18 Apr 1111 Discussion Paper released on privilege for tax advice
In media release No 2011/053, issued 15 April 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, announced the release of a discussion paper entitled "Privilege in relation to tax advice", in response to recommendations of the Australian Law Reform Commission.
"The discussion paper investigates the pros and cons of giving clients of professional tax advisers privilege for tax advice documents prepared for them, which currently have to be disclosed to the Tax Office. While the Government has yet to make a decision on this issue, thousands of taxpayers use the services of accountants when preparing their tax returns, so it makes sense for the Government to consider it," Mr Shorten said.
The closing date for submissions is 15 July 2011.