Friday, 20 November 2015

Feedback on submissions welcomed

It's been a busy year in tax policy but it's still not quite silly season at The Tax Institute. We are heading towards the holiday period with a late flurry of submissions and consultations.

We are currently working on the following submissions amongst others:

  • ATO review of private advice
  • Inspector-General's review into the Taxpayers' Charter and taxpayer protections
  • Inspector-General's review into ATO's employer obligations compliance activities
  • Treasury exposure draft on small business restructure rollover

And here are some upcoming consultations just to name a few:

  • National Tax Liaison Group
  • Consultation Steering Group
  • ATO Tax Practitioner Advisory Group
  • Future of the Tax Profession Working Group
  • Lodgment Working Group
  • Workshops on ATO review of private advice
  • Board of Taxation consultation on foreign hybrids
  • Private Groups Stakeholder Group

Your input on any of the above would be much appreciated. Please contact us at Tax Policy if you have any comments.


Thilini Wickramasuriya FTI is a Tax Counsel of The Tax Institute.

The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia. 

Friday, 13 November 2015

Senate report on multinational anti-avoidance law Bill

In case you missed it and are interested in catching it, ‘it' is an indication of timing as to when the Tax Reform Options Paper (the Green Paper) will be released. On Tuesday morning in a doorstop interview, the Federal Treasurer, the Hon Scott Morrison MP, advised that the Options Paper will be out ‘next year'.

Until then, we have the release of the Government's innovation statement to look forward to next month, which may well have some substantive tax-related content in it.

In other news, the Senate Economics Legislation Committee released its report into the multinational anti-avoidance law Bill. The Committee recommended that a post-implementation review of the measures occur within three years of enactment and that the Senate should pass the Bill. Do you agree? A copy of the report can be accessed here. If you are interested to read the Institute's views, a copy of our submission to the Committee is available on our website.


Stephanie Caredes CTA is a Tax Counsel of The Tax Institute.
 
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.


Monday, 9 November 2015

A decision on tax reform

By the time you read this, the Prime Minister and Treasurer will have made an important announcement on tax reform. At the time of writing, we are all speculating as to what it might be - is it the launch of the all-important Options Paper in the Tax Reform White Paper process? Has a bargain been struck with the States on the GST? Scintillating stuff.

We welcome the current discussion on possible reform to the GST. This is in line with our view that the rate of GST should be considered together with the current exemptions and special rules in the GST. No doubt we will be busy engaging with the Government on addressing this and other options for reform of our tax system in the run up to Christmas.

In other more specific news, Treasury have just released an Exposure Draft into the 2015-16 Budget announcement of a roll-over to allow small businesses to change their legal structure without incurring a capital gains tax liability. This is now also expected to apply to transfer of trading stock, revenue assets and depreciating assets. The materials can be found here. Please contact us at Tax Policy if you have any thoughts on the measure so that it can feed into our submission to Treasury.

We are also currently consulting with the ATO on how they provide private advice and guidance. Please drop us a line if you have experience with the ATO's private rulings process or if you prefer to obtain certainty from the ATO on technical issues through other less formal channels. The ATO's recent Discussion Paper on private advice and guidance can be found here.


Thilini Wickramasuriya FTI is a Tax Counsel of The Tax Institute.

The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia. 

Wednesday, 4 November 2015

Upcoming National Events

Financial Services Taxation Conference

The 2016 Financial Services Taxation Conference has been released. Taking place on 17 to 19 February at the Surfers Paradise Marriott Resort & Spa on the Gold Coast, the conference will cover numerous tax issues of relevance to all taxation specialists working in the financial services profession, including tax transparency, local and domestic, infrastructure, leasing, source and transfer pricing.

Visit taxinstitute.com.au to find out more or to register.

31st National Convention

Recognised as Australia’s premier taxation conference, the National Convention is being held at the Grand Hyatt in Melbourne from 2 to 4 March. Developed by tax professionals, the technical program (pdf) includes three streams covering hot topics, SME and Corporate tax issues to ensure there is something for all practitioners at all stages of their career.

Why not come along and be part of the tax profession’s key annual event.

Visit taxinstitute.com.au to find out more or to register.


http://www.taxinstitute.com.au/professional-development/conventions-and-retreats/national-convention/31st-national-convention