3. Recent developments in large business tax policy

  • Rob Heferen updated members on two key tax measures announced in the 2014 Budget and previously announced but unenacted measures. These include:
    • the increase in personal income tax and the reintroduction of indexation for fuel excise (new tax measures)
    • the Clean Energy Act (repealed)
    • Paid Parental Leave
    • the Investor Management Regime (element 3) and
    • the Government’s response to the Board of Tax on Collective Investment Vehicles and Islamic Finance.
  • He also informed members of the development of the tax White paper on the reform of the tax system and noted the intention for:
    • A Green paper possibly in the first half of 2015, and
    • The White paper by the end of 2015.
    • He also noted the possibility of an issues paper to be produced prior to the Green paper.
  • The tax White paper would likely be pursued in parallel with the White paper on federation and these may provide a platform for the Government to take to the next election.
    Last modified: 21 Nov 2014QC 43202