With the election of the Liberal/National Party Coalition to form a new Government, we can look forward to a number of significant changes to our taxation laws.
Firstly, we have the big ticket items of getting rid of the Mining Tax and the Carbon Tax and cancelling the proposed abolition of the Statutory Method for determining Fringe Benefits Tax on motor vehicles. This latter measure which was brought in without consultation was on the way to destroying salary packaging advisory businesses and creating considerable harm to the motor vehicle industry.
To make some savings to help pay for all of this, the new Government will discontinue the tax loss carry back measures introduced by the previous Government. It will also remove the ability to claim accelerated depreciation on motor vehicles and will discontinue the ability for small businesses to claim instant asset write-offs.
A proposed phasing down of interest withholding tax for financial institutions will also be discontinued.
37 WTB 1610
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