What is the issue?
With an upcoming Federal Budget on 2 April 2019 and Federal Election that must be held before 19 May 2019, we are entering a “perfect storm” situation where various political parties are proposing a variety of tax policies that they hope will give them a better chance of winning the Federal Election.
Make no mistake, tax is complicated and constantly changing (we have numerous volumes of tax legislation, commentaries, case law and ATO documents seeking to interpret that legislation). Constant tax tinkering makes it quite challenging for taxpayers to keep up with the current state of tax laws and understand how they may be affected.
How are taxpayers affected?
To assist taxpayers distil a practical understanding of how tax may affect their current situation, we have set out below a brief overview / snapshot of several key:
- recently legislated changes to tax laws;
- proposed changes to tax laws that are not yet law (i.e. these proposals are either before Parliament or with Treasury); and
- tax policies proposed by the Labor Party (currently, most tax changes proposed by the Liberal Party are either before Parliament or on their way to Parliament).
How can Findex help you?
If anything in this tax snapshot triggered your interest or if you may be affected by these changes, your Findex adviser would be pleased to discuss your circumstances in more detail.
Through our specialist Tax Advisory team across Australia, we can help you identify and manage risks and utilise potential opportunities that may be relevant to your situation.
Our Family Office Model means that regardless of the location or service offering of your key relationship manager, we can access the right Tax Advisory expertise for you.