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Member Newsletter 43 | 12 Nov 2021

General Manager of Tax Policy and Advocacy's Report

Scott Treatt, CTA

 

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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed libero sapien, feugiat fringilla facilisis vel, dignissim et urna. Praesent imperdiet egestas neque vel tincidunt. Vivamus sollicitudin arcu in augue venenatis, quis feugiat justo facilisis. Aenean auctor risus vel metus gravida, vitae vestibulum erat cursus. Vivamus nec sollicitudin nibh. Vivamus sed viverra nunc. Vivamus fermentum ipsum quis lobortis feugiat. Nulla facilisi. Proin id dui nisl. Morbi vitae accumsan justo, sed porta lacus. Fusce quis scelerisque nisl. Praesent at urna est. Curabitur in ipsum rhoncus neque scelerisque aliquet vel ac tortor.

Aliquam erat volutpat. Etiam accumsan ac libero at ultrices. Praesent semper dui nec ipsum vestibulum eleifend. Donec vitae lectus elit. Vivamus odio mi, placerat quis sem non, congue consectetur lacus. Integer id arcu ac magna facilisis sodales non quis sapien. Donec eget nisl et magna lobortis pellentesque vitae rutrum lectus. Cras at justo ut tortor auctor fermentum.

Curabitur eget ex lorem. In consequat luctus condimentum. Donec tincidunt luctus felis, ut dictum libero suscipit eu. Fusce ornare diam eu felis congue luctus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Donec feugiat dapibus orci, non maximus eros faucibus ut. Nunc dignissim aliquet magna, a dignissim augue feugiat et. Praesent ultricies volutpat dapibus. Suspendisse nibh eros, bibendum non rutrum in, congue vitae ante. Vestibulum in egestas nisi. Nulla aliquet dolor sed quam ornare gravida. Nunc nec lorem ut augue semper ultricies eget vitae est. Donec tempor auctor mollis. Aenean vel accumsan ex, et elementum dui. Donec a nibh magna. Ut mattis arcu vel nisl ultrices, iaculis varius orci consequat.

Curabitur efficitur tincidunt nisi in consequat. Suspendisse libero sem, feugiat vitae magna id, euismod iaculis urna. Donec et urna vel velit ultrices pharetra. Suspendisse ac tristique dolor, sagittis lacinia libero. Sed ultricies fermentum finibus. Donec ut viverra augue, vitae cursus magna. Pellentesque nec lacinia ipsum. Nulla vehicula ante lectus, ac aliquet neque sodales vel. Sed a urna dignissim, dignissim risus vitae, tincidunt ipsum. Aliquam vitae nibh quis tellus sodales iaculis et id erat. Aliquam eu mi non massa convallis molestie eu rhoncus ligula.

Morbi feugiat libero ut nibh mollis efficitur. Vivamus quam mi, facilisis eget metus id, euismod sagittis tellus. Etiam auctor erat est, nec iaculis eros aliquam vitae. Morbi lacinia ante ac leo fermentum ornare. Duis a ante nunc. Praesent suscipit vel nunc eu imperdiet. Nulla euismod dui odio, quis fermentum leo consequat nec. Donec sit amet sem commodo, consectetur tortor vel, fringilla dolor. Integer rutrum orci aliquet nisl ornare scelerisque. Mauris pulvinar aliquet nisl at efficitur. Integer malesuada scelerisque turpis in feugiat. Sed porttitor fringilla metus, nec dictum velit mattis at.Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed libero sapien, feugiat fringilla facilisis vel, dignissim et urna. Praesent imperdiet egestas neque vel tincidunt. Vivamus sollicitudin arcu in augue venenatis, quis feugiat justo facilisis. Aenean auctor risus vel metus gravida, vitae vestibulum erat cursus. Vivamus nec sollicitudin nibh. Vivamus sed viverra nunc. Vivamus fermentum ipsum quis lobortis feugiat. Nulla facilisi. Proin id dui nisl. Morbi vitae accumsan justo, sed porta lacus. Fusce quis scelerisque nisl. Praesent at urna est. Curabitur in ipsum rhoncus neque scelerisque aliquet vel ac tortor.

Aliquam erat volutpat. Etiam accumsan ac libero at ultrices. Praesent semper dui nec ipsum vestibulum eleifend. Donec vitae lectus elit. Vivamus odio mi, placerat quis sem non, congue consectetur lacus. Integer id arcu ac magna facilisis sodales non quis sapien. Donec eget nisl et magna lobortis pellentesque vitae rutrum lectus. Cras at justo ut tortor auctor fermentum.

