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On 29 January 2010, the Taxation Institute lodged a submission with Treasury in response to the Treasurer’s Media Release dated 27 November 2009 calling for submissions regarding priorities for the 2010-11 Budget.  

The submission covers the following:

1. Ensuring business viability

  • Clarify the taxation of trusts
  • Clarify the policy position regarding encouraging foreign investment
  • Increase scope of the investment allowance incentive
  • Clarify the taxation treatment of earnouts
  • Clarify the Commissioner’s powers to apply refunds against debt due but not payable
  • Allow imputation credits to flow through family trusts that are in loss positions
  • Ensure taxation laws do not impede funding from the Islamic banking sector
2. Reducing compliance costs

  • Complete the re-write of the Income Tax Assessment Act 1936
  • Remove unnecessary tax provisions
  • Clarify the operation of the imputation rules
3. Promoting fairness

  • Review the tax rates for non-residents
  • Review ATO debt recovery powers
4 Climate change

  • Extend concessions to cover geothermal energy
  • Tax incentives to encourage water conservation
  • GST free treatment for emissions trading units

For a copy of the submission, go here.

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