Coalition’s tax policies: How do these impact on businesses?

The Coalition has been returned to Government.

Here we focus on the Coalition’s tax proposals highlighting the impact they may have on small and medium businesses and their owners.

Uncertainty around the Coalition’s tax policies and proposals

Many of the Coalition’s proposals were outlined in the Federal Budget on 2 April. Some proposals have already been passed into law – an example is the immediate tax write-off of the cost of buying plant and machinery.

Others like the tax offset for low-and middle-income earners that will only become available on the filing of the 2019 tax return, have not. It is highly unlikely that the Prime Minister will be able to call Parliament and pass the necessary law before 30 June.

In a perfect world, it is desirable that tax legislation should have a prospective start date to provide certainty, and time for the proposal to be properly considered. Unfortunately, this is not always the case.
If you believe that any of the proposals outlined in these recent articles applies to you or your business, please consult your tax adviser.

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Thompsons Australia Newsletters and articles are distributed by professional tax practitioners to provide information of general interest to our clients. The content of this newsletter does not constitute specific advice. Readers are encouraged to consult their tax adviser for advice on specific matters.

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