Govt calls for input on new Tax Advisory Board
The Federal Government has begun work on its election promise of establishing an advisory board at the Australian Taxation Office (ATO) to make it more accountable.
The Australian Labor Party promised in August last year that, if elected, it would establish a Tax System Advisory Board to inform the tax commissioner and the ATO executive committee of organisational matters at the ATO.
The Assistant Treasurer, Bill Shorten, has now announced the release of a discussion paper that will allow the public input on the best structure, governance and membership arrangements for the board.
It is also considering submissions on key outcomes the board should deliver, ways to measure the board’s effectiveness, additional matters it should advise on, specific accountabilities it should have, and possible risks in appointing business leaders to the board.
The only constraints on submissions are that the board must be comprised of the tax commissioner and non-Government members and that the board not impinge on the tax commissioner’s independence or affect its existing accountabilities to the Parliament.
“The board will give the community a strong voice in the administration of the tax system to improve its responsiveness, accountability and transparency. I therefore encourage the community to participate in this consultation,” Shorten said.
The closing date for submissions is 11 March, 2011. Submissions will then be considered by a consultation panel, which will give advice to the Government by 30 June, 2011.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
