by Alan Thornhill
The Federal government has set back its target date for broad reforms of the ways in which income from trusts is taxed.
These broad reforms, originally slated to start from July 1 next year, are now, technically, to start from July 1, 2014.
However a new Federal election must be held before then and, on current polling, the present government is likely to be replaced, when that happens.
Despite that, the Assistant Treasurer and Minister Assisting for Deregulation, David Bradbury, issued a discussion paper today on this contentious subject.
He invited stakeholders to put their views on what he called options for a more workable approach for fixed trusts.
Mr Bradbury said the discussion paper addresses some of the uncertainties and complexities that taxpayers face under the current approach to the taxation of fixed trusts,
He said the government had already received substantial feedback from interested stakeholders following the release of an earlier paper on this subject.
There had also been extensive consultation with the community on it..
Mr Bradbury said: “The Government has listened to the message from consultations that a later start date is preferred, allowing more time to develop the law, and for industry to prepare for changes.”
The Government will release a policy design paper in September which will further develop options for a model for the taxation of trusts,” he added.
Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
Monday May 20
The Dow Jones Index rose 121.18 points Friday,New York time) to 15,354.40
Prime Minister Julia Gillard has received a boost in the latest newspaper polls as she continues her push to get states and territories to sign up to the Federal Government’s education reforms. Fairfax’s latest Nielsen poll says support for Ms Gillard as preferred prime minister has increased four points to 46 per cent, leaving her level with Opposition Leader Tony Abbott, whose support dipped four points.
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