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- Mining tax repealed;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.