Labor Legislation Overturned By New Government

1. $100,000 Cap on Tax-free Pension Earnings Abandoned

The Government will not proceed with the proposal which would have taxed superannuation pension earnings above $100,000 in the pension phase. This measure was due to apply from the 1stJuly 2014.

2. Self-Education Expenses Cap

The proposed $2,000 cap on the amount people can deduct as self-education expenses including training and educational courses, textbooks and other accreditation expenses has been scrapped and therefore these expenses will continue to be deductible according to the old rules.

3.Fringe benefits tax

The proposed amendments to the treatment of car fringe benefits that would have essentially limited claims to work-related travel only, has also been scrapped.

4.Low Income Superannuation Contribution

The Government has confirmed it will repeal the Low Income Superannuation Contribution (LISC). This was a Government contribution to individuals earning under $37,000 per annum which would have effectively refunded any contributions tax payable.This contribution will not be available for the income year 2013/14 onwards.

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IMPORTANT DISCLAIMER:This newsletter is issued as a guide to clients and for their private information. This newsletter does not constitute advice. Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of these areas.

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