Special Issue – 21 June 2022

Acorns to oak trees
As the saying goes, from little acorns…
Winner

The Tax Reformer (TTR) has a win!

The Revenue Legislation Amendment Bill 2022

Section 124

TTR is delighted to see the amendments.

TTR and others have lobbied for amendments to section 124.The amendments are retrospective however which is a no/no if the Rule of Law is to be followed. TTR acknowledges the support and comments from Vince Bailey, Solicitor at Cairns. As Vince points out, the amendments do not however address partnership interests, trust interests and security interests. TTR asks if this is an oversight or does it truly reflect QRO policy? Consultations would have fixed those issues.

Small Business Rollover provisions

These have finally got on the record books at Parliament. But again, they are retrospective. TTR will examine them against the “Administrative Arrangements”! Any bet that they will not match??!! Again, Vince says:

“The limited small business restructuring relief is welcome but, in my view, it should align with the small business CGT restructuring exemption available under the income tax legislation.”

AFAD provisions

These are amended to reflect Budget provisions.

See the Bill and Explanatory Notes at:
https://www.parliament.qld.gov.au/Work-of-the-Assembly/Bills-and-Legislation/Whats-new