Sent: 27-01-2010 13:05:12
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An Interesting Parliamentary Year Ahead
On Tuesday next week, Parliament will resume.
The government is hard at work deciding how, when and in what order it will proceed with many policy announcements and its legislative agenda. This work is going on whilst it seeks to determine its preferred timing of the federal election.
A sign that Government Ministers and their advisers are doing a great deal of work behind the scenes and that much remains unresolved is that the list of legislation to be introduced into Parliament during the autumn sittings (normally February to April) has not been published. It's unusual that such a document has not been issued with only 6 days before the political years gets officially underway.
Try the following list of items which impact financial services - either directly or indirectly:
* Carbon reduction policy - will it try once more to push its current policy through the Senate? Or will it seek to legislate another policy?
* Henry Tax Review - when will we see the review; how much of the review will it accept or reject or defer to another review? The review has already been sold as being bigger than any other tax review conducted in Australia before. So it's reasonable to expect a weighty document. Remember the government has already rejected the notion of increasing the minimum super access ages (the Henry Review wanted to raise these ages to the same age as the aged pension). Other leaks have begun to appear (such as a re-introduction of cost base indexation for CGT purposes)
* Productivity - what policies will it propose to encourage older workers to remain in the workforce for longer and all of us to work a bit harder?
* Cooper Review - when will it make this review public and again what parts will it accept or reject; for example, what will the review say about super gearing and all the other areas its trying to assess
* Intergenerational Report: we've been told that this will be released sometime in 2011 (one year earlier than the 5-year normal time-table for such documents)
This list is much larger when one considers all the areas that the Federal Government touches.
Finally please consider purchasing a copy of my book. You can look at the contents page at the following link: http://www.atcbiz.com.au/smsfbooktoc.pdf
Two options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST).
The book can be purchased at the following link: http://www.atcbiz.com.au/smsfstore.php
This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.