CGT and negative gearing: see 14 and 17c
ATTACHMENT
In the interests of business and community certainty, the Government advises that it will not implement the following policies at any stage. Some of these are recommendations of the Australia’s Future Tax System review, some are potential mis-interpretations of the recommendations.
•
Include the family home in means tests (see Rec 88c)
•
Introduce land tax on the family home – this is a state tax and thus an issue for the states (see Rec 52 & 53)
•
Require parents to work when their youngest child turns 4 (see Rec 85)
•
Hit single income families (see Rec 92 & 93)
•
Restrict eligibility to rent assistance for families (see Rec 103)
•
Do any changes to the tax system that harm the not-for-profit sector, including removing the benefit of tax concessions, raising the gift deductibility threshold or changing income tax arrangements for clubs (see Rec 9e, 13, 41, 43 & 44)
•
Reduce overall remuneration to the members of our defence forces (see Rec 6d, 8c & 9e)
•
Reduce the CGT discount, apply a discount to negative gearing deductions, or change grandfathering arrangements for CGT (see Rec 14 & 17c)
•
Remove the Medicare levy (see part of Rec 5)
•
Reduce indexation of the age pension (see Rec 84)
•
Remove the benefits of dividend imputation (see Rec 37)
•
Think of hitting pensioner and low income concessions for utilities, transport and other essential services (see Rec 107)
•
Introduce a bequests tax (see Rec 25)
•
Align preservation age with pension age (see Recommendation in AFTS Retirement income strategic issues paper)
•
Offer a government annuity product (see Rec 22)
•
Ask the States to charge market rents to public housing recipients (see Rec 106)
•
Abolish the Luxury car tax (see Rec 80)
•
Index fuel tax to CPI (see Rec 65)
•
Change alcohol tax in the middle of a wine glut and where there is an industry restructure underway (see Rec 71)
The Government also reaffirms that it will never increase the rate or broaden the base of the GST or remove tax free superannuation payments for the over 60s, which were both ruled out of the AFTS Terms of Reference.
ATTACHMENT
In the interests of business and community certainty, the Government advises that it will not implement the following policies at any stage. Some of these are recommendations of the Australia’s Future Tax System review, some are potential mis-interpretations of the recommendations.
•
Include the family home in means tests (see Rec 88c)
•
Introduce land tax on the family home – this is a state tax and thus an issue for the states (see Rec 52 & 53)
•
Require parents to work when their youngest child turns 4 (see Rec 85)
•
Hit single income families (see Rec 92 & 93)
•
Restrict eligibility to rent assistance for families (see Rec 103)
•
Do any changes to the tax system that harm the not-for-profit sector, including removing the benefit of tax concessions, raising the gift deductibility threshold or changing income tax arrangements for clubs (see Rec 9e, 13, 41, 43 & 44)
•
Reduce overall remuneration to the members of our defence forces (see Rec 6d, 8c & 9e)
•
Reduce the CGT discount, apply a discount to negative gearing deductions, or change grandfathering arrangements for CGT (see Rec 14 & 17c)
•
Remove the Medicare levy (see part of Rec 5)
•
Reduce indexation of the age pension (see Rec 84)
•
Remove the benefits of dividend imputation (see Rec 37)
•
Think of hitting pensioner and low income concessions for utilities, transport and other essential services (see Rec 107)
•
Introduce a bequests tax (see Rec 25)
•
Align preservation age with pension age (see Recommendation in AFTS Retirement income strategic issues paper)
•
Offer a government annuity product (see Rec 22)
•
Ask the States to charge market rents to public housing recipients (see Rec 106)
•
Abolish the Luxury car tax (see Rec 80)
•
Index fuel tax to CPI (see Rec 65)
•
Change alcohol tax in the middle of a wine glut and where there is an industry restructure underway (see Rec 71)
The Government also reaffirms that it will never increase the rate or broaden the base of the GST or remove tax free superannuation payments for the over 60s, which were both ruled out of the AFTS Terms of Reference.