Top 10 Tax Policies of the Australian Labour Party

Most bookmakers have the Australian Labour Party as unbackable favourites to win the May 2019 Federal election. As such, subject to successfully negotiations with the Senate, these policies will become law:

  1. 49% top marginal tax rate for taxpayers with income greater than $180,000.
  2. Removal of the refund of imputation tax credits – especially hits SMSFs in the pension phase that pay no tax.
  3. 30% minimum tax rate on distributions by family trusts to adult beneficiaries.
  4. 50% CGT discount reduced to 25% (with existing assets grandfathered).
  5. Negative gearing restrictions for real estate (existing assets to be grandfathered).
  6. $3,000 cap on tax agent fees.
  7. Personal tax cuts to low-income and middle-income earners.
  8. Non concessional super cap to be reduced to $75,000 (from $100,000).
  9. 20% capital allowance write off in year 1.
  10. Borrowing by SMSFs to be prohibited.