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.
31 May 2018
The Tax Institute welcomes the invitation to make a submission in relation to the Treasury Laws Amendment (Stapled Structures and Other Measures) Bill 2018 (Bill) and the related exposure draft explanatory material. The Tax Institute is disappointed with the two-week consultation period for this Bill. Given the importance of these measures and the potential impact, a full consultation period of at least 4 weeks should have been provided.
30 May 2018
The Tax Institute welcomes the opportunity to make a submission to the Australian Taxation Office (ATO) in relation to the issues currently being considered by the ATO professional Firms Working Group and in particular, the withdrawal of the Assessing the Risk: Allocation of profits within professional firms guidelines (Guidelines) on 14 December 2017. In The Tax Institute’s view:
- The Guidelines have operated well in the majority of cases where the core issue was the allocation of profits;
- The reasons given for the withdrawal of the Guidelines is due to what we submit are issues not core to the matters the benchmarks in the Guidelines are intended to apply to;
- These non-core issues can either be resolved by applying other relevant tax provisions already in the law or should be the subject of a separate piece of guidance.
Furthermore, uncertainty for taxpayers persists while the Guidelines remain withdrawn without replacement. Therefore, it is key that this uncertainty be resolved as soon as possible and preferably by 30 June 2018.
29 May 2018
The Tax Institute welcomes the opportunity to make a submission to the Australian Taxation Office in relation to the draft LCR 2018/D1 - Purchaser's obligation to pay an amount for GST on taxable supplies of certain real property (Draft Ruling). The Tax Institute considers that the Draft Ruling requires further work before it is in a position to be finalised. In our opinion, in its current form, there is uncertainty with respect to a number of matters.
09 Mar 2018
The Australian Financial Markets Association, Chartered Accountants Australia and New Zealand, Corporate Tax Association, CPA Australia, Deloitte, Ernst & Young, Greenwoods & Herbert Smith Freehills, KPMG, Law Council of Australia (Business Law Section), Minerals Council of Australia, PwC and The Tax Institute (together the Joint Organisations) welcome the opportunity to make a joint submission to the Australian Taxation Office (ATO) in relation to the Draft Law Companion Ruling1 LCR 2017/D7: Diverted Profits Tax (LCR) and Draft Practical Compliance Guideline PCG 2018/D2: Diverted Profits Tax (PCG) (Draft Guidelines).