In media release No 2010/028 issued on 25 February 2010, the Assistant Treasurer, Nick Sherry, announced the release of the Government's updated regular forward work program outlining the consultation process for announced tax measures, with a proposed schedule of reforms to be introduced in the current sittings of Parliament.
Measures to be introduced in the current sittings of Parliament include:
- amending the non-commercial loan rules to prevent private companies paying tax-free dividends to their shareholders;
- extending the tax file number withholding tax requirements to closely held trusts and family trusts to ensure the beneficiaries of these trusts pay their fair share of tax on income from these trusts; and
- replacing the R&D Tax Concession with a simplified R&D Tax Credit.