This week the Assistant Treasurer issued a media release concerning 64 tax measures previously announced but unlegislated. Of the 64 measures, 16 will proceed and 48 measures will not.

While the Assistant Treasurers' announcement will not please all taxpayers at least it provides some certainty as to the fate of the remaining 64 tax measures which were the subject of further consultation after the 6 November 2013 announcement.

This update summarises some of the important measures, addressed in the media release, which will affect most organisations.

The media release follows that issued on 6 November 2013 by the Treasurer and Assistant Treasurer concerning how 92 previously announced tax measures would be dealt with (see our previous legal update).

View the list of the 64 previously announced measures and how they are to be dealt with here.

Measures proceeding Description Date of Effect
Capital Gains Tax – earn-outs To provide "look-through" treatment for earn-out arrangements so that earn-out payments are treated as part of the value of the business. Announced in 2010-11 Budget Royal Assent
GST-cross border transactions The "connected with Australia" rules will be revised so as to reduce the number of non-residents subject to the GST regime. Announced in 2010-11 Budget Royal Assent
GST-going concerns A "reverse-charge" provision will be introduced to replace the GST free concessions for the supply of going concerns and farm land. Announced in 2009-10 Budget Royal Assent
Instalment Warrants Revision of income tax treatment and introduction of "look-through" treatment. Announced in 2011-12 Budget 1 July 2007
Measures not proceeding
Not-for-profit Reforms To better target not-for-profit tax concessions. Announced in 2011-12 Budget
International Tax - anti-tax deferral regimes Proposed modernisation of controlled foreign company rules. Announced in 2009-10 Budget.
Sovereign Immunity exemption To clarify and codify the exemption provided to foreign governments for dividend and interest income from passive investments in Australia. Announced in 2005-06 mid-year economic forecast.
Off-market share buy-backs To implement the recommendations of the Board of Taxation in relation to the tax treatment of off-market share buy-backs. Announced in 2009-10 Budget.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.