Post-election re-cap

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Running Time: 15:02

Date: 01/07/2019

  • Remove entitlement to MRE for foreign residents
  • Deductions to be disallowed for vacant land
  • Changes to Division 7A
  • Partnerships, the rights to future income and CGT
  • Individual tax residency rules to be re-written
  • Taxation of income for an individual's fame or image
  • Anti-avoidance rules for circular trust distributions
  • Increase the maximum number of allowable members in SMSFs from 4 to 6
  • High-income employees with multiple employers to opt-out of the SGA regime
  • NALI expanded so SMSFs taxed at 45% on transactions that are not billed
  • Member's TSB to include share of outstanding balance LRBAs
  • Super contributions work test exemption (1 years grace to $300k)
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Peter McGinty, Chartered Accountants Australia and New Zealand