In a media release issued on 5 November 2009, the Assistant Treasurer, Senator Nick Sherry, announced the release of rewrites of 149 pages of income tax law for public consultation in a further step towards a single Income Tax Assessment Act.
This rewrite will move 149 pages from the 1936 Act and simplify it to 110 pages under the 1997 Act, a 25% reduction in pages. The rewrites cover the following provisions of the Income Tax Assessment Act 1936:
- Part VI – collection and recovery provisions;
- Schedule 2C – forgiveness of commercial debts;
- Schedule 2E – leases of luxury cars;
- Schedule 2G – farm management deposits; and
- Schedule 2J – general insurance.
"While the rewrites have been undertaken with no intention to change the interpretation of the law, these modernisations will provide certainty around some areas following court decisions," said the Assistant Treasurer.
Submissions on the rewrites should be lodged by Friday 18 December 2009.
For a copy of the Minister's media release, No 2009/087, 5 November 2009, go here
For a copy of the rewrites, go here