Review of unlegislated tax measures completed
The Assistant Treasurer has announced the outcome of consultations over the backlog of 92 announced but unlegislated tax and superannuation measures.
The government previously announced that 18 of those measures would proceed, 3 would be amended and 7 would not go ahead.
Of the remaining 64 measures that were considered further, 16 would proceed and 48 measures would not proceed.
Those that are proceeding include.
- CGT- look-through treatment for earn out arrangements: Treats earn out payments as part of the value of the business asset for CGT purposes.
- Income tax treatment of instalment warrants and look-through treatment of instalment warrants and similar arrangements: Treats an investor in an instalment as the owner of the underlying asset for tax purposes.
- GST administration- reserve charge for going concerns: Replaces the GST free concessions for the supply of going concerns and farm land supplied for farming with a reverse charge mechanism.
- Unlawful payments from regulated superannuation funds- promotion of illegal early release schemes: Introduces penalties for promoting schemes designed to obtain the illegal release of superannuation benefits.
Those that are not proceeding include:
- SMSFs- administrative directions and penalties: Was to give the ATO flexible and cost-effective penalty options to deal with SMSFs that breach the law.
- Unlawful payments form regulated superannuation funds- income tax rates amendment: Would have taxed super benefits received illegaly at 45% plus medicare levy. This measure was funded from the levy imposed on SMSFs, so the decision not to proceed with it will be take into account when the amount of the levy is next considered.
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