The Tax Institute was quoted in The Australian Financial Review on Thursday 27 November 2011: "Law firms get a little help from ATO". The article relates to TD 2011/26 and the related draft TDs 2011/D9 and D10 on the incorporation of professional practices. The Tax Institute says the suite of rulings provided long overdue certainty, but that the determination remained too narrow.
We were also quoted in The Australian Financial Review on Thursday 27 November 2011: "Government switches lanes". The article relates to the Business Tax Reform Working Group's review into reform of the tax treatment of losses. The Tax Institute suggests the implementation of a loss carry-back option and notes that such a measure has been tried and tested in Canada, the United Kingdom, France, Germany and Ireland. We say the other suggested measures are likely to be more difficult to implement.