At the Tax Institute's Queensland Corporate Tax Retreat last Friday, we were very pleased to have the Assistant Treasurer, the Hon David Bradbury MP, provide a keynote address to attendees. The Minister’s speech focussed on the role of transparent and informed consultation in delivering sound tax law design, and he commenced by acknowledging ‘the significant contribution of the Tax Institute to tax consultations over the years’. You can read the speech in full here.
Notably, the Minister recognised Tax Institute concerns and agreed to host bi-annual meetings with key stakeholders to discuss the prioritisation of unenacted tax measures – that is, those that have been announced but have not yet become law. He will also set up a Revenue Group Law Design Practice within Treasury to manage priorities.
In releasing related Board of Taxation reports, the Government has further committed to improve the tax consultation process by:
- annually reviewing and making public the stock of unlegislated announcements;
- improving project management skills within Treasury; and
- developing an explicit ethical framework to further underpin the integrity of tax consultations.
The Tax Institute congratulated the Government on this announcement. Our media release can be accessed here.
The Tax Institute’s strong advocacy for greater stakeholder involvement in prioritising tax law measures has resulted in these Government commitments. We welcome the Government’s acknowledgment of the long-held concerns of Tax Institute members and commitment to action that should inject much needed certainty into our tax system.
And a quick reminder about this morning’s appearance by the Tax Institute at the Joint Committee of Public Accounts and Audit in Canberra. The annual hearing with the Commissioner of Taxation is currently underway and you can watch proceedings via the web stream at www.aph.gov.au and the transcript will be in Hansard over the coming days.
Robert Jeremenko CTA