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04 Mar 11 The Tax Institute in the media

The Australian Financial Review quoted The Tax Institute on Wednesday 2 March 2011: “Tax Office exposes dodgy IT claims”. In the article, The Tax Institute comments on the ATO’s Change Program and says that it looks forward to seeing the inspector-general’s recommendations and the Tax Office’s response. There are no doubt positives that will come out of the Change Program but the fact remains that the experience has been one that Tax Practitioners would rather forget. It caused a lot of heartache and stress.

The Tax Institute’s National Convention generated front page coverage in the Australian Financial Review on Friday 4 March 2011: “ATO targets rorts in cash economy”, and we were extensively quoted commenting on the ATO’s Practice Statement (regarding U-turns) “Taxpayers hold key to stop U-turns”. In the article, The Tax Institute says that the practice statement gives taxpayers nothing more than a guarantee of greater uncertainty. ATO views should apply on a prospective basis with retrospective decisions applying in exceptional circumstance.

The Courier Mail and the Herald Sun also mentions The Tax Institute in the Business section on Thursday 3 March 2011: “Commissioner tells Australian Taxation Office to go easy on taxpayers and business owners devastated by floods” when reporting on the Commissioner of Taxation, Michael D’Ascenzo’s speech at The Tax Institute’s National Convention.

The Australian Financial Review on Friday 4 March 2011 mentioned The Tax Institute’s Financial Services Conference of February 2011: “Transaction tax breaks under review”. The article concerns Treasury’s views on offshore banking units and related issues.