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Thoughts on the year ahead – Tax and Wealth in 2019

Thoughts on the year ahead – Tax and Wealth in 2019

There are a number of tax laws that may change this year as a result of the upcoming 2019 Federal Election…

Individuals could be affected by:

  • Losing franking credit refunds to their Self-Managed Super Funds and to themselves
  • Paying higher capital gains tax
  • Losing tax benefits from negative gearing into investment property

Businesses could be affected by:

  • Changes to the laws for loans from Companies (known as “Div 7A”)
  • Discretionary Trusts (also known as “Family Trusts”) being taxed at 30% of their income

For the moment, we are recommending to our clients a “wait and see” approach before taking any specific action on any of these proposals. An election needs to be won and then legislation needs to be passed before new laws take effect.

But it’s important that you have an understanding of how these tax and other changes will affect you.

There may be an opportunity that opens up soon, to restructure your tax and wealth affairs to ensure you take advantage of any significant tax benefits.

If you have any questions about this, please feel free to make an appointment with one of our Accountants or Advisers today.

Get In Touch

P.O. Box 495
78 Henna Street, Warrnambool, VIC
Phone: (03) 55 618 618
Fax: (03) 55 618 600