Published on 01 Jul 08
by THE TAX INSTITUTE
The reform measures contained in the following documents are of enormous significance and impact to the Taxation Institute of Australia (Taxation Institute) and its members:
- Exposure Draft of the Tax Agent Services Bill 2008 released on 29 May 2008 (Bill);
- Exposure Draft of the Tax Agent Services (Consequential and Transitional Provisions) Bill 2008;
- Tax Agent Services Regulations 2008;
- Exposure Draft of the Tax Agent Services Bill 2008 and Tax Agent Services (Consequential and Transitional Provisions) Bill 2008 Explanatory Material (EM); and
- Exposure Draft Explanatory Statement Statutory Rules 2008 (collectively the Reform Package).
The Taxation Institute has been asked by various members who have participated in the consultation process to acknowledge the care and attention paid to the implementation of the new regime by Treasury and the respective Governments involved in creating the new regime. The reality is that an undertaking such as this involves many stakeholders with varying views and approaches. It is encouraging that Treasury has embraced each of those stakeholders and made a serious attempt to deal with their concerns. The Taxation Institute thanks Treasury and government officials for the time and commitment shown to this process and commends the process as an excellent example of approach and outcomes in terms of assessing a consultative model.