New Government | Tax and Super Update

New Government | Tax and Super Update

19 November 2013

The newly elected Abbott Coalition Government has moved quickly to honour key election promises by proposing a range of legislative changes and taxation measures to Parliament which the Treasurer Joe Hockey says will provide certainty to business and significantly reduce red tape and associated costs.

In honouring two key election commitments, the Coalition has:

  • Introduced a package of carbon tax repeal bills and announced new powers for the Australian Competition and Consumer Commission (ACCC) to monitor prices and take action against businesses that attempt to exploit other businesses and consumers by charging unreasonably high prices or making false or misleading claims about the effect of the carbon tax repeal on prices.
  • Introduced a bill to repeal the Mineral Resources Rent Tax (MRRT) and many of the associated tax concessions which were to be funded from the amounts raised by the MRRT.

The Treasurer also announced the Government’s plans in relation to a backlog of 96 tax and superannuation announcements from the previous Labor government which remain unresolved and unlegislated.

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