Budget Issues for Taxpayers in Special Circumstances

Last Tuesday’s Budget speech saw significant changes to certain specific circumstances.

In particular the following will affect some Taxpayers:

• Changes to CGT of foreign residents;
• Changes to the Offshore Banking Unit Regime;
• Targeting of complex structures used by high wealth taxpayers to avoid tax;
• A new statutory definition of ‘Charity’ (yet to be finalised) to commence 1 July 2014.  This is part of a package of reforms to the not for profit sector aimed at increasing accountability and public trust in the sector.  For more information on the reforms click here.

If you are concerned about the impact any of these announcements may have on you please contact us.