30 Oct 09 Submission on Income Tax Consolidation Exposure Draft legislationOn 13 October 2009, the Taxation Institute and the Institute of Chartered Accountants in Australia lodged a joint submission with the Assistant Treasurer, Senator Nick Sherry, highlighting some important upcoming decisions as part of the delivery of the unlegislated tax consolidation measures being developed by Treasury. The majority of the unlegislated measures, which cover a seven year period and were mentioned in the 2008 Budget, are in the Exposure Draft legislation released for public comment on 28 April 2009. Representatives of the Institute of Chartered Accountants and the Taxation Institute of Australia have been consulting on these issues since 2002, including the lodgment of various joint submissions.
The submission identifies three groups of issues, covered in various earlier submissions, that will require decisions, namely:
- Implementation of the consolidation package
- Earlier application date for some measures
- Transitional consolidation loss measures.