Governments regularly announce changes to laws, that take effect from specified times, but don’t always legislate quickly to enact those announcements. This gives rise to what is known as “legislation by press release”. It puts lawyers, accountants and tax professionals in the invidious position of having to advise clients on law that does not exist – creating great uncertainty for adviser and client alike.
The Coalition Federal Government on 6 November 2013 announced its formal position with respect to a large number of previously announced tax, superannuation and related changes that have not been legislated. The Government said it is determined to resolve all policies relating to these matters by 1 December 2013. It intends that the bulk of legislation that is to be progressed should be passed by the Parliament by 1 July 2014.
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