Yes, like many of the new tax measures announced by the Labour party in the last budget there is still no detail on the rules and compliance issues in regard to this policy and many more new measures designed to tax hard working individuals to pay for mindless spending. With only two weeks prior to the implementation of these policies we can only hope that they get their s..t together ASAP.
The labour party love to spend money and they have turned a $26B surplus into a $40B deficit in record time, purely to be able to say they have narrowly avoided a "technical" recession. They now need to recoup the money they have spent, or at least pay the interest on their borrowings which must now be close to $5b/ year.
Those that say that it doesn't really matter which party is in power, wake up! The labour party will bank roll any minority group it can to get re-elected. Lets hope they haven't sunk the nation to unsalvageable lows prior to the wider community waking up to them.
So I guees now all we can do is wait, we can't tax plan because no details have been released. Its wonderful working with professionals isn't it!