Our pre-budget submission recommendations have been driven by the priorities, concerns and ideas of our members. In this pre-budget submission, based on a member survey that covered a broad range of taxation and superannuation issues, our suggestions reflect our overarching objective of achieving a suitable balance of fairness, efficiency and simplicity in the taxation system.
Our proposals for individual taxation include a tax offset for older workers to encourage mature age participation in the workforce. We also recommend a $2,000 standard work-related expense deduction – no substantiation required.
On behalf of small businesses, we have asked for the $20,000 instant asset write-off to be retained and a $10 million eligibility threshold for the small business CGT concessions.
Superannuation changes are big news right now, and we have asked for specific improvements to the new laws as well as online tools to help taxpayers understand and comply with the new super rules.
There are many more recommendations in the Tax & Super Australia pre-budget submission, which can be read in the attached document (713kb).
Tax & Super Australia’s objective is to provide taxation practitioners, superannuation professionals, small businesses and individuals with up-to-date, informative and above all understandable information about Australian taxation. We are a member-based organisation unaffiliated with any political or commercial groups, advertising or sponsoring organisations.
# [budget], [federal budget], [may budget], [members], [submission]
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