Tax Consolidation: Changes raise concerns for affected taxpayers
On 28 April 2015, the Federal Treasury released Exposure Draft legislation (‘the ED’) on 5 previously announced tax consolidation measures. Crucially, the measures are intended to apply retrospectively, from as far back as the 14 May 2013 Budget in some cases, and will have adverse impacts on taxpayers in many cases. The measures contained in the ED are complex and have changed quite dramatically from the brief Government announcement 2 years ago. We are concerned that the retrospective application of these measures is not an appropriate outcome for taxpayers.