Curabitur eget ex lorem. In consequat luctus condimentum. Donec tincidunt luctus felis, ut dictum libero suscipit eu. Fusce ornare diam eu felis congue luctus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Donec feugiat dapibus orci, non maximus eros faucibus ut. Nunc dignissim aliquet magna, a dignissim augue feugiat et. Praesent ultricies volutpat dapibus. Suspendisse nibh eros, bibendum non rutrum in, congue vitae ante. Vestibulum in egestas nisi. Nulla aliquet dolor sed quam ornare gravida. Nunc nec lorem ut augue semper ultricies eget vitae est. Donec tempor auctor mollis. Aenean vel accumsan ex, et elementum dui. Donec a nibh magna. Ut mattis arcu vel nisl ultrices, iaculis varius orci consequat.

Curabitur efficitur tincidunt nisi in consequat. Suspendisse libero sem, feugiat vitae magna id, euismod iaculis urna. Donec et urna vel velit ultrices pharetra. Suspendisse ac tristique dolor, sagittis lacinia libero. Sed ultricies fermentum finibus. Donec ut viverra augue, vitae cursus magna. Pellentesque nec lacinia ipsum. Nulla vehicula ante lectus, ac aliquet neque sodales vel. Sed a urna dignissim, dignissim risus vitae, tincidunt ipsum. Aliquam vitae nibh quis tellus sodales iaculis et id erat. Aliquam eu mi non massa convallis molestie eu rhoncus ligula.

Morbi feugiat libero ut nibh mollis efficitur. Vivamus quam mi, facilisis eget metus id, euismod sagittis tellus. Etiam auctor erat est, nec iaculis eros aliquam vitae. Morbi lacinia ante ac leo fermentum ornare. Duis a ante nunc. Praesent suscipit vel nunc eu imperdiet. Nulla euismod dui odio, quis fermentum leo consequat nec. Donec sit amet sem commodo, consectetur tortor vel, fringilla dolor. Integer rutrum orci aliquet nisl ornare scelerisque. Mauris pulvinar aliquet nisl at efficitur. Integer malesuada scelerisque turpis in feugiat. Sed porttitor fringilla metus, nec dictum velit mattis at.Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed libero sapien, feugiat fringilla facilisis vel, dignissim et urna. Praesent imperdiet egestas neque vel tincidunt. Vivamus sollicitudin arcu in augue venenatis, quis feugiat justo facilisis. Aenean auctor risus vel metus gravida, vitae vestibulum erat cursus. Vivamus nec sollicitudin nibh. Vivamus sed viverra nunc. Vivamus fermentum ipsum quis lobortis feugiat. Nulla facilisi. Proin id dui nisl. Morbi vitae accumsan justo, sed porta lacus. Fusce quis scelerisque nisl. Praesent at urna est. Curabitur in ipsum rhoncus neque scelerisque aliquet vel ac tortor.

Aliquam erat volutpat. Etiam accumsan ac libero at ultrices. Praesent semper dui nec ipsum vestibulum eleifend. Donec vitae lectus elit. Vivamus odio mi, placerat quis sem non, congue consectetur lacus. Integer id arcu ac magna facilisis sodales non quis sapien. Donec eget nisl et magna lobortis pellentesque vitae rutrum lectus. Cras at justo ut tortor auctor fermentum.

Curabitur eget ex lorem. In consequat luctus condimentum. Donec tincidunt luctus felis, ut dictum libero suscipit eu. Fusce ornare diam eu felis congue luctus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Donec feugiat dapibus orci, non maximus eros faucibus ut. Nunc dignissim aliquet magna, a dignissim augue feugiat et. Praesent ultricies volutpat dapibus. Suspendisse nibh eros, bibendum non rutrum in, congue vitae ante. Vestibulum in egestas nisi. Nulla aliquet dolor sed quam ornare gravida. Nunc nec lorem ut augue semper ultricies eget vitae est. Donec tempor auctor mollis. Aenean vel accumsan ex, et elementum dui. Donec a nibh magna. Ut mattis arcu vel nisl ultrices, iaculis varius orci consequat.

 

Member updates

New issues

Stakeholder: Board of Taxation

 

The Board of Taxation is undertaking a review of the dual-agency administration model for the R&D Tax Incentive (R&DTI). 

The R&DTI is jointly administered by the Australian Taxation Office (ATO) and Industry Innovation and Science Australia (IISA) and the Department of Industry, Science, Energy and Resources (DISER), with the ATO being responsible for the administration and processing of R&D tax offset claims, and IISA responsible for registering companies’ R&D activities.

