Labor’s tax policies that we can forget about

The 2019 election was, if nothing else, an interesting one.

As Bill Shorten and Sportsbet (paid out $5.2 million after Scott Morrison got the chocolates) lick their wounds, the Australian public move forward with the Lib’s still running the show.

It’s difficult to think of an election that promised more change to our tax system.

So now, in the light of a Liberal win; the below Labor policies, some of which have caused much debate, are unlikely to ever see the light of day…

  • Increasing the income tax offset for low and middle income earners;
  • Increasing the budget repair levy;
  • Removing negative gearing on investment properties;
  • Reduction in the Capital Gains Tax discount from 50% to 25%
  • Removing refunds from Franking credits on dividends;
  • Taxing trust distributions at 30%;
  • Capping the cost of managing tax affairs at $3k;

As we wait for the final make-up of the House of Reps and the composition of the Senate,we’ll all get a better grasp on what changes WE ARE likely to see. We’ll keep you updated as they come to light.

Happy accounting!