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Let's get the facts straight



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Tax Law MEDIA RELEASE

Improvement

Project Let’s get the facts straight

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The recent ASCPA media release which states that the CGT provisions rewritten by TLIP are flawed creates a misleading impression of the quality of the legislation and the release itself contains factual errors.

The media release does not reflect the content of the Bill as introduced into Parliament. It is clearly based on the earlier exposure drafts of the CGT rewrite released to the public by TLIP as part of its consultative

processes. The specific concerns raised by the ASCPA in the media release were drawn to TLIP’s attention during consultation and have been corrected in the Bill.

TLIP’s consultation on the CGT rewrite was spread over a two year period and many valuable suggestions for improvement put to the team by practitioners and others have been adopted. The Bill is an excellent product reflecting the benefits of that feedback and has drawn favourable comments about the clarity of its style and presentation from a wide range of commentators.

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The media release also states that the Tax Law Improvement Bill (No. 2) 1997, which contains the CGT rewrite, is to be reviewed by the same joint Parliamentary Committee which considered tax avoidance legislation aimed at trusts last year. However, that tax avoidance legislation was examined the Senate Economics Legislation Committee. The TLIP Bill will be reviewed by the Joint Committee of Public Accounts and Audit (JCPAA). This last Committee will be conducting its fourth public inquiry

into TLIP Bills in Sydney on 28 and 29 January.

TLIP is confident that further consideration of the Bill by the JCPAA will ensure that the legislation will be of the highest quality.

CANBERRA 16 January 1998

Contact Officers: Mr Brian Nolan Project Director Tax Law Improvement Project (02) 6216 1122

Mr John Burge CGT Team Tax Law Improvement Project (02) 6216 1324