Today Dr Michael Cullen and Peter Dunne released a discussion document on the initiatives being considered in the area of business tax reform.
The following is a brief summary of the tax measures referred to:
Company Tax Rate
- Reduction in Company Tax Rate from 33% to 30%
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Specific Measures
- Tax credits for R & D activities (121% to 145% tax deduction proposed)
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- Tax credits for export market development activities
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- Tax Credits for skills improvement courses
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- Deductibility for 'start up' costs
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- Deductibility for black hole expenditure, e.g. for demolished buildings
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- Increasing depreciation loading on new assets (from 20% to 30% or 40%)
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- Removing depreciation loading to fund a company tax rate cut
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- Allowing depreciation loading on second hand assets
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Compliance Measures
- Increase low value asset write off from $500 to $1000
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- Allowing write-off of assets depreciated to a low book value ($100)
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- Allowing more taxpayers to file FBT annually
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