With big issues coming to a head around tax, the environment and more, 2010 will be a year to remember!
Now that 2010 is well underway it is becoming very clear that it will be a very interesting start to the new decade. The year has started with much debate over how our tax system will look into the future. The Henry Review is understood to address many of the threshold tax issues. The debate over the tax system will open up several fronts in the lead up to the election, which now looks as if it will be the end of the year.
One issue that will change the tax outlook is the Carbon Pollution Reduction Scheme (CPRS), or lack thereof. The Government had hoped for the CPRS picture to be much clearer than it is before the Henry Review was released. Revenues from the CPRS would most likely have allowed other taxes to be reduced. This will now not be the case, at least initially. Small business issues are also shaping up to be another area for policy consideration. R&C has been clear about its support for a national IR system, supportive of the Fair Dismissal Code (with a high threshold for small business) and Association-based support for small businesses. Also, the Association has been pushing for 120 per cent deductibility for training expenditure; FBT changes to remove business meals from FBT coverage; and changes to capital gains tax for small businesses in relation to superannuation. The Association will provide a policy analysis in the lead up to the Federal election. The focus will be on the policy framework, rather than the politics of the day.
President, Restaurant & Catering