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28 May 10 Submissions being prepared

Exposure draft – Superannuation Funds acquiring assets from related parties:
The Taxation Institute is considering preparing a submission on the Exposure draft in respect of Superannuation Funds acquiring assets from related parties. The Exposure draft amends the Superannuation Industry (Supervision) Act 1993 (SIS Act 1993) to allow the trustee of a regulated superannuation fund to acquire an asset in-specie from a related party of the fund, following the relationship breakdown of a member of the fund, without contravening the prohibition in subsection 66(1). For a copy of the exposure draft, go here. Comments for incorporation in the submission are due by Tuesday, 1 June 2010. They can be sent to taxpolicy@taxinstitute.com.au

Discussion paper - Transitional relief in respect of income tax deductibility of total and permanent disability insurance premiums by superannuation funds:
The Taxation Institute is considering preparing a submission on the transitional relief in respect of income tax deductibility of total and permanent disability insurance premiums by superannuation funds. Legislation has been developed to give effect to this decision, which allows complying superannuation funds to claim a full deduction for TPD insurance premiums for the 2004-05 to 2010-11 period. This is in line with current industry practice and will allow lead time for industry to make the required changes to comply with the current law. For a copy of the exposure draft, go here. Comments for incorporation in the submission are due by Tuesday, 1 June 2010. They can be sent to taxpolicy@taxinstitute.com.au

Exposure draft – Changes to the Taxation of Capital Protected Borrowings:
The Taxation Institute is preparing a submission on the exposure draft in relation to the changes to the taxation of capital protected borrowings. The exposure draft legislation gives effect to the announced changes to the taxation of capital protected borrowings. For a copy of the exposure draft, go here. Comments for incorporation in the submission are due by Tuesday, 1 June 2010. They can be sent to taxpolicy@taxinstitute.com.au

Consultation Paper – Improvements to the Capital Gains Tax Law: Certain Business Restructures:
The Taxation Institute is preparing a submission on the consultation paper on Improvements to the Capital Gains Tax Law: Certain Business Restructures. The Assistant Treasurer announced that Government would introduce legislation to amend the capital gains tax (CGT) provisions to improve the ability of businesses to restructure, applying to CGT events happening after the Federal Budget. For a copy of the consultation paper, go here. Comments for incorporation in the submission are due by Tuesday, 1 June 2010. They can be sent to taxpolicy@taxinstitute.com.au

Discussion Paper – Capital Gains Tax Treatment of Earnout Arrangements:
The Taxation Institute is preparing a submission on the discussion paper on the Capital Gains Tax Treatment of Earnout Arrangements. This discussion paper outlines proposals to implement look-through treatment for earnout arrangements. For a copy of the discussion paper, go here. Comments for incorporation in the submission are due by Tuesday, 1 June 2010. They can be sent to taxpolicy@taxinstitute.com.au

Consultation Paper – Developing an investment manager regime (IMR) – improving conduit income arrangement for managed funds:
The Taxation Institute is considering preparing a submission on the developing an investment manager regime – improving conduit income arrangement for managed funds. As conduit income treatment is a significant aspect of an IMR, the Government has issued this Consultation Paper on the treatment of conduit income of managed funds.  Outcomes of this process will assist the Board of Taxation as it considers the design issues relating to an IMR. For a copy of the consultation paper, go here. Comments for incorporation in the submission are due by Monday, 14 June 2010. They can be sent to taxpolicy@taxinstitute.com.au

 


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