Opposition SG deferral not in the best interests of Australians
The Opposition’s budget-in-reply announcement that they will delay the proposed increases to the Superannuation Guarantee levy by two years “was understandable but disappointing and not in the best interests of Australians.”
Restrictions placed on offshore banking units’ activities
The Treasurer yesterday announced changes to the Offshore Banking Unit (OBU) provisions to target ‘complex arrangements’ that shift income into the OBU to attract the 10% rate.
Budget changes to Funds Management industry mean more costs
Gary Howard, head of Financial Services Tax at Deloitte noted that the Government made several announcements in the Budget relevant to the Financial Services industry.
ATO receives big boost from Budget
The ATO is to receive an additional $254.8 million over the next four years to increase compliance crackdowns on profit shifting by multinationals, tax avoidance using trust structures, and to expand data matching using third party information.
Government acts quickly to prevent fall out from RCF decision and closes other loopholes
Under current law, non-residents of Australia are taxed on capital gains derived from the disposal of non-portfolio interests in Australian land-rich companies.
Thin cap changes consistent with Basel III
Tuesday’s Budget effectively picked up the Basel III changes to Tier 1 capital, by increasing the thin capitalisation minimum capital requirements for banks from 4% to 6%.
Superannuation changes confirmed
Deloitte National Superannuation Leader Russell Mason said that the 2013 Federal Government’s Budget was pleasing insofar as no significant additional changes were announced to the superannuation system.
Sighs of relief from superannuants
After much speculation following the Prime Minister’s recent statement that ‘everything was back on the table’, and much to the relief of superannuants and the superannuation industry, no further changes to personal superannuation were announced.
Self-education deductions limited
The Government has committed to limit self-education expenses to $2,000 per person per year.
Private companies and SMEs kept waiting on tax reform
Private companies and SMEs read with anticipation page 10 of the tax reform road map “Cutting tax and red tape for small business”. Sadly, the measures outlined were depreciation and R&D measures that are already in place.