- As noted in our September M&A update1, a number of tax measures relevant to M&A were announced but not enacted by previous Governments.
- On 6 November 2013, the Treasurer and Assistant Treasurer released the Abbott Government’s position in relation to a number of these measures, some of which were subject to consultation ending prior to 1 December.
As at the date the last Parliament was dissolved for the September election, more than 100 proposals for amendments to tax law had been announced but not yet enacted. Most of these measures were announced while the ALP was in Government, although some stemmed back to the Howard era of the early 2000s.
On 6 November 2013, the new Treasurer and Assistant Treasurer set out the Federal Government’s proposals for those tax measures. While some previously announced measures will be continued, others have been rejected, and still others remain under investigation following a ‘speed consultation’ which ended prior to 1 December.
The final outcome for the measures subject to the ‘speed consultation’ has yet to be confirmed, although the Treasurer and Assistant Treasurer noted in their 6 November announcement that the starting position is that these measures will not be proceeding unless the Government is convinced otherwise.
Set out below is a short list of measures relevant to M&A, along with their current announced status.
For those the subject of the consultation process, it is hoped their fate will be known soon – the 6 November announcement suggested that would be 1 December, but that date clearly has not been met.
Click here to view table.