In March 2018, the Australian Labor Party proposed a change to the tax system that would make excess imputation credits non-refundable, should they win the Federal election in 2019. In this episode of Talking Law Joanna talks to one of Australia’s foremost authorities on Tax and Property, Edward Chan about how these potential changes might impact businesses in Australia, and their owners.
Episode Highlights:
- The changes being suggested by the Labor Party and what they might look like if they do come into force
- Proposed changes to franking credits and impact they bring to Australian businesses
- Proposed changes to negative gearing and impact they bring to Australian businesses
- What businesses and business owners alike can do to prepare in advance
- Proposed changes to taxing of trusts and impact they bring to Australian businesses
The Australian Labor Party (ALP) has announced that if it wins the next election it will reform the dividend imputation credit system, removing cash refunds for excess dividend imputation credits, also known as franking credits.
Our host, Joanna Oakey talks to the Founder and Non Executive Chairman of Chan & Naylor and a leading authority in property and business tax, Edward Chan. They drill into what the possible changes to franking credits, negative gearing and taxing trusts really mean to Australian businesses and business owners alike. They also discuss the many impacts these proposed changes may have in Australia’s growing business industry.
Although this is only a proposal therefore the implementation depends on the outcome of the next Federal Election, this is still an essential discussion to understand and maybe prepare in advance if these changes do come into force.
Resources:
Connect with Edward Chan:
- Chan and Naylor’s Facebook
- Chan and Naylor’s Twitter
- Chan and Naylor’s Linkedin
- Edward’s Linkedin
- Chan and Naylor’s Instagram
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