On Friday 10 February, Robert Jeremenko was interviewed live on ABC NewsRadio in relation to the implications of the failed High Court special leave application by the Tax Commissioner in the Part IVA case, RCI.
On the same issue, The Tax Institute was quoted in the weekend edition of the Australian Financial Review on Saturday 11 February: “Hardie win will force tax law changes”. In the article, The Tax Institute urges that any changes spurred by the case apply prospectively only, rather than continuing the recent unpopular spate of retrospective tax laws. The case has huge implications for corporate groups, which have faced growing uncertainty from the Tax Office’s increasing targeting of transactions and restructuring.
The Tax Institute was quoted in the Australian Financial Review on Tuesday 14 February: “SMEs to benefit from loss carry-back”. In the article, we say that the absence of detail in the Business Tax Reform Working Group’s consultation process compromised the quality of submissions on loss reforms.
We were also quoted in SmartCompany on Monday 13 February: “Plan to let businesses “carry back” tax losses gains momentum, but high costs of policy could delay any move”. In the article, we say that any new ideas presented to the Government need to be revenue neutral – that is, any fall in government revenue would need to be offset by either higher taxes or a cut in concessions in another area. There are losses in the economy, from the top end of town down to micro businesses, and micro businesses are funding their losses out of their own pockets. To view the article, click here.