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.
Please see full alert below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.