18 Feb 10 Assistant Treasurer's address
On 18 February 2010, the Assistant Treasurer, Senator Nick Sherry, gave an address to the Deloitte Tax Forum Breakfast held in Melbourne, Victoria.
In the address, the Assistant Treasurer made the following announcement regarding registration under the new tax agents regime:
"During my discussions with the industry and in consultation with the [Tax Practitioners] Board, I have formed the view that, in at least one area, the Government will pass regulations to exclude a group from being required to register.
I'm speaking specifically about "in-house" advisors. These individuals often provide tax advice which would be relied upon within their corporate group for a single tax entity. It was not the Government's intention in developing this national regime that these advisors would be required to register if they are only providing advice within their corporate group."
The Assistant Treasurer also spoke about the recent draft determinations affecting foreign investors and private equity.