Returning Prime Minister Scott Morrison and Treasurer Josh Frydenberg will have their hands full as they look to determine whether to reintroduce bills that had lapsed with the calling of the election in April, and whether to advance previous announcements, exposure drafts and consultation papers.
There are currently 83 such announced tax and superannuation policies, including notable measures such as the super guarantee amnesty, amendments to Division 7A and the removal of the CGT main residence exemption for non-residents.
“As a profession, we are waiting for the government to clarify its position on the unenacted measures so that we know whether or not clients are going to be subject to measures that were previously announced and that clarification is very important,” TaxBanter senior tax trainer Robyn Jacobson told Accountants Daily.
“There is an imperative for the government in the weeks and months ahead to prioritise where they stand on each of these measures.”
Mr Morrison has noted that the sitting dates for Parliament in June might be delayed as he waits for the election writs to be returned.
“We obviously have to wait for the writs to be returned and there is a formal process for that,” Mr Morrison told Sky News last night.
“At the moment, it is not looking like until the back end of June.”
Enacted measures for 1 July 2019
While practitioners wait on clarity for the announced and unenacted measures, Ms Jacobson believes they should also take note of measures that have been enacted and are commencing from 1 July 2019.
Notable measures include new legislation to deny an income tax deduction for certain payments if the associated withholding obligations have not been complied with.
The taxable payments reporting system regime will also be extended to the road freight, security, investigation, surveillance and information technology industries from 1 July 2019.
The extended and expanded instant asset write-off announced in the federal budget this year has also been passed, with the threshold increasing to $30,000 and expanded to include medium-sized businesses with a turnover of less than $50 million.
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.