In its pre-budget submission to Treasury, CA ANZ has called for the government to address the long list of announced but unenacted measures.
“This list has been gradually increasing over the past five years due to a variety of factors, some of which include the composition of the Parliament (especially the Senate), the lapsing of legislation due to the calling of the election and competing demands for resources for the long list of legislative proposals (for example, the royal commission into banking),” said the submission.
“While the delays can be explained, such a situation makes it difficult to advise taxpayers.
“Businesses like certainty. Resolving the outstanding tax issues, both policy and administrative, outlined in this submission will help provide a more stable business environment that will allow investment decisions to be made with greater certainty.”
One of the tax measures the accounting professional body has called for action on includes the implementation approach to the proposed Division 7A amendments.
The proposed amendments to Division 7A were first released by Treasury in October 2018, but the start date was eventually deferred to 1 July 2020 after the government accepted the need for further consultation.
The previously proposed start date of 1 July 2019 was seen by many as unrealistic due to the timing of the release of draft legislation and the complexity of the changes.
“Smarter regulation requires regulatory proposals/issues be implemented in a timely and efficient manner,” CA ANZ said.
“CA ANZ calls upon the government to action the long list of announced but unenacted measures — particularly those relating to Division 7A and the Research and Development Allowance.”
Jotham Lian is the news editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.