2023

Navigating change and uncertainty in tax policy, law and administration

Source: Victoria

Published Date: 3 May 2023

 

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In a world of legislative change and case law development, there is an ever-growing challenge for regulators and taxpayers to navigate and communicate uncertainty. Hear from the experts in this panel, who face this challenge about how to navigate:

  • Legal questions which are currently being litigated (e.g., s 100A of the Income Tax Assessment Act 1936 (1936 Act), Commissioner of Taxation v Guardian AIT Pty Ltd ATF Australian Investment Trust [2023] FCAFC 3 and the use of rulings and guidelines including drafts)
  • A change in interpretation from the regulator (e.g., Division 7A of the 1936 Act and sub-trust arrangements)
  • The breadth of regulator communication (e.g., rulings and other guidelines including the use of traffic lights and administrative practice)
  • The weight to be attributed to guidelines (e.g., Practical Compliance Guideline PCG 2021/4 (Allocation of professional firm profits – ATO compliance approach) and Victorian economic entitlement guidance); and
  • Development and design of legislation and changes in government policy (e.g., announcements later discontinued and interaction between state and federal taxes (such as windfall gains tax)).
Author(s)

Individual Session

Author(s): Paul Broderick , Miranda Stewart CTA , Louise Clarke , Paul Sokolowski CTA

Details

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Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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