In amongst all the chatter about ‘tax reform', and reform in general, the Government is still pursuing the deregulation agenda – that is, its mission to cut ‘red tape'.
Last Friday, Treasury released for consultation the Treasury Legislation Amendment (Spring Repeal Day) Bill 2015. The exposure draft will repeal certain provisions relating to ‘business identifiers' and ‘lost members and unclaimed superannuation' among other things.
Spring offers the perfect opportunity for some spring cleaning of all kinds, and as such we encourage members to give some thought to the areas of the tax law and administration that could be cleaned up. If you have any areas of the tax law and administration that you believe are suitable for red tape reduction, please let us know via our Tax Policy inbox.
We also recently lodged several submissions. We wrote to the Federal Assistant Treasurer welcoming the income tax relief to be provided to facilitate the transition to MySuper products. We made a submission to Federal Treasury suggesting an alternative proposal regarding the 2015-16 Federal Budget measure to impose a cap on salary sacrificed entertainment expenses. We also wrote to the South Australian Treasurer regarding some of our concerns in the Bill introducing measures stemming from the South Australian 2015-16 State Budget.
Stephanie Caredes CTA is a Tax Counsel of The Tax Institute.