There are a number of Bills, draft legislation and similar that have not passed through parliament as at the time of the Budget announcement. With a Federal election imminent, it is possible that some or all of these will lapse when the election is called.

Some of the measures previously announced that are still before parliament include:

• increasing the instant asset write off threshold for small businesses from $20,000 to $25,000 from 29 January 2019 until 30 June 2020
• increasing the maximum number of allowable members in self-managed superannuation funds from 4 to 6
• removing the entitlement to the CGT main residence exemption for foreign residents
• changes to the Research and Development (R & D) Tax Incentive including:
o permanently increase the R&D expenditure threshold from $100m to $150m
o link the R&D tax offset for refundable R&D tax offset claimants to their corporate tax rates plus a 13.5 percentage point premium
o cap the refund of the R&D tax offset at $4 million per annum.
• 12-month Super Guarantee (SG) amnesty enabling employers to self-correct historical underpayments without incurring additional penalties that would normally apply
• Ability for high-income employees with multiple employers to opt-out of the Super Guarantee regime to avoid unintentionally breaching the $25,000 concessional contributions
• anti-avoidance rule that applies to closely held trusts which undertake circular trust distributions
• disallowing deductions for expenses associated with holding vacant land
• expansion of taxable payment reporting system to the security, road freight, and information technology industries
• taxation of income for an individual's fame or image
• 1 year superannuation work test exemption for contributions by recent retirees aged 65-74 with total superannuation balances less than $300,000
Given the uncertainty in relation to the announcements made over recent years, we recommend that you contact us for specific advice or clarification where required.