Published on 02 Aug 04
by THE TAX INSTITUTE
A joint submission by the Tax Institute and the Law Council of Australia to the Minister for Revenue and Assistant Treasurer seeking his urgent intercession to ensure that a comprehensive review of pending legislation (intended to give effect to the proposed changes announced by Government on 7 April 2004 to amend the existing company loss recoupment rules) is undertaken. The major area of concern with the Government's announcement involves the changes to the removal of the same business test from 1 July 2004 for taxpayers whose gross income exceeds the $100 million threshold.
TAXATION INSTITUTE OF AUSTRALIA