The Tax Institute is the most respected and influential contributor to the development of tax policy and administration in Australia. As part of this contribution, we prepare top level submissions on tax policy, administration and technical matters at both Federal and State levels. Non-confidential submissions prepared from 1996 onwards and covering legislation, ATO and Treasury consultative documents and papers, as well as rulings, determinations and a range of other ATO opinion and guideline documents, are available here.
05 Oct 2018
The Tax Institute welcomes the opportunity to make a submission to the Australian Taxation Office in relation to the Draft LCR 2018/D7: Base Rate Entities and Base Rate Entity Passive Income (Draft LCR). Our submission below addresses our main concerns in relation to the Draft LCR. In particular, we have made comments in relation to certain definitions used in the Draft LCR; some of the examples in the Draft LCR; and some minor comments in relation to some of the guidance documents referred to in Appendix 1 of the Draft LCR.
03 Oct 2018
Further to a Superannuation Reforms Priority list we submitted to Treasury and the ATO on 21 June 2018 (refer Annexure A), and a meeting with Treasury and the ATO on 1 August 2018 - The Tax Institute has suggested solutions in relation to the reform issues we raised in our Superannuation Reforms Priority list. The purpose of this letter is to outline our suggested solutions in relation to the legacy pension issue raised in our Superannuation Reforms Priority List.
16 Aug 2018
The Tax Institute has made a submission to the Australian Taxation Office in relation to the issues currently being considered by the ATO Professional Firms Working Group. Our submission relates to the following three documents (Draft Guidance) issued for consultation to the ATO Working Group on 28 June 2018, including: Definition of professionals; Commercial Rationale; and High Risk Factors. We have extracted a copy of the Draft Guidance issued by the ATO in relation to the above in the Appendix.
14 Aug 2018
The Tax Institute refers to the opportunity to make a submission to Treasury in relation to the Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax and Other Measures) Bill 2018: Integrity measures Exposure Draft (Exposure Draft) released for consultation on Tuesday, 7 August 2018. The Tax Institute is disappointed with the one-week consultation period for the Exposure Draft. Given the importance of these issues and the potential impact, a full consultation period of at least four weeks should have been provided.
06 Aug 2018
The Tax Institute welcomes the invitation to make a submission to the Board of Taxation in relation to its review of the small business tax concessions. We consider that there are two key issues in relation to the small business tax concessions that need to be addressed - a lack of simplicity and efficiency.
The complexity in relation to applying the concessions gives rise to high compliance costs and in turn can encourage complex structuring. We have made some general comments in relation to the small business tax concessions and specifically in relation to the small business CGT concessions below. We have also provided responses to the questions posed in the Consultation Guide where possible.