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29 Technicals

Technical

Archived - GST Reforms - 2009/10 Budget: Published 26 Jul 2010
On 29 March 2010, Treasury has released the revised exposure draft legislation concerning changes to improve the operation of the GST law by making amendments that streamline its application to the domestic transport of imported and exported goods. More >

Archived - Board of Taxation's Review of Managed Investment Trusts: Published 11 May 2010
On 7 May 2010, the Assistant Treasurer, Senator the Hon Nick Sherry, issued a media release announcing the Government will put in place a new tax system for MITs for commencement on 1 July 2011. More >

Updates - Australia’s Future Tax System: Published 28 Apr 2010
On 23 April it was announced the Australia's future tax system review is to be released 2 May 2010. More >

Archived - Institute's 2010-11 Pre-Budget submission: Published 02 Feb 2010
On Friday 29 January, the Institute lodged with the Government its pre-Budget submission for the 2010-11 fiscal year. More >

Archived - Tax Agents Services Regime: Published 18 Dec 2009
Background information More >

Archived - Taxation of employee share schemes: Published 21 Oct 2009
The Institute has lodged a submission with the Board of Taxation on its review into elements of the taxation of employee share scheme (ESS) arrangements. More >

Archived - Review of the Taxation Treatment of Off-Market Share Buybacks: Published 14 Jul 2009
The Institute has lodged a submission with Treasury on its discussion paper entitled 'Taxation treatment of off-market share buybacks'. The discussion paper sets out the design of the proposal to implement the six recommendations made by the Board of Taxation, which includes transferring the off-market share buyback provisions into the Income Tax Assessment Act 1997. More >

Archived - Small Business and General Business Tax Break (Investment Allowance): Published 01 Jun 2009
Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 with Government amendment was passed by both Houses of Parliament last week and received Royal Assent on 22 May 2009. More >

Archived - Carbon pollution reduction scheme: Published 18 May 2009
The following package of 10 Bills to implement the CPRS was introduced in the House of Representatives on Thursday 14 May 2009 More >

The Institute of Chartered Accountants and CCH Budget Night Report 2009: Published 12 May 2009
The Institute of Chartered Accountants and CCH Budget Night Report 2009 More >

Archived - The Institute’s 2009/10 Pre-budget submission - tax issues: Published 21 Jan 2009
The Institute lodged its 2009-10 Pre-budget submission on 15 January 2009 and issued a media release, entitled Tax changes to fuel the economy, the following Monday More >

Archived - Consolidation and CGT rollovers including scrip for scrip rollovers: Published 18 Dec 2008
Update: 3 December 2008 - Legislation introduced More >

Archive - Australia’s Future Tax System: Published 12 Aug 2008
The first report relating to the review of Australia’s future tax system (AFTS), entitled ‘Architecture of Australia’s tax and transfer system’ was released by the Treasury at a joint press conference held by the Treasurer, the Hon Wayne Swan MP and the Treasury Secretary and Chair of the review panel, Dr Ken Henry on 6 August. More >

Archived - Alignment of small business tax concessions thresholds: Published 13 May 2008
The Government announced in the Budget that it will go ahead with enhancing access to the small business capital gains tax (CGT) concessions for taxpayers owning a CGT asset used in a business by a related entity and for partners owning a CGT asset used in the partnership business, with effect from the 2007-08 income year. More >

Archived - Entity flow-through submission: Published 29 Apr 2008
Small to medium-sized entities (SMEs) have for some time identified the complexity of the taxation system and the cost of compliance associated with it as one of their main concerns. More >

Archived-Australia’s Proposed Emission Trading Scheme-The Tax Policy Dimension: Published 07 Apr 2008
A joint project with the Institute of Chartered Accountants in Australia and Ernst & Young Australia’s Proposed Emissions Trading Scheme – The Tax Policy Dimension Adjusting Australia’s tax framework to support the Emissions Trading Scheme March 2008 More >

Archived - ALRC review of the legal professional privilege: Published 04 Apr 2008
Following on from the release of the ALRC's report entitled 'Privilege in Perspective: Client Legal Privilege in Federal Investigations, the Institute is continuing to advocate for statutory privelege with respect to tax advice provided by appropriately qualified and regulated professional accountants. More >

Archive - The Institute's 2008-09 Pre-budget submission: Published 12 Feb 2008
2008-09 Pre-budget submission lodged on 17 January 2008 More >

Archived - 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 >

Archived - 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 >

Archived - FTEs, abolition of foreign loss & foreign tax offsets quarantining: 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 >

Archived - 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 >

Archived - 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 >

Archived - Australian equivalents of Internat Fin. 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 >

Archived - 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 >

Archived - 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 >

Archived - 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 >

Archived - 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 >

Archived - 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 >