With the release of the ATO's final practice statement on unpaid present entitlements expected shortly, the Taxation Institute this week actively briefed the new Assistant Treasurer, the Hon Bill Shorten MP, on the implications of the ruling and draft practice statement. This follows our extensive discussions with the previous Assistant Treasurer before the election. We are extremely concerned that as a result of the ATO's ruling, a vast number of families and small businesses operating through trusts will be forced to re-structure at significant cost or otherwise face increased tax bills. We will continue to keep members informed of progress in this area.
And this week we wish Tax Counsel Angie Ananda FTIA all the very best as she embarks on her maternity leave. Tax Counsel Tamera Lang ATIA and Deepti Paton ATIA will continue the work of the Tax Policy and Research team at the Institute on behalf of all members. We can be contacted at Tax Policy for any queries.
Please see below for details of other activities this week.
Robert Jeremenko FTIA