What do the 2 major parties plan for Tax and Superannuation if they are elected?
We are now in May and that signals the start of the year-end tax planning season. With a federal election coming up on Saturday 18 May, it’s a very unusual tax planning season. Normally the Federal Budget is handed down in May, and it is usually a document that we can reasonably rely on in formulating some tax planning strategies. Due to the upcoming election, however, the Budget was delivered on 2 April 2019. While this gives us some extra time to consider the tax related budget proposals and how they might impact on our clients, there is a high degree of uncertainty around who will form government following the election. For this reason, we also need to consider the opposition’s Budget Reply.
While remaining apolitical, we have attempted to explain in a previous article the key tax and superannuation related measures proposed by both the Coalition and the ALP. It may be worth noting that with a three year government term, another election will need to be called by May 2022. In other words, proposals that extend past that date may rely on a new government continuing to support them.
Correct as of May 2019.
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