The Taxation Institute has identified at least 4 major areas of challenge in 2009:
- Tax practitioners will be faced with a developing new regulatory regime and major changes in tax law
- Large corporate taxpayers face the challenge of implementing the uncertain new Taxation of Financial arrangements (TOFA) regime. Experts have already identified a myriad of interpretative, administrative and policy issues needing quick resolution
- The implementation of the carbon pollution reduction scheme will impose further difficulties on affected businesses, in particular high compliance costs in respect of the application of GST to permits
- Small businesses face the challenge of possible changes to the taxation of trusts as well as implementation issues associated with the various stimulus packages.
The Taxation Institute predicts that further impacts are likely when the Government responds to the three completed Board of Taxation Reviews in respect of GST administration, share buybacks and the foreign income tax rules.
“On the horizon sits potentially the greatest catalyst for change to Australia’s tax transfer system, the Australia’s Future Tax System Review (the Henry Review). The Taxation Institute is actively seeking member input into that process,” Ms. Roberts said. “Consistent with the importance of these issues in 2009 and beyond, it is pleasing to see that all these issues will be dealt with at this 24th National Convention."
For a copy of the Taxation Institute's media release, 11 March 2009, go here.