Labor Legislation Overturned by New Government

Labor Legislation Overturned by New Government

1. $100,000 Cap on Tax-free Pension Earnings Abandoned

tAX
The Government will not proceed with the proposal which would have taxed superannuation pension earnings above $100,000 in the pension phase. This measure was due to apply from the 1st July 2014.

 
2. Self-Education Expenses Cap

 
The proposed $2,000 cap on the amount people can deduct as self-education expenses including training and educational courses, textbooks and other accreditation expenses has been scrapped and therefore these expenses will continue to be deductible according to the old rules.

 
3. Fringe benefits tax

 
The proposed amendments to the treatment of car fringe benefits that would have essentially limited claims to work-related travel only, has also been scrapped.

 
4. Low Income Superannuation Contribution

 
The Government has confirmed it will repeal the Low Income Superannuation Contribution (LISC). This was a Government contribution to individuals earning under $37,000 per annum which would have effectively refunded any contributions tax payable. This contribution will not be available for the income year 2013/14 onwards.

Related Post

  • 9 Reasons To Hire A Property Manager

    October 10, 2013
    Prospective investors are often worried about how they will handle tenants if they buy an investment property. This is a…
  • Top Business Apps For iPhone 5

    December 19, 2012
    If you have a new iPhone 5 there are some great apps that can be used for business. For example,…
  • Dealing With the ATO

    September 4, 2015
    Dealing with the ATO It is estimated that one in fifteen small businesses fail because of inaccurate or poor record-keeping.…

Book your Free Initial Consultation