Australian government announces position on outstanding tax measures
On 6 November 2013, the treasurer and assistant treasurer announced the Australian government’s position in relation to 92 previously announced but unlegislated tax and superannuation measures. Of the 92 changes, the government will proceed with 18, abandon seven and significantly amend three initiatives. The remaining 64 measures will be subject to further consultation to determine whether there are compelling reasons to proceed. The announcement provides a timetable and process to implement (or abandon) previously announced reforms and will provide greater certainty for the business sector on the fate of some important tax measures. The legislative enactment of many of these measures will remove the ‘is it law’ impediment for Australian and international business and allow participants to get on with business.
The government has set a deadline of 1 December 2013 and committed to legislate to ensure that no tax liability will arise where a taxpayer has self-assessed with an announced tax change that will not proceed and to provide a refund where a taxpayer has complied with an announced tax change that will not proceed.
The full details of the government’s announcements are summarised in a table (which has been reordered from the original table) and includes the proposed start date for those measures being progressed and a summary of the taxpayers likely to be affected by these measures…
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Minter Ellison has created a quarterly update to discuss the tax issues that you may wish to raise with your board during each reporting period, starting with Q3.
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