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Government sees reason in Labor's tax changes.

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Joel Fitzgibbon MP

Member for Hunter Shadow Assistant Treasurer Shadow Minister for Revenue, Financial Services and Banking

8 February 2005

Government Sees Reason in Labor’s Tax Changes

Labor is pleased that the Government has seen reason and supported Labor’s amendments to the Bill to bring long-term non-reviewable contracts into the New Tax System.

In close consultation with the business community Labor put forward an amendment to restrict arbitration provisions in the bill to a period of 28 days. This was required to ensure the proper operation of the bill. This

will now provide certainty to both parties to long-term contracts previously temporarily exempt from the GST regime.

It was unfortunate that the Senate did not support Labor’s clarification of an ‘arbitrator’ under the bill. Labor now calls upon to the Government to issue draft regulations on this issue as soon as possible.

Labor’s amendments represented a sensible and responsible approach to tax reform and the Government’s preparedness to accept them is welcome.


Contact: Joel Fitzgibbon 0418 293 372 Brendan Long 0408 421 447