Publication date: 14 Dec 13 |
Source: THE TAX INSTITUTE
Saturday 14 December 2013: Today’s Federal Government decision on the fate of the remaining backlog of unlegislated tax laws is an early Christmas present for Australian taxpayers, the Tax Institute said today.
“The Government’s welcome decision today will draw a line in the sand on the outstanding tax law backlog and start the process of speedily legislating the priority tax issues,” said Tax Institute Vice-President, Michael Flynn.
“This is an early Christmas present for taxpayers that will stem the uncertainty caused by the legislative stalemate.
“The Tax Institute has been the leading advocate for action to address the growing list of unenacted tax laws.
“We welcome both the Government’s acknowledgment of the long-held concerns of Tax Institute members and the commitment to legislate the bulk of the key tax measures in 2014, which should inject much-needed certainty into our tax system.
“It is also crucial that the Government does not drop the ball on providing certainty on the status of tax changes not included in the unenacted list, including advancing key tax reforms, such as the reform of trust tax law.
“It is only through early and regular engagement with tax professionals that we will achieve a simpler, more equitable and more efficient tax system and avoid ever again having such an extensive backlog of unenacted tax law,” Mr Flynn concluded.
Robert Jeremenko, Senior Tax Counsel, The Tax Institute: 0468 987 300
The Tax Institute is the country’s leading educator and professional association in tax. Its 14,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia. The Tax Institute supports the tax profession through education and professional development and works to continually improve tax law and its administration.