The Board has been asked to evaluate the R&DTI dual agency administration model, with a view to identifying opportunities to reduce duplication between the two administrators, simplify administrative processes, or otherwise reduce the compliance costs for applicants.

The Board may make recommendations to modify the R&DTI’s administrative model or to streamline existing administrative functions or processes. If the Board finds that taxpayers experience difficulty in understanding the different roles and responsibilities of the two administrators, the Board should consider whether education programs or communications would assist. Changes to the R&DTI’s broader policy settings, such as eligibility requirements or rates of support, are outside of the scope of this review.

The Board will host roundtable discussions over the course of the coming months in which The Tax Institute will be participating.

If you have any insights on this issue, please share them on our Community hub.

Stakeholder: Commonwealth Treasury

 

Treasury has initiated a consultation in respect of the proposed patent box announced in the Federal Budget on 11 May 2021. 

The patent box will be for eligible corporate income associated with new patents in the medical and biotechnology sectors. It will apply to companies for income years commencing on or after 1 July 2022.

The Tax Institute is considering preparing a submission in response to the discussion paper.

If you have any insights on this issue, please share them on our Community hub.

Stakeholder: NSW Treasury

 

The Tax Institute is preparing a submission in response to the NSW Treasury  Property Tax Proposal Progress Paper. The Progress Paper provides an update on the consultation process as well as more information on the proposed model, reflecting further policy and design development.

The Tax Institute’s first submission in relation to the proposal is available here.

If you have any insights on this issue, please share them on our Community hub.

Stakeholder: ATO

 

The Tax Institute is preparing a submission on draft Taxation Ruling TR 2021/D4 Income tax: royalties – character of receipts in respect of software.

This draft TR deals with the circumstances in which receipts from the licensing and distribution of software will be royalties as defined in subsection 6(1) of the Income Tax Assessment 1936.

If you have any insights on this issue, please share them on our Community hub.

Stakeholder: ATO

 

The Tax Institute is preparing a submission on draft Law Companion Guide LCR 2021/D1 Temporary full expensing.

This draft LCR explains the operation of the provisions for temporary full expensing of depreciating assets introduced by the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 and the Treasury Laws Amendment (2020 Measures No.6) Act 2020.

If you have any insights on this issue, please share them on our Community hub.

Ongoing issues

Stakeholder: ATO

 

Following the release of PCG 2021/D2 on the allocation of professional firm profits and the ATO’s compliance approach, The Tax Institute is working through the specifics of how we will engage with our members on this important issue.

 

The Tax Institute has published a member-only fact sheet on the PCG and has worked with the other professional bodies to lodge a Joint Submission with the ATO. The Tax Institute has also lodged a TTI Submission with the ATO.

 

The Tax Institute is working closely with the special purpose sub-committee. This week, the sub-committee met to discuss next steps, and we are working on information products, tools and resources for our members to understand any updates to the draft PCG.

 

If you have any further feedback on this issue, please contact us at Tax Policy.

Stakeholder: ATO

 

Following a number of members raising the issue of the removal of paper activity statements with us, The Tax Institute escalated the matter to the ATO late last year.

This has resulted in a series of regular meetings to discuss the impact of the ATO’s decision to remove paper quarterly PAYG and GST instalment notices and the design of an interim solution which involves the reinstatement of paper activity statements from the March 2021 quarter.

We continue to work with the ATO in the design of a permanent solution.

 

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  • ATO casts the NALI net too wide says Joint Bodies
  • Tax reform heavyweights weigh in on the path to lasting change in our system
  • The Tax Institute COVID-19 response


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Vestibulum eleifend, ex eget ultrices accumsan, lacus velit vulputate metus, in tincidunt sapien libero ac ipsum. Maecenas a libero faucibus urna convallis auctor scelerisque quis mi. Nunc egestas consequat ex. Morbi venenatis elementum felis, eu egestas lacus facilisis sit amet. Sed rhoncus, ex a scelerisque finibus, nunc felis pellentesque eros, eget porta ante ipsum et lorem. Nunc ut nulla id erat venenatis ullamcorper. Nulla facilisi. Nam nunc dolor, porta sed lectus nec, sollicitudin fermentum risus. Etiam sollicitudin velit magna, eu ultrices ante pellentesque a. Morbi felis est, molestie eu felis ac, dignissim malesuada eros. Maecenas pellentesque, libero eget scelerisque consequat, lectus metus convallis mauris, ac accumsan erat ex nec ante. Vivamus suscipit eu metus at interdum. Aenean eget ante in urna eleifend sagittis vitae sed tortor. Maecenas commodo viverra lobortis. Aliquam erat volutpat. Phasellus porttitor elit sed lacus ullamcorper viverra.

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