What are we waiting for in tax and super – Announced but unenacted changes…

Next year we will be looking at a Government White paper on reforming the tax system (what did I do in 2008 on the Henry Review?!?!?!). And this time we will review the tax system with failing public finances.

But before we start, once again, coming up with the simple, equitable, efficient and adequate tax system, lets remind ourselves of what is still on the Governments to do list for tax and super legislation.

It is not a very long, or very interesting list (this is my best guess of what is still to be donned if I have missed one let me know). And once you get past item 7 it is only the very big end of town that will be interested…

  1. Employee share scheme changes including “start up” concessions from 1 July 2015
  2. Non resident withholding tax for capital gains from 1 July 2016
  3. Capital gains tax — look-through treatment for earn out arrangements FROM 1 JULY 2007 – HURRY UP TREASURY!
  4. Reduce company tax rate by 1.5% as a part of implementing a parental leave scheme
  5. Enhance the information reported to the ATO to improve taxpayer compliance
  6. GST — Limiting the ‘connected with Australia’ rules
  7. GST — Replacing the going concern rules with a reverse charge
  8. Introduces a new tax regime for managed investment trusts
  9. Investment manager regime prospective arrangements
  10. Strengthening certain integrity provisions in the scrip for scrip roll-over.
  11. Amendments the tax hedging rules
  12. Treats an investor in an instalment warrant as the owner of the underlying asset for tax purposes
  13. Loss recoupment rules — work for multiple classes of shares
  14. Functional currency rules — extending the range of entities that can use a functional currency
  15. Debt/equity tax rules — limiting scope of integrity rule
  16. Taxation of financial arrangements — foreign currency regulations — technical and compliance cost savings amendments
  17. Changes to the Offshore Banking Unit regime

Not much to get excited about…

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About Ken Mansell

As a stay at home Dad most of the week this is my way of pretending I am still the tax counsel of ASX and SEC listed companies, working at big 4 firms, working at the Federal Treasury, on the Henry Review and at Parliament House for the previous government.
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