The Coalition Government was elected as the new Federal Government on the 7th September 2013.
Key Promises from the election are as follows:
1. Abolish the Minerals Resource Rent Tax (Mining Tax) and a series of related measures funded by the mining tax including:
The loss carry-back scheme
The instant asset write-off increase
Accelerated depreciation for motor vehicles
Phasing down of interest withholding tax on financial institutions
Re-phase Superannuation Guarantee increase
Not proceed with low income super contribution
2. Abolish the Carbon Tax and associated benefits.
3. Company tax rate cut by 1.5 % to 28.5% from 1 July 2015.
4. Mining exploration incentive – Introduce an Exploration Development Incentive that will allow investors to deduct the expense of mining exploration against their taxable income. Under the scheme the ATO will determine a proportion of expenses that can be claimed as tax credits by investors. The scheme will target small exploration companies by limiting eligibility to companies with no taxable income. For investments from 1 July 2014.
5. Paid parental leave levy – 1.5% levy on companies with a taxable income above $5 million (and apply to taxable income in excess of $5 million). See ‘Other promises’ below.
6. Keep the current income tax thresholds, and pension and benefit fortnightly rates
Keep the Household Assistance Package