Fantastic news for many taxpayers:
On 6 November the Government released to the media a paper "Restoring Integrity in the Australian Taxation System".
Of interest to many will be the Government's intention not to proceed with the following initiatives:
Self Education Expense Cap $2,000 -
The Government will not proceed with Labor’s announcement to put a $2,000 cap on the amount people can deduct as self-education expenses, including training and educational courses, textbooks and other accreditation expenses.
At last common sense has prevailed in this space. There should not be a disincentive for people to want to improve their knowledge and further their chances of employment opportunities and promotions.
Our country needs to improve its opportunities for innovation and this can be achieved through education.
Tax on Superannuation Pensions –
The Government will not proceed with Labor’s announcement which would have taxed people’s superannuation pension earnings above $100,000 in the draw-down phase.
At last we have more certainty for retirement planning knowing we do not have to factor in additional complex tax calculations for pension earnings. This did not make any sense to begin with and was extremely difficult to explain.
Retirees have more certainty now regarding their potential retirement earnings.
Labor’s $1.8 billion Fringe Benefits Tax hit on the car industry -
The release is as follows:
During the 2013 election the Coalition pledged not to continue with Labor’s $1.8 billion Fringe Benefits Tax change that would make it harder for people to have a company or salary sacrificed vehicle.
The Coalition Government today confirms it will not proceed with this measure.
Employees should now be more confident about making decisions regarding novated leases.
Please refer to the full paper if you would like further information regarding these measures.
I have attached the link below:
http://www.liberal.org.au/latest-news/2013/11/06/restoring-integrity-australian-tax-system
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