The Shadow Treasurer, Mr Crean, desperate to create a profile, has made a number of ignorant and false statements on tax reform in press releases today.
Legislation to enact the Government's tax policy, expected to be introduced later this month, will like most legislation contain transitional provisions. The transitional provisions apply to contracts and transactions that are entered into during the transition to the new tax system from the old one. The current law applies to current contracts. The new law will apply to new ones. The general principle applied is that stated in the Government's policy.
Transitional provisions are common place in tax legislation. Mr Crean will learn this if he is prepared to try and come to grips with tax issues.