Revenue Group stakeholder consultation meeting
View a listing of Revenue Group stakeholder consultation meetings that the Institute has representation on:
Treasury Revenue Group Stakeholder Consultation meeting on 27 May 2013
On 27 May 2013, Paul Stacey (Institute’s Head of Tax Policy) attended the Revenue Group Stakeholder consultation meeting on behalf of the Institute. The meeting was chaired by the head of Treasury’s revenue group and included a range of participants from business, the professions, community groups and the unions.
The key issues discussed include:
- Reasons for the dramatic decline in the underlying cash balance since the 2012 MYEFO as compared to estimates. Of particular significance was the continuing slow recovery in capital gains tax receipts which have lagged the recovery in the ASX to an unexpected degree.
- 2013-2014 Budget measures – some of which can be expected to be introduced and passed in the Winter sittings of Parliament eg the 0.5% increase in the medicare levy.
- Revenue Group projects and the legislative program – The Bills that have been introduced in the week of 27-30 May can expect to be passed at the end of the winter sittings of Parliament. There is no expectation that Parliament will sit beyond the end of June.
- Multinational enterprises – government has issued an issues paper on the taxation of multinational enterprises.
- Charter for tax consultations – The intention of the draft Charter is to outline standards of behaviour to be observed by Treasury, other agencies such as ATO, and participants from the professions.
Treasury Revenue Group Stakeholder Consultation meeting on 28 November 2012
Twice a year Rob Heferen (Head of Treasury's Revenue Group) and his GM team meet with the principal tax consultative bodies. In addition to the Institute and other professional bodies, such as the LCA, this includes representatives from the not-for-profit sector and community groups.
Treasury opened the meeting with a series of graphs which emphasised the current fiscal constraint governing tax reform. The key message is that there isn't much money in the kitty to fund changes to the tax, or indeed other systems, and what money there is, is already largely spoken for e.g. national dental disability scheme. The unspoken implication is that the government is likely to continue its recent focus on paring back tax concessions.
Other issues discussed included the proposed explicit ethical framework for external consultation. Discussion revolved around the scope of the framework e.g. tax policy design versus tax law design stages and that this commitment should cut both ways. The meeting also tried to focus attention on what the group could practically do to make the few aspirational tax comments in the Asian Century White Paper more concrete.
Revenue Group stakeholder consultation meeting - minutes released
On 20 February 2012, Treasury released the minutes of the Revenue Group stakeholder consultation meeting held on 6 December 2011. The Institute was represented at the meeting by Tax Counsel, Yasser El-Ansary.
The Revenue Group stakeholder consultation program aims to engage the taxpayer community in a wider conversation about strategic tax policy issues. This program supplements Treasury consultations on specific tax measures.
Consultation meetings are held twice a year with representatives from the tax profession, business and community groups.