The Tax Institute was quoted in the Australian Financial Review on Tuesday 5 July 2011: “Tax Office to face greater scrutiny” in regards to the Joint Committee of Public Accounts and Audit and their report that called for greater oversight of the ATO. Whilst welcoming the greater oversight, The Tax Institute says that the ATO is one of the most scrutinized agencies due to the fact they perform one of the most important roles in raising revenue. In addition to numerous statutory oversight bodies, there is a list as long as your arm of ATO consultative groups through which it meets with various community members to discuss tax issues.
The Tax Institute was also quoted in the Australian Financial Review Tuesday 5 July 2011: “Foreign fund investors reprieved”. The article discusses both foreign accumulation fund rules and the ATO's trust changes of last week. With respect to the trust changes, we say that the ATO announcement regarding an extra two months for trustee distributions to be recorded, headed off a situation where trustees and advisers would have had to comply with the recently passed law without fully understanding the new measures. It is good to see the ATO taking on board the tax profession's concerns and adopting a practical approach.
On Wednesday 6 July, The Australian published an opinion piece by The Tax Institute on tax reform and the Governments tax forum "Tax Forum to amount to little more than backwash”. To view the article, click here.
The Sydney Morning Herald, The Age and WA Today also quoted The Tax Institute on Wednesday 6 July: “Taxman fires on phoenix” on the draft laws released on Tuesday 5 July 2011 to crack down on Phoenix companies. In the article we say that we welcome any crackdown on phoenix activity but will carefully examine the proposal to make sure it does not hurt people doing their best to comply with the law.