Hockey faces steep tax agenda

The tax reform agenda flagged by the coalition and Treasurer-elect Joe Hockey during the federal election will provide a significant challenge to the Abbott government from next year, The Australian Financial Review reports.

According to the newspaper, an Ernst & Young tally of coalition tax policies found Mr Hockey will be tasked with introducing at least 16 major tax changes, as well as clearing a backlog of around 100 pieces of outstanding tax legislation.

“There is still a huge backlog of previously announced tax measures, unresolved despite varying start dates, which is creating uncertainty and, in some cases, significant impediments for affected business,” Ernst & Young’s Oceania head of tax Craig Robson said.

The AFR reports the business community is bracing for Mr Hockey's tax changes, flagging particular concern over the abolition of the instant asset write-off for small businesses, worth $2.9 billion over four years, and the the tax-loss carry back worth $940 million.