Here are details to hand. On radio shortly so won’t have time to check full details of timing, and whether the numbers add up.
- Cullen’s envy tax of 39% put back on, but starting at $150,000
- The first $5,000 tax free (which includes increasing benefits by $10 a week)
- A CGT of 15%
- Boats will be exempt from the CGT.
- A farm house will be exempt, but not the farm itself
- Jewellery is exempt. So if you invest in a start up company which makes money you pay CGT, but if you buy jewellery which appreciates you do not
- If you are over 55 and have owned a small business for 15+ years then first $250,000 capital gain is tax free.
- No GST on fresh fruit and vegetables
I’d say tax accountants will be celebrating the extra work, if this came to pass