Submissions being prepared
Exposure Draft - Taxation of Employee Share Schemes (Application and Transitional Provisions):The Taxation Institute is preparing a submission in response to the Exposure draft legislation setting out the application and transitional provisions for the new employee share scheme rules, which were not included in the first exposure draft bill released on 4 August 2009. For a copy of the exposure draft material, go here. Comments for incorporation in the submission are due by today, Friday 18 September 2009. They can be sent to: technical@taxinstitute.com.au.
Exposure Draft - Lost Members' Superannuation Accounts:
The Taxation Institute is considering preparing a submission in response to the Exposure Draft which will require superannuation providers to transfer lost accounts which have balances of less than $200, and those accounts which have been inactive for a period of five years and for which there are insufficient records to identify the owner, to the Commonwealth. For a copy of the exposure draft material, go here. Comments for incorporation in any submission are due by Monday 21 September 2009. They can be sent to: technical@taxinstitute.com.au.
Exposure Draft - Abolishing the capital gains tax trust cloning exception and providing a roll-over for fixed trusts:
The Taxation Institute’s CGT and Losses Subcommittee is preparing a submission in response to the Exposure draft legislation that seeks to abolish the capital gains tax trust cloning exception and provides a roll-over for fixed trusts. For a copy of the exposure draft material, go here. Comments for incorporation in the submission are due by Wednesday 23 September 2009. They can be sent to: technical@taxinstitute.com.au.
Company Losses: Exposure draft legislation and explanatory material:
The Taxation Institute is preparing a submission in response to the Exposure draft legislation that implements announced changes to the company loss recoupment rules to:
- improve the operation of the continuity of ownership test where a company has an unfixed share structure;
- modify the definition of voting power; and
- clarify the operation of the same business test for consolidated groups.
Employee Share Schemes: Board of Taxation review:
The Taxation Institute is preparing a submission in relation to the Board of Taxation’s current review of employee share schemes. The Board has been requested to examine how best to determine the market value of employee share scheme securities and whether shares and rights under an employee share scheme that are provided by start-up, research and development and speculative-type companies should be subject to separate tax deferral arrangements. For a copy of the terms of reference for the review, go here. Comments for incorporation in the submission are due by 2 October 2009. They can be sent to: technical@taxinstitute.com.au.
Government response to the Board of Taxation Review of the legal framework for the administration of the GST - Second Discussion Paper:
The Taxation Institute’s GST Subcommittee is preparing a submission in response to the second discussion paper. The measures referred to in the second discussion paper relate to adjustments, GST self assessment, general law and tax law partnerships, bare trusts, running balance accounts, non-profit sub-entities, and payment of refunds of overpaid GST. For a copy of discussion paper, go here. Comments for incorporation in the submission are due by 2 October 2009. They can be sent to: technical@taxinstitute.com.au.
