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Consolidation Still In Labour - 9 Months On

Publication date: 14 Aug 01 | Source: THE TAX INSTITUTE

Nine months after the release of the original exposure draft, Ms McCleary has applauded the continuing consultation on the Consolidations provisions, but believes it is now time to publicly release the updated document in draft form.

'The Treasurer's announcement in March to defer introduction of Consolidations until 2002 has given the Government time to complete and improve the original exposure draft legislation,' said Ms McCleary.

'However, all the consultation over the past nine months has been on a confidential basis. It is now time for the Government to release the updated draft document to be publicly tested.'

'This is particularly important for small and medium-sized enterprises. Relatively few SME's have had the opportunity to consider how the Consolidations proposals would affect them. By releasing the latest draft legislation publicly, SME's can properly consider their position.'

'The Taxation Institute of Australia is appealing to the Government to publicly release the exposure draft legislation now, in readiness for its commencement on 1 July 2002.'