2019 is a new year for all of us and one in which all Australians will return to the polls to vote in a federal election. Politically, 2018 was a horror year for the present government, with over 40 consecutive losses in the opinion polls, a leadership spill, hypocritical and puerile antics from the Coalition’s partner, The National Party, along with two ex-leaders who seem determined to re-write history on their own administrations.
Given the antics of the Coalition it would seem that a Labor government is almost a foregone conclusion. Irrespective of opposition leader Mr Shorten’s poor polling individually, the Labor party are well ahead of the coalition in the two-party preferred polling, and are short odds favourites to lead the country later this year.
COMMENTARY ON POLICY
It is important to note that most of the changes proposed by the Labor party are not law yet. Many of the changes proposed have been via public announcement only (legislation by media release). Election promises, as we all know, can and do change once the party is in office and it is highly unlikely that the Labor party will have control of the Senate, thus meaning that whilst Labor may propose to legislate many new taxation reforms, it will (probably) be significantly limited by the Senate. Many of the independent senators are more sympathetic to Coalition policies than those of the Labor party and “watering down” of proposed changes is common. So, bearing in mind that it is my opinion that the Senate will hinder Labor’s plans for taxation reform, let us explore the key “proposed” reforms.
Click here for full article: https://clarkjacobs.com.au/Preparing-for-a-Labor-Government-in-2019
Author:
Heath Stewart, CA, B. Com, M. Tax, CTA, Dip. FS (FP), chartered accountant and Director, ECOVIS Clark Jacobs, Sydney, Australia
Email: heath.stewart@ecovis.com.au
Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 6,500 people operating in over 70 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice.
The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in the back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments – from preparation in the client’s home country to support in the target country.
In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues.
The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
ECOVIS AG Steuerberatungsgesellschaft
Ernst-Reuter-Platz 10
10587 Berlin
Telefon: +49 89 5898-266
Telefax: +49 (30) 310008556
http://www.ecovis.com
ECOVIS AG Steuerberatungsgesellschaft*
Telefon: +49 (89) 5898-266
E-Mail: gudrun.bergdolt@ecovis.com
