Published on 24 Nov 03
by THE TAX INSTITUTE
Further to the June 2003 meeting of the National Tax Liaison Group Michael Dirkis (Taxation Institute of Australia) undertook on behalf of the other professional associations to work with the Institute of Chartered Accountants in Australia and CPA Australia to prepare a submission addressing joint concerns about the looming problems emerging from the failure by a large number of taxpayers to correctly make FTEs. This outcome is due particularly to a failure to recognise changes implemented from 16 July 1999 in regard to the so-called '45 day rule' and changes to the company loss tracing measures effective from the 1997 year, due to their attention being diverted by the pending introduction of GST, the PAYG systems and the myriad of tax reforms that followed. It follows that this issue also arises, where relevant, in regard to the making of Interposed Entity Elections.
INSTITUTE OF CHARTERED ACCOUNTANTS IN AUSTRALIA
TAXATION INSTITUTE OF AUSTRALIA