Consultation Material for Taxation of Sustainable Water Use
and Infrastructure Arrangements
Assistant Treasurer David Bradbury today released draft legislation and explanatory material for the taxation of Sustainable Rural Water Use and Infrastructure Program arrangements.
The draft legislation implements a Gillard 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.
"The measure encourages efficient water use and provides certainty for irrigators to ensure that they will not be left with an unexpected tax bill merely as a result of timing differences. We welcome comments on the draft legislation and explanatory material," said Mr Bradbury.
Comments on the exposure material are sought by 13 August 2012. The draft legislation and explanatory material can be found on the Treasury website under Consultations and Submissions.
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 on the website.
The draft legislation contains provisions that also enable other Program initiatives to be added from time to time as they are approved and announced.
13 July 2012