More to Tax Working Group than meets the eye 19 Jun 2019

You might be forgiven for thinking, as a result of all the media attention, the only thing the Tax Working Group ever did was to make recommendations about a Capital Gains Tax.

You might be interested in some of the other suggestions contained in clause 37 of working group’s report:

  • Increase the provisional tax threshold from $2500 to $5000
  • Increase the automatic deduction for legal fees from being just in connection with the buying and selling property to other types of professional services
  • Increase the threshold at which you don’t have to count your stock to $20,000 - $30,000
  • Simplify depreciation rates
  • Simplify FBT
  • Possibly remove the 50 percent limit on claim for entertainment expenses
  • Up the threshold for writing off low-value assets

Let’s hope the Government implements them all as soon as possible.

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