The Taxation Institute of Australia and the Institute of Chartered Accountants (Bodies) welcomes the opportunity to comment.
The Bodies consider that the Exposure Draft is generally an effective piece of legislation in terms of its primary purpose and revenue raising objectives. The Exposure Draft is drafted in contemporary language and is well-structured, and in this regard represents a significant improvement to its predecessor, the Stamp Act 1921 (WA). The move to a transaction based approach and the simplification of the landholder and corporate reconstruction regimes are particularly welcome.
The Exposure Draft, however, gives rise to a number of technical, drafting and policy issues.