19 Mar 099 Minister announces program to merge two Acts into oneIn a luncheon address to the Taxation Institute's 24th National Convention held in Sydney, New South Wales, on 13 March 2009, the Assistant Treasurer, Chris Bowen, expressed the view that there is no justification for having two long tax Acts (the ITAA 1936 and the ITAA 1997), and that "transferring the remaining sections of the 1936 Act to the 1997 Act, with the appropriate redrafting to reflect the language of the 1997 Bill is a task which we should begin to tackle with a definite view to finish the job".
The Minister said: "Later this year the Government will release draft rewrites of several schedules of the 1936 Act and their transfer to the 1997 Act. This will include schedules 2C, 2D, 2E, 2G, 2J and Divisions 8, 9, and 10 of Part IV of the 1936 Act."
Without setting a definite timetable for completion of the task (particularly in light of the work currently being undertaken by the Henry Review), the Minister said: "We do, however need a goal, an aspirational date, by which we would like to see the Acts amalgamated. I believe that 2013 is an ambitious, but achievable, target for Australia to have one tax Act."
The Taxation Institute commented on the proposal in a media release issued on 13 March 2009.
For a copy of Mr Bowen's address to the Taxation Institute, go here.
For a copy of the Taxation Institute's media release, 13 March 2009, go here.