Business Law Section

Review into the Future of the Tax Profession

The submission to the Inspector General of Taxation in relation to the Review into the Future of the Tax Profession (Review) was prepared by the Taxation Committee of the Business Law Section. 

The Committee recognises the significance of the technological advances that are transforming all aspects of modern society and their current and potential impact on the tax profession. It appreciates the importance of the Review, and its ability to assist with planning for the impact of these sweeping changes, on the administration of the taxation system.

The Committee also recognises that while a significant part of the changes affecting the taxation system is the result of technological advances, there are other sources of change, including social, policy and regulatory developments, both in Australia and globally. An example of these is the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting Project (BEPS Project), reflecting the increased globalisation of tax administration. The BEPS Project highlights how social, policy and regulatory developments occurring overseas can, and do, have an impact on the Australian taxation system.

The Committee notes that the tax profession comprises a broad spectrum of participants, including accountants, lawyers, and tax agents. This spectrum continues to expand. For the purposes of this submission, given its purview, the Committee has focussed on observations from the perspective of the legal profession and its role in the taxation system in providing legal advice and facilitating the resolution of disputes.

With that background, the Committee provides its observations below by reference to the issues raised in the Terms of Reference for the Review. Please note that the following submission covers most, but not all elements of the Terms of Reference, and therefore in some instances the headings may not be sequential.

You can read the full submisson below.

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