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New Business Tax System (Taxation of Financial Arrangements) Bill (No1) 2003 - More time to make elections and extended start date

Published on 21 Nov 03 by THE TAX INSTITUTE

The Taxation Institute welcomes the announcement by the Minister for Revenue and Assistant Treasurer on 13 October 2003, putting forward amendments to the above Bill that impact on the foreign exchange provisions in the Bill, allowing an extended time within which to make the required elections.

Whilst the Taxation Institute supports the much needed extension of time within which to make an election, we are now strongly concerned for practical reasons that this 30 day period is not sufficient time within which to make these elections.

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