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End of attention
In 2012, the ATO undertook a review of business income tax returns in an effort to obtain a better balance between the community's cost of compliance and the organisation's information needs. The review explored the company, trust and partnership income tax returns and some associated schedules to identify opportunities to remove or refine the information collected.
The review has resulted in a redesign of the Capital gains tax schedule in 2013.
Changes and proposed changes to the law
In media releases 017-2013 of 6 November 2013External Link and 008-2013 of 14 December 2013External Link, the government announced it will not be proceeding with a number of previously announced tax and superannuation measures.
The government also announced its intention to provide legislative protection for taxpayers who under assessed their tax position on the basis of announced changes that will no longer proceed. Taxpayers who paid additional tax by following announced changes that will no longer proceed will be entitled to a refund.
For more information about these changes, see New legislation.
Last modified: 01 Sep 2014QC 39804