20 February 2019
There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.
Individuals could be affected by:
- Losing franking credit refunds to their Self-Managed Super Funds and to themselves
- Paying higher capital gains tax
- Losing tax benefits from negative gearing into investment property
Businesses could be affected by:
- Changes to the laws for loans from Companies (known as “Div 7A”)
- Discretionary Trusts (also known as “Family Trusts”) being taxed at 30% of their income
It’s important that you have an understanding of how these tax and other changes may affect you.
For the moment, we are recommending to our clients a “wait and see” approach before taking any specific action on any of these proposals. An election needs to be won and then legislation needs to be passed before new laws take effect.
But there may be some opportunities that open up soon to restructure your tax and wealth affairs to give you some significant tax benefits.
Over the next few months, we plan to send you a number of brief updates to keep you fully informed.
In any case, 2019 is shaping up to be a very interesting year!
For more information on how this might affect you, contact the team at Shakespeare on 9321 2111 to discuss your individual needs.
General disclaimer: Our firm provides the information on this website for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles on this website are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose
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