Limbo Tax Legislation Clean Up | McSweeney CA | Consulting Accountants
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Limbo Tax Legislation Clean Up

The Government has revealed that it will deal with a backlog of 92 announced but unlegislated tax and super measures.

For the 18 measures to be progressed, the Government expects these to be passed by Parliament by 1 July 2014.

The measures to be enacted include:

Two controversial measures of the previous Government will not proceed:

Plus, Kevin Rudd’s announcement during the election campaign that the statutory method of the car fringe benefit rules will be scrapped, will obviously not progress. This measure didn’t make it beyond a media release.

A number of important announced measures remain that have yet been addressed. These include the franking credit holding period rule and the CGT consequences of earn-out agreements, among others.

The Government has also confirmed that it will undertake a review into the effectiveness of the Division 7A rules and the taxation of trusts regime as part of a separate exercise. The aim of this review is to determine whether the rules can be improved and simplified.

More information

Media Release – Restoring integrity in the Australian tax system
Media Release – Board of Taxation Review extended (Div 7A)

Source – Knowledge Shop  Dec 2013

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