In media release No 2010/129, issued 16 June 2010, the Assistant Treasurer, Senator Nick Sherry announced that the Government will review the income tax law in relation to individuals and businesses making "elections" or choices in their tax affairs with a view to simplifying the tax law and cutting red-tape.
The Assistant Treasurer released a wide-ranging consultation paper on Elections in the Income Tax Law. Elections, or choices, in the income tax law are decisions required of individuals and businesses in relation to their claims or obligations under the tax law.
"There are currently over 200 such elections spread throughout the income tax law," said the Assistant Treasurer.
Submissions are due by the 16 August 2010.