The AASB on Tue 22.1.2013, registered Australian Accounting Standard AASB 2012-9 to withdraw Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia for annual reporting periods beginning on or after 1 January 2013, with early application permitted.
According to the Board, Australian Interpretation 1039 is withdrawn on the basis that an Australian Interpretation is not necessary. Past or current diversity in practice in Australia in relation to this matter is not evident, and the issue of whether a tax Bill is substantively enacted is not unique to Australia.
[LTN 14, 1/13]