Retrospective tax legislation is fundamentally unfair.
It punishes people who had run their tax affairs within the law as it stood at the time.
It may well have financially ruined a number of people who had played by the rules.
Repealing the retrospective aspect of tax legislation would send out a strong signal to businesses and individuals that they can trust the coalition Government to be fair with them.
It will give more certainty for financial planning without fear the rules could change retrospectively.