The Tax Road Ahead - Government announcement
Considerations and actions for business
On 6 November 2013, the Treasurer and Assistant Treasurer announced the Government’s position regarding a backlog of 96 announced but unlegislated tax and superannuation measures.
The Government announcement is to be welcomed. In relatively quick time since the election, the Government has sought to bring some “taxation stability” to an uncertain tax landscape and increase business confidence.
Of the unenacted measures, the Government has identified seven measures which will not proceed, notably including the proposed repeal of section 25-90 and the proposed changes to the fringe benefits tax treatment of motor vehicles.
The vast majority of outstanding measures will be subject to further consultation which will be expedited and finalised over the next two weeks.
There are many positives that emerge, both in terms of the Government’s broader message to business and the clarification on specific tax measures.
The attached document sets out our comments on the Government’s position and highlights the key considerations and actions for business now that there is a clearer view of the tax road ahead.