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12 Technicals

Technical

The Institute's 2008-09 Pre-budget submission
Published 12 Feb 2008
2008-09 Pre-budget submission lodged on 17 January 2008 More >
Draft legislation on new legislative framework for tax practitioners
Published 30 Aug 2007
The long awaited exposure draft legislation on the new legislative framework for tax practitioners was released for public consultation on 7 May 2007. More >
Division 7A
Published 29 Aug 2007
On 6 December 2006, the Minister for Revenue and Assistant Treasurer announced amendments to the integrity rules concerning distributions by private companies, namely, Division 7A. This follows more than 18 months of lobbying by the Institute. More >
FTEs, abolition of foreign loss & foreign tax offsets quarantining, etc
Published 21 Jun 2007
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. More >
Tax agent registration – 16 May 2007 update
Published 16 May 2007
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. More >
Amendments to Small Business CGT Concessions
Published 12 Apr 2007
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. More >
Australian equivalents of International Financial Reporting Standards (AIFRS) –
Published 06 Dec 2006
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. More >
The Institute: pre-budget submission released
Published 23 Nov 2006
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. More >
Trading Stock
Published 11 Oct 2006
The ATO released Taxation Ruling TR 2006/8 in September 2006, which discusses the valuation of trading stock at cost by retailers and wholesalers. More >
Service entity ruling and booklet: finalised at last
Published 01 Oct 2006
The long-awaited ruling on the deductibility of service fees paid by professional partnerships to service entities, TR 2006/2, was released on 20 April 2006l, with a few welcome changes from the draft ruling issued for public comment in May last year. More >
Digital Certificates/Tax Agent Registration
Published 20 Sep 2006
There was some discussion on the digital certificate project at the ATO Tax Practitioner Forum. More >
Promoter penalty legislation
Published 06 Apr 2006
On 6 April 2006 Tax laws Amendment (2006 Measures No 1) Bill, which contained measures to deter the promotion of tax exploitation schemes, received Royal Assent. More >