Peter Murray FTIA (KPMG), Matt Hayes FTIA (KPMG) and Tax Counsel Tamera Lang ATIA represented the Taxation Institute at the NTLG Consolidation meeting on Friday 15 October 2010. The group discussed a number of issues arising from Tax Laws Amendment (2010 Measures No 1) Act 2010 (TLAB (No 1) 2010), including the processes for amending prior year returns following those amendments. The private sector members expressed concern that there may be a lack of awareness amongst taxpayers about the 2 year time limit to amend assessments. The ATO has undertaken to review its communication strategy, as well as to provide clarity on whether taxpayers should proceed by objecting to assessments or requesting amended assessments.
The ATO presented the group with a draft fact sheet on franking deficit tax and the exercise of the Commissioner's discretion following the consolidation amendments in TLAB (No 1) 2010. The Taxation Institute has a number of suggestions on the draft fact sheet, and we are in the process of relaying these to the ATO.
The ATO has confirmed that they are preparing a decision impact statement following the McIntosh decision. The ATO are also in the process of revising the suite of approved forms associated with consolidation, and the new forms will be made available soon.