Tax & Super Australia’s 2018-19 pre-budget submission

Our pre-budget submission recommendations have been driven by the priorities, concerns and ideas of our members. In this pre-budget submission, based on a member survey that covered a broad range of taxation and superannuation issues, our suggestions reflect our overarching objective of achieving a suitable balance of fairness, efficiency and simplicity in the taxation system.

Our proposals for individual taxation include a tax offset for older workers to encourage mature age participation in the workforce. We also recommend a $2,000 standard work-related expense deduction – no substantiation required.

On behalf of small businesses, we have asked for the $20,000 instant asset write-off to be retained (past the extended “use-by” of 30 June this year) and a $10 million eligibility threshold for the small business CGT concessions.

Superannuation changes are big news right now, and we have asked for specific improvements to existing laws, such as s307-80(4) to ensure penalties for a failure to comply with commutation authority is levied on the provider, not the superannuant.

There are many more recommendations in the Tax & Super Australia pre-budget submission, a summary of which can be read in the attached document (220kb).

Tax & Super Australia’s objective is to provide taxation practitioners, superannuation professionals, small businesses and individuals with up-to-date, informative and above all understandable information about Australian taxation. We are a member-based organisation unaffiliated with any political or commercial groups, advertising or sponsoring organisations.

Our pre-budget submission recommendations have been driven by the priorities, concerns and ideas of our members. In this pre-budget submission, based on a member survey that covered a broad range of taxation and superannuation issues, our suggestions reflect our overarching objective of achieving a suitable balance of fairness, efficiency and simplicity in the taxation system.

Our proposals for individual taxation include a tax offset for older workers to encourage mature age participation in the workforce. We also recommend a $2,000 standard work-related expense deduction – no substantiation required.

On behalf of small businesses, we have asked for the $20,000 instant asset write-off to be retained (past the extended “use-by” of 30 June this year) and a $10 million eligibility threshold for the small business CGT concessions.