Govt to ditch backlog of tax proposals

THE federal government is about to ditch a host of unlegislated tax proposals that have been stuck in the pending tray dating back to 2001.

Since the September election, Treasurer Joe Hockey and Assistant Treasurer Arthur Sinodinos have been sifting through close to 100 tax and superannuation proposals.

They believe this backlog has created massive operational uncertainty for businesses and consumers.

The government is determined to resolve all policies by December 1 for the inclusion in the mid-year economic and fiscal outlook that the treasurer has promised to hand down before Christmas.

Any legislation stemming from this review should be passed by parliament by July 1, 2014.

Of the 92 unlegislated and unresolved tax and superannuation changes outstanding, the government will proceed with just 18, while a further three initiatives will be significantly amended.

The government will "definitely not" proceed with seven initiatives including the former Labor government's $1.8 billion change to the fringe benefit tax on cars, a pledge made during the election campaign, because of the impact it will have on the car industry.

It will also definitely scrap a proposed tax on people's superannuation pension earnings above $100,000.

Senator Sinodinos will lead consultations on the remaining 64 measures with a disposition not to proceed with them.

Mr Hockey and Senator Sinodinos will announce further details of their review in Sydney on Wednesday.

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