In my view, the key things include:
Parental Leave Pay (PLP)
Currently, employees are able to access government funded PLP in addition to any employer provided parental leave payments however, as at 1 July 2016 this will be regarded as "double dipping" – and the ability of employees to access government funded PLP in addition to employer provided paid parental leave will be removed.
Work-related car expenses
The methods of calculating work-related car expense deductions will be changed from the 2015/16 income year as follows:
- The "12% or original value method" and the "1/3 of actual expenses method" will be removed
- The "cents per kilometre method" will be modernised by replacing the 3 current rates based on engine size with one rate of 66 cents per kilometre to apply to all motor vehicles, with the Commissioner responsible for updating the rate the following years
- The "logbook method" of calculating expenses will be retained.
Note: These changes will not affect leasing or salary sacrifice arrangements.
Superannuation
Currently, a person must have two medical practitioners (including a specialist) certify that he / she is likely to die within one year in order to gain unrestricted tax-free access to his / her superannuation balance. From 1 July 2015, the government will change the period to two years, therefore giving terminally ill persons earlier access to their superannuation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.