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Overview of recent events

Overview of recent events

Having trouble keeping abreast of recent changes? The following is a summary of current and proposed changes to the regulatory environment.

  • 2% debt tax on high income earners from 1 July 2014 (and FBT rate increase from 1 April 2015);
  • Superannuation guarantee re-phased – now SG will remain at 9.5% until 1 July 2021;
  • Mining tax repealed;
  • The company loss carry back rules abolished;
  • The instant asset write off threshold of $6,500 for small business entities under the simplified depreciation rules has reduced back to $1,000 from 1 January 2014;
  • The accelerated deduction of $5,000 for motor vehicles has been removed from 1 January 2014;
  • Schoolkids bonus repeal – moved to 31 December 2016 and a means test applied until the repeal date;
  • Low income superannuation contribution repeal delayed until the 2017/2018 financial year onwards;
  • Income support bonus repeal delayed until 31 December 2016;
  • Fuel excise increase introduced but still subject to Parliamentary approval.

What’s still up for debate?

  • Co-payments for visiting a doctor;
  • Retirement age increase to 70;
  • Changes to pension indexation;
  • Tightening of access to family tax benefits;
  • Removal of add-on family tax benefit for additional children;
  • Cuts to R&D incentive;
  • 6 month wait for employment benefits;
  • Deregulation of University fees.

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