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TLIP: Lip service or in service? A review of the non-commercial loss and STS measures against the TLIP principles

Published on 01 Apr 06 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE

In order to address criticisms about the extraordinary complexity of the Australian income tax system, the Federal Government embarked on an ambitious mission in the mid-1990s to simplify the income tax legislation. Part of this response was the creation of the Tax Law Improvement Project (‘TLIP’) taskforce to rewrite the Income Tax Assessment Act 1936 (‘the 1936 Act’) into plain English. The rewrite project was to have been accorded priority until its ultimate completion; however, in 1998 there was a major diversion of resources away from the income tax act’s rewrite in order to implement the new Tax Reform measures. This resulted in the rewrite project being set aside and left incomplete; yet, new provisions have continued to be inserted into the Income Tax Assessment Act 1997 (‘the 1997 Act’).

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Author Photo - Brett FREUDENBERG
Brett FREUDENBERG

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Author Photo - Lisa SAMARKOVSKI
Lisa SAMARKOVSKI

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