The Government’s Tax Plans
Some of the tax and superannuation policies the Government are taking to the election include:
- Terminating the fixed carbon price and bring forward the start date of emissions trading to 1 July 2014;
- Targeting the FBT exemption for car fringe benefits to actual business use (i.e., abolishing the ‘statutory formula method’);
- Staged increases to the rate of tobacco excise;
- Giving additional resources to the ATO to address ongoing levels of tax debt and unpaid superannuation; and
- Committing to make no major changes to superannuation tax policy for five-year periods commencing “immediately” (as at 31 July 2013).
Note, however, that the Government has decided to defer the introduction of the $2,000 cap on work-related education expense deductions until 1 July 2015.