The first stage of the Government’s public consultation process on the new resources tax regime has started with the public release of the preliminary exposure draft legislation.
There has already been an extensive confidential consultation process conducted through the Resource Tax Implementation Group (RTIG), where The Tax Institute has been represented by Teresa Dyson FTIA (Blake Dawson). Teresa has committed a significant amount of time and effort towards the project since the RTIG was formed in late March, typically reviewing and responding to confidential documents circulated by Treasury on a weekly basis. The Tax Institute is very grateful for her contributions to this project.
The Tax Institute is currently analysing the legislation with the assistance of various expert members. If you would like to be included in our discussions and assist with drafting (or reviewing) our submission, please contact us at Tax Policy. Submissions are due on 14 July 2011.
Concurrently with the legislative process, the ATO is conducting its own consultation process on the administration of the new regime through the National Tax Liaison Group Resource Rent Tax sub-committee (NTLG RRT). Amrit MacIntyre FTIA (Baker & Mackenzie) is The Tax Institute’s representative on this sub-committee, and has been contributing to the development of the ATO’s early guidance materials. Amrit has devoted a lot of time and effort to being involved in this sub-committee, and The Tax Institute appreciates his ongoing commitment.
In the course of reviewing the exposure draft legislation, if you find that there are particular topics that you think the ATO should address in its early guidance material, please contact us at Tax Policy and we will endeavour to have them raised through the NTLG.
Please see below for other activities this week.
Robert Jeremenko FTIA