Legislation By Press Release: Government Acts to Clean Up Unlegislated Announcements

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.

Read the full article on Thomson Reuters Tax & Accounting Insight

Terry Hayes is a Senior Tax Writer with Thomson Reuters and Technical Editor for the Thomson Reuters Australian Financial Planning Handbook. Terry also heads the Thomson Reuters Tax Newsroom. He is also a columnist for various professional journals and a regular contributor on tax issues to the SME SmartCompany website.

For a number of years, Terry also participated in the weekly tax segment on David Koch’s then “Money Talks” program on Radio 2GB in Sydney. Terry’s experience stems from 12 years at the Tax Office, including senior levels in the Head Office in Canberra and the “Big 4” environment at Price Waterhouse (as it then was) in Sydney. Terry is also a Registered Tax Agent.

Subscribe toLegal Insight

Discover best practice and keep up-to-date with insights on the latest industry trends.