15 Aug 08 Submission on changes to Family Trust ElectionsOn 22 July 2008, the Taxation Institute lodged a submission with the Senate Standing Committee on Economics in relation to the changes to be made to Family Trust Elections by Tax Laws Amendment (2008 Measures No 4) 2008 Bill, which was introduced into Parliament on 26 June 2008: see 2008 TAXVINE No 25 (15) (27 June 2008).
The Taxation Institute believes that the rollback of the amendments made by the previous Government to the FTE rules in Tax Laws Amendment (2007 Measures No 4) Act 2007 contained in the 2008 Measures No 4 Bill should be rejected by the Senate. The submission states:
"As the 2007 amendments were specifically targeted to overcome a number of acknowledged problems with the operation of the FTE rules and reduce the onerous associated compliance costs, we continue to struggle with the need to reverse these amendments. Not only will this rollback impact unfairly on taxpayers, it is also difficult to see how the amendments will result in any significant revenue savings. We strongly urge the Senate, therefore, not to support the proposed changes to the FTE rules in Tax Laws Amendment (2008 Measures No 4) 2008 Bill."
For a copy of the submission, go here