The Assistant Treasurer, Nick Sherry, has today released the Rudd Government's updated regular forward work program outlining the consultation process for announced tax measures, with a proposed schedule of reforms to be introduced in the current sittings of Parliament.
"This forward work program shows the Rudd Government is consulting with the community as it gets on with the job of tax reform," the Assistant Treasurer said.
"Measures to be introduced in the current sittings of Parliament are aimed at improving the operation of tax integrity rules."
The legislation seeks to achieve important outcomes, including:
- amending the non-commercial loan rules to prevent private companies paying tax-free dividends to their shareholders;
- extending the tax file number withholding tax requirements to closely held trusts and family trusts to ensure the beneficiaries of these trusts pay their fair share of tax on income from these trusts; and
- replacing the R&D Tax Concession with a simplified R&D Tax Credit.
The Government publishes a forward work program for announced tax measures at regular intervals during the year.
Measures announced by the previous government but which were not enacted will be included on the forward work program as the Government decides how or whether they should proceed.
"The publication of a forward work program for tax measures provides greater transparency in the tax design process," the Assistant Treasurer said.
"It allows for a more inclusive and meaningful consultation process with taxpayers and tax professionals."
The detailed forward work program is available at www.treasury.gov.au.