• Repeal of the Minerals Resource Rent Tax along with concessions that had been provided in conjunction with the MRRT including the small business instant asset write off for assets under $6,500, accelerated for motor vehicles and loss carry back measures.

• Repeal of the Carbon Tax however it would appear that compensation to households will remain.

• A reduction in company tax rates by 1.5% from 1 July 2015. The downside to this reduction will be the amount of franking credits available to resident shareholders to be used as an offset for their tax liabilities.

• A levy of 1.5% on companies with taxable income over $5 million a year to be used to partially fund the proposed new paid parental scheme.

• Discontinuing the immediate asset write off for small business as noted in the first item.

• Discontinuing the tax loss carry back measures that had been available to companies as a result of the repeal of the Mineral Resources Rent Tax. This measure will still be available for the 2013 income tax year, however it is still unknown whether the repeal will be retrospective.

• Reversing the change to Fringe Benefits Tax on motor vehicles where the statutory formula for calculating FBT was to be repealed.

• Increases in Superannuation Guarantee percentage to have a changed timeline.

Watch this space to see when the proposals are to take effect.