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.
Tuesday December 10
The Dow Jones index rose 6 points to 16,026
Holden boss Mike Devereux refuses to answer Productivity inquiry questions on government funding.
Acting PM Warren Truss writes to Mike Devereux seeking “a clear statement” on Holden’s future
In October 2013, the total number of owner occupied housing finance commitments rose 1.0 per cent:ABS
The Federal Treasurer, Joe Hockey, says the Mid-Year Economic and Fiscal Outlook will be released next Tuesday, at the National Press Club.
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