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25 Mar 11 ATO consultation on TD 2011/D3

On Wednesday March 23, Mark Molesworth FTIA (BDO) and Tax Counsel Deepti Paton ATIA attended a consultation meeting with the ATO in relation to TD 2011/D3 on dealings with interests in incorporated professional practices. At this meeting, participants expressed their concerns with the TD, including its scope and restrictions on applicability (especially with respect to the requirements that the incorporated entity have no assets, and all shareholders be natural persons). The Tax Institute will be lodging a joint submission with the ATO setting out our members' concerns in relation to this determination. Members interested in contributing to this submission are encouraged to contact us at Tax Policy.