After months of silence from the Government on a revised timeline for the trust tax reform project, last week tax practitioners received confirmation that indeed the project is on track, albeit with a July 2014 proposed commencement date for the new law.
Members will recall that The Tax Institute has been very active in ensuring the Government's commitment to reform the trust tax laws remains. It is a fundamentally important area of the law and one that consistently rates as a top reform priority for tax professionals. The reform must transform this critical area of taxation into a 21st Century version of the law.
We will continue to consult widely on the proposed reforms throughout the life of the project and welcome members' input.
Please feel free to contact us at Tax Policy.
Robert Jeremenko is Senior Tax Counsel of The Tax Institute.
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.