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Tax Professionals Welcome Streamlined Law

Publication date: 18 Jun 10 | Source: THE TAX INSTITUTE

The Taxation Institute of Australia has hailed the passing of legislation through the Senate as a significant step forward for tax professionals and their clients and encourages the Government to continue with the process of moving to one Income Tax Act.

The Tax Laws Amendment (Transfer of Provisions) Bill 2010 rewrites several significant areas of the Income Tax Assessment Act 1936 into the Income Tax Assessment Act 1997.

It simplifies and improves legislation governing income tax collection and recovery, luxury car leases, forgiveness of commercial debts, taxation of general insurance companies and the Farm Management Deposit Scheme.

"Tax reform is more often than not an incremental process because of the need to pay attention to detail," Tax Institute President David Williams said.

"These are all small but important aspects of the tax system.

"Measures that reduce complexity and ambiguity in our tax laws are welcome reforms.

"They mean a smaller margin for misinterpretation and greater clarity, both of which contribute to better compliance."

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For more information:
Robert Jeremenko, Senior Tax Counsel, Taxation Institute of Australia, T: 02 82230011, M 0468 987 300
Craig Regan, Lighthouse Communications, 02 9692 8811, 0408 448 527;
John Hanrahan, 02 9692 8811, 0411 212 965