 2014 & 2015 years)
    • Introduction of rules to prohibit dividend washing, where investors could double dip on franked dividends (effective July 2013)

    Proposals that will not proceed

    • Removal of the statutory formula to calculate the taxable value of fringe benefits (i.e. the 20% percentage will remain)
    • Tax on investment earnings in excess of $100,000 pa for superannuation funds in pension phase
    • $2,000 cap on allowable deductions for work related self-education expenses

    Proposals subject to further review

    • Quarterly credits for the R & D incentive
    • Treatment of earn outs on the sale of a business
    • Not for profit sector eligibility for tax concessions
    • Superannuation amendments including identity checks for rollovers to SMSFs
    • CGT amendments including business restructures and script for script rollover relief

    Although the announcement creates more certainty, some of the proposals are subject to review and further amendments. If you have any questions, please contact John or David.

     

    Outstanding, tax, Tax Proposals

    Leave a Comment

    Cancel reply

    Your email address will not be published. Required fields are marked *

    NextPrevious
    Business Tips
    Shadow Expert
    Client Profiles
    Tax News
    Signal Newsletters

    Recent Posts

    • What happens when the family company loses that Lovin’ Feelin’?
    • Are you ready for the proposed changes to Division 7A loans?
    • How do you know if the multiple used to value a Family business is reasonable?
    • Client Profile – Gillard Group
    • Outsourced CFO – Can you ‘pitch’ your business model in under 5 minutes?

    Contact Us

    Suite 205 Lvl 2/10 Market St, Brisbane Qld 4000
    GPO Box: 119
    Brisbane QLD 4001

    Ph: 07 3666 0684
    Email: info@dbsy.com.au

    Connect with us:

    Request a no obligation meeting

      © Copyright 2017 DBSY | Privacy Policy | ABN: 54 158 099 944
      Designed by Mino Design Studio
      • What We Do
        • Tax Returns and Compliance
        • Business Advisory
        • Shadow Expert
        • Law Firm Profitability
      • Who We Help
        • Family Businesses
        • High Net Worth Individuals
        • Clients of Family Law Firms
        • Law Firms
        • High Net Worth Individuals
        • Clients of Family Law Firms
        • Law Firms
      • Who We Are
      • News
      • Contact
      DBSY