Family trust elections, abolition of foreign loss and foreign tax credit quarantining, etc 
On 21 June 2007, the Tax Laws Amendment (2007 Measures No. 4) Bill 2007 and related bills were introduced into Parliament. These bills contain amendments relating to family trust elections, abolition of foreign loss and foreign tax credit quarantining, the ultimate beneficiary reporting rules and other measures. 
 
Alignment of small business tax concessions thresholds 
Measures to standardise the eligibility criteria for the various small business tax concessions are now law. The Institute was heavily involved in lobbying for these amendments.  
 
Federal Budget 2007-2008 
The Treasurer handed down his twelfth budget on 8 May. 
 
Amendments to small business CGT concessions now law 
Tax Laws Amendment (2006 Measures No. 7) Bill received Royal Assent on 12 April 2007. After lodging a submission with the Board of Taxation in 2005, and consulting extensively with the Treasury and the Office of the Minister for Revenue and Assistant Treasurer, the Institute welcomes these improvements to the small business CGT concessions. 
 
Tax agent registration 
On 16 May 2007, the Institute received a further letter from the Chair of the Victoria Tax Agents' Board in relation to registration of tax agents and trusts.  
 
AIFRS 
On 6 December 2006, the Institute lodged a submission on a discussion paper issued by the Treasury on the appropriateness of the existing thin capitalisation rules following the adoption of AIFRS and options once the transitional period ends. 
 
The Institute's pre-budget submission released 
In its 2007/8 pre-budget submission lodged in November 2006, the Institute has called on the Federal Government to take on its recommendations across a number of key areas, including taxation.  
 
 
Archive - Old tax topics