Tax Policy and Changes

Tax policies which on 1 July 2019

The proposed tax changes did not become law, as the Bills which were previously pass through to Parliament have since lapsed on 1 July 2019:

  • The changes that main residence capital gains tax exemption remove for Non- residents, including Australians living overseas who are foreign tax residents for tax puurposes.
  • The changes that main residence capital gains tax exemption remove for Non- residents, including Australians living overseas who are foreign tax residents for tax puurposes.
  • Superannuation Guarantee Amnesty, which was to provide employers with an amnesty during 24 May 2018 to 23 May 2019 .

Proposed superannuation tax changes re-introduced

The following self-managed superannuation fund tax measures were re-introduced into parliament.

  • Certain employees and workers with multiple employers to apply for an employer shortfall release certificate which stop their employer from having a superannuation guarantee shortfall.
  • This may allows the employee to negotiate with their employer to receive additional notes or non-cash wage.
  • Circumstances involving limited recourse borrowing arrangements.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

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