In a media release issued on 14 December 2013, the Assistant Treasurer, Senator Arthur Sinodinos, announced the outcome of consultations over the backlog of 92 announced but unlegislated tax and superannuation measures.
The Government previously announced that 18 measures would proceed, three would be amended and seven would not go ahead including Labor's FBT car proposal and the cap on self-education expenses.
Of the 64 measures that were considered further, 16 will proceed and 48 measures will not proceed. Details are set out in the table attached to the media release.
Those that are proceeding include:
- Capital gains tax treatment of earn out arrangements;
- Income tax treatment of instalment warrants;
- GST reverse charge for going concerns.
Those that are not proceeding include:
- Research and development tax incentive – quarterly credits;
- Capital gains tax relief for taxpayers affected by natural disasters;
- Symmetric treatment of bad debts.
- International tax: review of the foreign source income anti-tax-deferral (attribution) regimes.
- Capital gains tax: minor amendments ensuring the proper functioning of the capital gains tax provisions - deceased estates
- Capital gains tax: refinements to the law - deceased estates. Allows testamentary trusts to distribute the assets of a deceased without CGT implications.
For a copy of the media release and attachment, go here