On 21 December 2012, The Tax Institute was quoted in The Australian Financial Review with respect to the release by the Board of Taxation of its discussion paper on reforming the Division 7A rules. We said:
“Trusts and private company groups rely heavily on internally-generated funds as a source of finance, particularly in the SME [small to medium enterprise] market, and the ATO’s actions have markedly increased the cost. The ATO ... have created controversy and only exacerbated the problems faced by tax professionals in trying to navigate this complex area of law.”
On 4 January 2013, The Tax Institute was quoted in The Australian in relation to transfer pricing reforms. In the article, we say that the Government’s policy intention is welcome but that its reconstruction power is too broad and will create significant uncertainty for business.
The Tax Institute was quoted in The Australian Financial Review of 9 January 2013 in the article entitled “New tax avoidance laws a ‘barristers picnic’” in relation to the proposed Part IVA changes. In the article we say that we are opposing the deeply complex changes that have resulted in much confusion and debate.
We were also quoted in The Australian Financial Review of 11 January in: “Tax receipts key barometer this month”. The article concerns the Budget deficit, company tax receipts, and tax administrative burden on companies.
The Tax Institute was quoted as an expert commentator in two The Australian Financial Review articles on 18 January. The articles discuss developments with respect to the MRRT and tax secrecy provisions and whether the revenue figure from the MRRT can be disclosed by the ATO:
As mentioned in the Preamble (above), The Tax Institute was quoted extensively in The Australian Financial Review of 21 January with respect to the backlog of announced by unenacted tax measures: “Tax workload overwhelms Treasury”
On 21 January ABC Radio broadcast an interview with Robert Jeremenko on its The World Today program. The interview discusses the MRRT and tax secrecy provisions and whether the revenue figure from the MRRT can be disclosed by the ATO to the Treasurer. You may listen to the interview and read the transcript here.
On the same day ABC News Online carried a story about this issue, including quotes from The Tax Institute: “Pressure builds on Govt over mining tax revenue”