16 Jul 12 Taxation of sustainable water use and infrastructure consultation material released
In media release No 2012/073, issued 13 July 2012, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, announced the release of draft legislation and explanatory material for the taxation of Sustainable Rural Water Use and Infrastructure Program arrangements.
The draft legislation implements a Government commitment to eliminate timing differences between when grants are taxed and when deductions are available for items of expenditure under the Program. The amendments will apply from 1 April 2010.
A list of programs for which the Government has decided the special taxation arrangements will apply, along with others currently under consideration and likely to be added, is also available.
Comments on the exposure material are sought by 13 August 2012.