What tax changes were proposed by the Coalition Government during their election campaign?
Abolish the Minerals Resource Rent Tax (commonly known as the Mining Tax) and a series of related measures dependent on being funded by the Mining Tax including:
Abolish the Carbon Tax and associated benefits.
Company tax rate cut by 1.5% to 28.5% from 1 July 2015.
Mining Exploration Incentive – Plans to introduce an Exploration Development Incentive that will allow investors to deduct the expense of mining exploration against their taxable income. Under the scheme the ATO will determine a proportion of expenses that can be claimed as tax credits by investors. The scheme will target small exploration companies by limiting eligibility to companies with no taxable income. For investments from 1 July 2014.
Paid Parental Leave Levy – 1.5% levy on companies with a taxable income above $5 million.
Income tax thresholds – retain the current income tax thresholds, and pension and benefits fortnightly rates.
Household Assistance Package – to keep the Household Assistance Package.
Small Business owners should be aware that some tax concessions available to you are planned to be removed and some planned taxes will be removed.
For additional information, please contact your Account Manager.