Individuals could be affected by:

– Loss of franking credit refunds to their Self-Managed Super Funds and to themselves
– Paying higher capital gains tax by reducing the general CGT discount from 50% to 25%
– Losing tax benefits from negative gearing into investment property and other investments.

Businesses could be affected by:

– Changes to the laws for loans from Companies (known as “Div 7A”)
– Discretionary Trusts (also known as “Family Trusts”) being taxed at 30% of their income