Tax - News .com: Australia clarifies tax agent system

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Australia clarifies tax agent regime, by Mary Swire, tax - News .com, Hong Kong
Last updated 12 hours ago |02 November 2010

Deputy Treasurer of Australian Bill Shorten announced new regulations to clarify the coverage national fiscal agent services.

Fiscal agent services regime established by the Labour Government has replaced six committees agents tax based through a national system.The new regime of national tax service agent entered into force on 1st March this year.

"New regulation clarifying how to"internal"consulting and guardians are treated under national tax regime agent.Certains services to a group, stapled entities, partnerships and joint ventures, will now exempt from the definition of 'tax agent service' and 'Service down', which will reduce the regulatory burden on these types of businesses," said the Deputy Treasurer.

"In this new regulation we have also deferred application of the regime national fiscal agent services until 1 July 2011 for financial planners estimated 18,000 currently operated by Australie.Cette extension provides extra time to consult on future options on the treatment of financial planners as tax services agent, document", he added.

The new regulations also require tax officer recognized or low officer associations to inform the Council of any change of circumstances tax practitioners have an impact on their current recognition by the Board.

"The Government has listened to the concerns raised during the public consultation on the draft regulation on exposure and would like to thank all those who have made a presentation" shorten said.

"We expect to release the options consultation paper towards the end of November 2010 and I encourage planners financial and other stakeholders to submit comments," he said.

Changes are contained in the tax Agent Services amendment regulations 2010 (No. 1).

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