There were plenty of tax change last week: the start of a new financial year; the carbon tax; the minerals resource rent tax; income tax threshold and rate changes; and changes to small business concessions, to name but a few.
But what of the tax changes that seem almost lost in the mists of time - the announcements that have been shoved to the back of the policy cupboard? Now is a good time to take stock of some of the Government's outstanding tax promises and changes that are out of sight and mostly out of mind - these include:
- Earnouts and instalment warrant changes;
- Review of elections in income tax;
- Creation of a Tax System Advisory Board to oversee ATO management;
- Creation of a Tax Studies Institute;
- Investigating a tax advice privilege;
- Board of Taxation's review into Tax Design Review Panel recommendations;
- Board of Taxation's review into the tax treatment of Islamic Finance products; and
The Tax Institute will continue to speak with the Assistant Treasurer and The Treasury about these and other outstanding items to ensure that tax policy is not glossed over in the increasing focus on the politics of change.
Robert Jeremenko is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.