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Submissions

The Tax Institute is the most respected and influential contributor to the development of tax policy and administration in Australia. As part of this contribution, we prepare top level submissions on tax policy, administration and technical matters at both Federal and State levels. Non-confidential submissions prepared from 1996 onwards and covering legislation, ATO and Treasury consultative documents and papers, as well as rulings, determinations and a range of other ATO opinion and guideline documents, are available here.

  • Consultation paper – reform of the controlled foreign company rules

    01 Mar 2010

    The Taxation Institute of Australia (Taxation Institute) is pleased to provide comments on the reform of the controlled foreign company rules consultation paper released by Treasury on 5 January 2010 (Consultation Paper).

    The Taxation Institute's submissions on the proposed reforms as outlined in the Consultation Paper are set out in the attachment to this letter.

  • Product Disclosure Statement for superannuation and managed investment product disclosure

    24 Feb 2010

    The Taxation Institute of Australia (Taxation Institute) is pleased to provide its comments on the draft regulations and an example Product Disclosure Statement (PDS) for superannuation and managed investment product disclosure which was released for public comment on 21 December 2009.

    The Taxation Institute is concerned about the incorporation of the information contained in the http://www.superinfo.gov.au/ website by reference. Without seeing the content (the site is not available yet) it is impossible to comment on the content.

  • Letter to Minister Bowen re Excess Superannuation Contributions Tax

    22 Feb 2010

    I refer to our letter dated 10 August 2009 and your reply of 4 February 2010. Our letter followed a meeting with you on 10 July 2009 that related to various superannuation issues of particular concern to our members. The issue of the application of the excess superannuation contributions tax was one of these concerns.

  • Review into Australia’s Superannuation System - Phase Three: Structure (Including SMSFs)

    19 Feb 2010

    The Taxation Institute's submission is not intended to provide an exhaustive response to all of the SMSF-related issues raised by the Phase Three Issues Paper, but rather focuses on the following range of key issues, discussed below:

    • SMSF governance;
    • SMSF operation and efficiency;
    • SMSF investments;
    • SMSF sector participants;
    • SMSF structure;
    • Early release issues; and
    • Life insurance.

  • Draft Taxation Ruling TR 2009/D8 Income Tax: Division 7A loans: trust entitlements

    19 Feb 2010

    Our submission sets out our concerns on the following key issues:

    1. the divergence of the views expressed in the draft Ruling with the underlying policy intent of Division 7A

    2. the application of section two of the draft Ruling concerning the extinguishment of a unpaid present entitlement (UPE) and its conversion into a loan

    3. the application of section three which provides that a subsisting UPE may amount to either the provision of financial accommodation or an in-substance loan under section 109D(3)

    4. the residual application of Subdivision EA; and

    5. certain adverse tax consequences which arise from the draft Ruling.

  • Tax File Number Withholding Arrangements to Closely Held Trusts including Family Trusts

    16 Feb 2010

    The Taxation Institute of Australia (Taxation Institute) is pleased to provide comments in relation to the exposure draft Exposure Draft Legislation Extending the Tax File Number Withholding (TFN Withholding) Arrangements to Closely Held Trusts including Family Trusts.

    The Taxation Institute notes that the "mischief" intended to be addressed by the legislation as announced by Senator Sherry is to alleviate issues the Australian Taxation Office (ATO) has in matching data between Trust distributions and their beneficiaries.

  • Draft Taxation Determination TD 2009/D18 - Income tax: can a private equity entity make an income gain from the disposal of the target assets it has acquired?

    04 Feb 2010

    The Draft TD refers to ‘Private Equity'. The Professional Bodies take this as a reference to the practice of many investors including superannuation and pension funds, insurance funds, mutual funds, sovereign funds and other institutional and non-institutional investors together (in collective investment vehicles) to make specific investments or classes of investment through pooling of investment capital allocated for that purpose. Private equity investment does not involve merely investment banks investing on their own account. Given the wide ambit of the potential application of the Draft TD, a more accurate and descriptive term for such investment activity may be Pooled Fund. That term is used in this submission.

  • Exposure Draft Tax Laws Amendment (Foreign Source Income Deferral) Bill (No.1) 2010

    03 Feb 2010

    The Taxation Institute of Australia (Taxation Institute) is pleased to provide comments in relation to the exposure draft of the Tax Laws Amendment (Foreign Source Income Deferral Bill (No.1) 2010 released by the Assistant Treasurer on 18 December 2009 (FIF Repeal ED).

    All legislative references are to the provisions of the Income Tax Assessment Act 1936 (ITAA 1936) and the Income Tax Assessment Act 1997 (ITAA 97) as applicable.

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