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19 Dec 13 Senior Tax Counsel’s Report

20 December 2013

Preamble

This week the Federal Government finalised its plans to deal with the remaining backlog of unlegislated tax laws. You can access the Minister’s media release here.

The Government’s welcome decision will draw a line in the sand on the outstanding tax law backlog and start the process of speedily legislating the priority tax issues. 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.

Finally I would like to wish all members a Merry Christmas and a Happy New Year. We will be back at work on 6 January 2014 and look forward to a great year ahead.

Kind regards
Robert Jeremenko CTA