01 Jul 11 The Tax Institute in the media
The Tax Institute was quoted in the Australian Financial Review on Monday 27 June 2011: “Trusts scramble to meet tax changes” and on Ninemsn on Tuesday 28 June 2011: “Trustees must act soon on new laws” The articles relate to the recently passed tax streaming measures. The Tax Institute says that laws provided welcome certainty but trustees should consult a tax professional to ensure the complex measures are appropriately complied with. These articles followed our media release of 24 June 2011, in which we warned Australia’s 600,000 trustees that they may have less than a week to consider whether they need to act in response to key amendments to legislation for taxing of trusts before 30 June.
The Tax Institute also published an article in Dynamic Business on Tuesday 28 June 2011 in relation to tax time and superannuation. To view the article, please click here.
Smart Company quoted The Tax Institute on Wednesday 29 June 2011: “ATO targets trusts in new alert, directors warned on new penalty notice scheme” in relation to the ATO’s taxpayer alert on share scheme arrangements. We were also quoted on Ninemsn: “Trustees given extra time for new laws” on Wednesday 29 June, SkyNews: “Trustees given extra time for new laws” and Smart Company: “Trusts granted two more months to get up to speed with new income streaming laws on Thursday 30 June 2011. These articles followed our media release of 29 June 2011, in which we welcome the ATO announcement of special administrative arrangements for the application of new distribution streaming measures for trusts.
Following the release of the ATO's Compliance Program for 2011-12, The Tax Institute was quoted in the Australian Financial Review on Thursday 30 June 2011: “ATO tightens the screws on business” (commenting on ATO benchmarks). On the same day we were also quoted in relation to the ATO's focus on super guarantee charges: "Crackdown on unpaid super”. In the article we say that the ATO is ramping up its surveillance of employer-paid super because of the potential detriment to employees where super isn't being paid for them, and partly because of the Federal Government’s proposal to increase the compulsory super guarantee charge to 12%.
On Friday 1 July 2011 The Tax Institute was also quoted in the Australian Financial Review "ATO tough on rich and cheats". In the article we comment on the inclusion of the reportable tax positions project in the compliance program as well as approaching SMEs with a carrot and a stick; SMEs may have less in the way of resources, but any increase in mistakes doesn't necessarily mean tax fraud.
The Tax Institute was also mentioned in The Adelaide Advertiser on 27 June 2011 with regard to end of year tax time tips. State Council President, Steve Heath, is quoted throughout the article.