Possible Tax Changes Under a Different Government - What Will Impact You?

by Dominique Schuh

As we edge closer to the Federal Election, both major parties are starting to show their cards on tax policy. What most people aren't realising though, is that nearly everyone will end up paying more of their hard-earned dollars in tax under a Labor Government. We've summarised some of the key differences between the parties in the table below and while we will refrain from political commentary, we do believe it's important for people to be informed before placing their vote.

Our thoughts on this are that the main areas our clients would suffer under these changes would be in relation to the capital gains tax changes, the superannuation changes, and the franking credit alterations and also the strain on small business by increasing the Super Guarantee rate immediately to 12%.
If you'd like more information on any of these proposed changes and how they may impact you, please don't hesitate to contact us.