09 Jul 1010 Preamble - Friday, 9 July 2010This week the Taxation Institute was a key signatory to a joint professional body submission on the ATO’s draft Practice Statement on Division 7A trust entitlements (PSLA 3362). In this submission, we reiterate the view that the related Division 7A Taxation Ruling (TR 2010/3) contradicts the underlying policy intent of Division 7A. We have made it clear that we do not agree with certain retrospective aspects of the ATO's views.
We acknowledge the ATO’s efforts in proposing the administrative concession in respect of unpaid present entitlements and the practical clarification of a number of issues raised with respect to the draft Ruling. However, given the complexity of the ruling, we believe that further administrative guidance is required to assist practitioners and taxpayers. You may access the complete submission here.
Also this week, the Tax Policy and Research team welcomed Tamera Cockerill ATIA in the role of Tax Counsel. Tamera joins Angie Ananda FTIA and Karen Touma in the team - all integral members of the Institute's leading advocacy and research activities.
Please see below for details of other activities this week.
Robert Jeremenko FTIA