Newsletter
FEDERAL BUDGET NEWSLETTER
BUSINESS TAXATION
Previously announced measures: eight abandoned, three deferred
The Labor Government has reviewed a number of tax and superannuation related measures that had been announced by the previous Government, but not enacted. It states in the Budget papers that it will abandon eight of these, while three others will have deferred start dates.
While most of the measures relate to “business taxation”, note that these proposals also include superannuation and personal tax measures.
Finance-related proposals
The following finance-related proposed changes have been abandoned:
- the 2013–2014 Mid-Year Economic and Fiscal Outlook (MYEFO) measure that proposed to amend the debt/equity tax rules;
- the 2016–2017 Budget measure that proposed changes to the taxation of financial arrangements (TOFA) rules; goods or real property) or financial supplies will not be captured. The supply must also be connected to the indirect tax zone (ie Australia).
Cash payments proposal abandoned
In addition, the 2018–2019 Budget measure that proposed introducing a limit of $10,000 for cash payments made to businesses for goods and services has been abandoned.
Deductible gifts: pastoral care in schools
The 2021–2022 MYEFO measure that proposed establishing a deductible gift recipient (DGR) category for providers of pastoral care and analogous wellbeing services in schools has been abandoned.