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27 Jun 08 Reprieve on Family Trust Elections

The Taxation Institute notes that the Government has heeded our warnings about the potential retrospectivity of proposed changes to the Family Trust Election (FTE) rules in Tax Laws Amendment (2008 Measures No 4) 2008 Bill (see item (15) of this edition of TAXVINE for details). In particular, the Government has responded to concerns raised by the President of the Taxation Institute, Sue Williamson FTIA, that the introduction of retrospective laws on this issue would be clearly against the Government's initial comments that it planned to discontinue the FTE amendments introduced by the previous Government in 2007 only from 1 July 2008 (see 2008 TAXVINE No.21 (2) (30 May 2008)).

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