This week the Assistant Treasurer issued a media release
concerning 64 tax measures previously announced but unlegislated.
Of the 64 measures, 16 will proceed and 48 measures will not.
While the Assistant Treasurers' announcement will not please
all taxpayers at least it provides some certainty as to the fate of
the remaining 64 tax measures which were the subject of further
consultation after the 6 November 2013 announcement.
This update summarises some of the important measures, addressed
in the media release, which will affect most organisations.
The media release follows that issued on 6 November 2013 by the
Treasurer and Assistant Treasurer concerning how 92 previously
announced tax measures would be dealt with (see our previous
View the list of the 64 previously announced measures and how
they are to be dealt with
Date of Effect
Capital Gains Tax – earn-outs
To provide "look-through" treatment for earn-out
arrangements so that earn-out payments are treated as part of the
value of the business. Announced in 2010-11 Budget
GST-cross border transactions
The "connected with Australia" rules will be revised
so as to reduce the number of non-residents subject to the GST
regime. Announced in 2010-11 Budget
A "reverse-charge" provision will be introduced to
replace the GST free concessions for the supply of going concerns
and farm land. Announced in 2009-10 Budget
Revision of income tax treatment and introduction of
"look-through" treatment. Announced in 2011-12
1 July 2007
Measures not proceeding
To better target not-for-profit tax concessions.
Announced in 2011-12 Budget
International Tax - anti-tax deferral regimes
Proposed modernisation of controlled foreign
company rules. Announced in 2009-10 Budget.
Sovereign Immunity exemption
To clarify and codify the exemption provided to
foreign governments for dividend and interest income from passive
investments in Australia. Announced in 2005-06 mid-year economic
Off-market share buy-backs
To implement the recommendations of the Board of
Taxation in relation to the tax treatment of off-market share
buy-backs. Announced in 2009-10 Budget.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The income tax treatment of any property lease incentive will vary, depending on the nature of the inducement provided.
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