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…
If you are registered and logged in to the site, click on the link below to read the rest of the Minter Ellison briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Minter Ellison
News from The Lawyer
Briefings from Minter Ellison
The federal government has confirmed there will be ‘single-sided’ reporting for Phase 3B entities.
There were a number of court decisions in Hong Kong this year that continue to demonstrate the court’s non-interventionist pro-arbitration approach.