Government Update On Previously Announced Tax Measures (Australia)

Over the past 12 years, 96 tax related measures have been announced by former governments which have not been legislated. These outstanding tax measures have created uncertainty for taxpayers, of varying degrees. Where a tax measure has not been implemented, taxpayers have needed to decide whether they will arrange their tax affairs based on an announced measure or based on existing tax legislation. This uncertainty is exacerbated in circumstances where either the announced measure is intended to apply retrospectively, or where the measure was intended to apply prospectively but the intended commencement date has long since passed.

In a joint media release issued on Wednesday, 6 November 2013, Treasurer Joe Hockey and Assistant Treasurer Arthur Sinodinos outlined the Government's intentions in relation to 92 of these measures. The remaining four outstanding tax measures have already been addressed as a part of the Government's recently announced packages of reforms relating to the repeal of the Carbon and Mining taxes.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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