01 Apr 1111 The Tax Institute in the media
The Tax Institute was quoted by AAP and in the Herald Sun on Tuesday 29 March 2011: “Green tax plan ‘creates distortions’” and in the Daily Telegraph on Wednesday 30 March 2011: “A taxing business”. In the articles, we comment on the Greens’ plans in relation to company tax (see above).
Also on 30 March 2011 we were referred to in an opinion article in the Adelaide Advertiser: “No bang for buck in big government”, in which the Assistant Treasurer’s speech to The Tax Institute’s National Convention is referenced.
On Friday 1 April 2011 the Australian Financial Review carries comment from The Tax Institute’s President regarding the Assistant Treasurer’s announcement on Wednesday that the Board of Taxation will review the rules relating to the 'consolidation rights to future income and residual tax cost setting rules'.
In the article (page 1, 18) we say that the potential revenue cost from the existing laws was “significant”. “We’re talking billions, we’re not talking small numbers”. The Tax Office and Treasury were “intimately involved” in the consultation process and were given many examples of the types of transactions that could come under the regime – including one that was very similar to Westpac’s interest rate swap. “From a quantum view it might be unintended, but to say the types of assets were not contemplated is wrong – some of those ended up in the explanatory memorandum because we wrote that for them.”