As indicated in previous editions of this magazine and other publications and bulletins from our firm, the Government is proceeding with amendments to the taxation laws and the drafting of Regulations and Guidelines concerning the operation of Public Ancillary Funds. The Government has previously indicated that changes will take effect from 1 January 2012.
The enabling legislation (Tax Laws Amendment (2011 Measures No. 7) Bill 2011 is currently before Parliament.
At the time of issue of this newsletter, the legislation is before the Senate for consideration. We will provide an update when the legislation, regulation and guidelines have been passed and issued.