King & Wood Mallesons

Asia-Pacific 100 position: 3

Plans for unlegislated tax and superannuation changes

By Justin Rossetto and Cory Hillier

Treasurer Joe Hockey and assistant treasurer Arthur Sinodinos have announced that the federal government will not proceed with a number of the 92 unlegislated tax and superannuation initiatives. This move is in addition to the four initiatives that have already been dealt with as part of the carbon and mining tax repeal packages announced earlier this year.

As noted in the joint media release, some of the outstanding 92 initiatives date back to March 2001. This backlog has created significant uncertainty for Australian taxpayers and foreign entities conducting business in Australia. While only 28 out of the 92 initiatives are addressed in the announcement, the government has advised that it will, with the assistance of the Board of Taxation, undertake consultation with tax experts over the next two weeks with respect to the remaining 64 initiatives with ‘a disposition not to proceed’ with these initiatives.

The government has announced that it will proceed with 18 of the existing initiatives as originally announced…

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