Publication date: 07 Feb 02 |
Source: THE TAX INSTITUTE
'Despite these changes, the Taxation Institute of Australia is disappointed that our suggestions to continue with the current system in parallel with Consolidations for an additional twelve months has been ignored' says Michael Dirkis, Tax Director of the Taxation Institute of Australia.
'Given that the draft legislation released constitutes only forty percent of the total legislation required and the entire law is unlikely to be in place until mid 2003 many Australian businesses would have benefited from the additional time to evaluate the impact of the law and the lower costs of implementing such change over a longer period'.
'Further the decision is harder to fathom given that there appears to be no associated costs to the revenue. A valuable opportunity to reduce implementation costs has been missed' says Michael Dirkis.
'Despite these concerns the Taxation Institute believes that the co design approach reflected in the Consolidations guides for corporate business groups should continue.
We urge the government to drive the co design process in respect of Consolidations as we are positive that this will lead to accessible legislation for all Australian businesses and ensure that the resultant systems and processes operate in the most efficient manner' he said.