The Federal Treasurer announced on 6 November 2013 that the Government will be dealing with the final backlog of 92 measures of announced, but unlegislated, tax and superannuation measures.  Further, the Government stated it is determined to resolve all policies relating to these matters by 1 December 2013 for inclusion in the Mid-Year Economic and Fiscal Outlook (MYEFO). Assistant Treasurer Arthur Sinodinos, with assistance from the Board of Taxation will undertake consultation with tax experts, including a number drawn from the Board's advisory panel, over the next two weeks with an intention not to proceed with the remaining 64 measures.

The Government intends that the bulk of the legislation that is to be progressed should be passed by the Parliament by 1 July 2014.

The Federal Treasurer announced on 6 November 2013 that the Government would not be proceeding with a number of proposed tax changes announced by the former Labor Government. These include:

Self-Education Expenses Cap

(Announced as part of the 2013-14 Budget, and delayed for one year in the 2013 Economic Statement):

The Government will not proceed with Labor's announcement to put a $2,000 cap on the amount people can deduct as self-education expenses, including training and educational courses, textbooks and other accreditation expenses.

FBT and cars

(Labor announced the measure on 16 July 2013 and documented it in the 2013 Economic Statement)

The Coalition Government confirmed that it will not proceed with this measure. The existing choices between the statutory and operating cost methods remain in place. For employers with large numbers of fleet cars, Moore Stephens can assist in reducing the taxable value and the FBT payable via a number of proven strategies.

Tax on Superannuation Pensions

Tax on earnings on super assets supporting retirement income streams (Announced in April 2013 and documented in the 2013-14 Budget)

The Coalition Government will not proceed with Labor's announcement to tax superannuation pension earnings above $100,000 in the draw-down phase. Pensions will remain tax free and the earnings within the superannuation fund will remain tax free once the fund is in pension mode. No comment has been made in respect of the repealing of the 30% contributions tax for high income earners.

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