Legislation introduced into Parliament
Following on from our previous alert on 21 May 2012, the Federal Government introduced Taxation Laws Amendment (2012 Measures No. 4) Bill 2012 into Parliament yesterday
Notably, the Bill indicates that the reforms will commence on 1 October 2012, rather than on 1 July 2012 as previously announced.
We note that although the start date for the new rules has been deferred the end of the transitional period discussed in our previous alert has not been extended beyond 1 July 2014 or the date a new employment arrangement is entered into. In order to take advantage of the transitional arrangements, it is important to ensure that no material variations are made to employment arrangements that were in place prior to 7.30pm (AEST) on 8 May 2012.