Prior to the recent election, the then government announced tax changes which would have been introduced had it been returned. The government has not wasted much time in rejecting the proposed changes:
- Fringe Benefits Tax – the plan to abandon the statutory formula method of calculating taxable value of benefits will not be proceeded with!
- Superannuation fund income >$100,000 – the proposed increase in income tax to 30% in respect of income over $100,000 has been axed.
- Work related education expenses – a cap of $2,000 was to be introduced but fortunately good sense prevailed and this also was rejected.