Latest tax reform work program released
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The Treasury yesterday released the latest forward work program outlining the consultation process for tax reform.
The program includes a proposed schedule of reforms to be introduced in the current sittings of Parliament.
“Measures to be introduced in the current sittings of Parliament are aimed at improving the operation of tax integrity rules,” said Assistant Treasurer, Senator Nick Sherry.
He said they include amending the non-commercial loan rules to prevent private companies paying tax-free dividends to their shareholders; extending the tax file number withholding tax requirements to closely held trusts and family trusts to ensure the beneficiaries of these trusts pay their fair share of tax on income from them; and replacing the R&D (research and development) Tax Concession with a simplified R&D Tax Credit.
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