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5 Tax and Structures

Federal Budget 2018/19 proposals

Last year’s Federal Budget included several proposals that will alter the rules for taxation. The changes that may alter the information contained in this module include:

 1. From 7:30pm (AEST) on 8 May 2018, partners that alienate their income by creating, assigning or otherwise dealing in rights to the future income of a partnership will no longer be able to access the small business capital gains tax (CGT) concessions in relation to these rights. The proposal has not yet been legislated.

2. From 1 July 2019, expenses associated with holding vacant land will cease to be deductible if the land is not being used to carry on a business. The proposal has not yet been legislated.

 

 

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