Welcome to the first TaxVine of 2012. I trust all members had a restful time over the Christmas/New Year period.
Since returning in early January, the Tax Policy team has launched straight back into the significant work program that has continued from last year.
The reform of the taxation of trusts will be one of the major issues to be addressed this year and we have had initial discussions with Treasury further to the release of the discussion paper in December. With regard to the Business Tax Reform Working Group and its interim report on the tax treatment of losses, we have been working on a position paper through our Corporate Sub-Committee. There are many other work streams in play and we will be updating members on these in coming weeks.
In addition, we have had detailed discussions with the new Assistant Treasurer, Senator the Hon Mark Arbib. In the meeting we outlined our priority areas of focus and continued our open dialogue with the Government on the need for continued tax reform and achieving simplicity, efficiency and fairness.
As always, please feel free to contact me or one of the tax counsel in the Tax Policy team: Deepti Paton ATIA or our new team member, Stephanie Caredes ATIA. We look forward to a successful and enjoyable year ahead.
Robert Jeremenko FTIA