Each December I try to wrap up the year with the tax promises that have not quite made it into law. While the list has VERY, VERY SLOWLY, getting shorter, there are still a number of measures that are yet to get in to the tax laws.
And remember, after the last election, this Government promised it would be different to the previous Government (heard that before) and not leave announced measures unenacted.
So here is the list:
Announcements sitting in Bills before the Parliament
- Non resident withholding tax for capital gains from 1 July 2016
- Capital gains tax — look-through treatment for earn out arrangements FROM 1 JULY 2007
- Introduces a new tax regime for managed investment trusts
- Bank information swapping through the OECD
Draft law in the public for consultation
- Small business restructure rollover –
- FMD changes
- GST – Non residents providing intangible supplies to Australian Customers
- GST — Limiting the ‘connected with Australia’ rules
- Commissioner’s power to modify the law
And the stuff that is announced but nothing has been done other than an announcement
- Innovation statement stuff – OK it was only announce in December
- No low value GST threshold – GST changes are always is slow as each State and Territory has to have a go at it
- Amendments the tax hedging rules
- Functional currency rules — extending the range of entities that can use a functional currency
- Debt/equity tax rules — limiting scope of integrity rule
- Taxation of financial arrangements — foreign currency regulations — technical and compliance cost savings amendments
That is not a very long list. But there is an election coming so lets see what tax policies come up.