It may pay to remind clients that could possibly be affected that the following pieces of legislation have not yet made it into law:
- Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018
- Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018
- Treasury Laws Amendment (2018 Measures No. 4) Bill 2018
- Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018
With possibly less than a week of sitting days before the Budget on 2 April, and the expected call of an election soon after, these changes may not be finalised until much later in 2019.
Because of the above, the following are changes to the tax and super laws that were not passed at the end of 2018 — but are in bills that are still before the Parliament.
- Change to the R&D Tax Incentive;
- One-off 12 month amnesty to self-correct superannuation guarantee non-compliance;
- Ensure that a superannuation entity’s non-arm’s length income includes income where expenditure in gaining or producing it was not an arm’s length expense;
- In certain circumstances involving limited recourse borrowing arrangements, the total value or a superannuation fund’s assets is taken into account in working out individual members’ total superannuation balances.
- Enable the Commissioner of Taxation to issue directions to employers to pay unpaid superannuation guarantee and undertake superannuation guarantee education courses, and to disclose more information about superannuation guarantee non-compliance to affected employees;
- Removing the entitlement to the capital gains tax main residence exemption for foreign residents.
If you have clients who may be affected, or have tax affairs that depend on the above changes being put into law, it could pay to warn them.