25 Sep 09 Submission on reinvigorating the Public Rulings System for income taxOn 31 August 2009, the Taxation Institute lodged a submission with the ATO in response to the discussion at the 17 June 2009 NTLG meeting surrounding the Public Ruling Steering Committee. The Taxation Institute shares the ATO's concern at the apparent continuing decline of the income tax public rulings system, which plays a fundamental role in the self assessment system of providing certainty for taxpayers.
The Taxation Institute comments that the decline is difficult to rationalise given the enormous legislative programs of the last 8-10 years (eg, debt-equity, consolidation, TOFA, Div 250, forex, 165-CD, Div 240, thin capitalisation, capital allowances, black hole regime) with the result that there is certainly enough new legislation requiring clarification and for which the rulings system is the ATO's appropriate tool. The submission contains a list of topics on which a public ruling could and should be issued.
For a copy of the submission, go here.