Joint Submission & SMSF Association Submission
The external professional association members of the Tax Practitioners Board (TPB) Tax Practitioner Governance and Standards Forum (TPGSF), collectively the Joint Bodies, make this submission in response to the Senate Economics Legislation Committee’s (the Committee) inquiry into the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 (the Bill), specifically Schedule 3 which relates to proposed changes to the Tax Agent Services Act 2009 (TASA). Additional professional association members from the TPB Consultative Forum also support the views presented in this submission.
The SMSF Association welcomes the opportunity to provide a submission to the Senate Inquiry into this Bill. Our submission focuses on Schedule 5 to the Bill which seeks to prevent certain distributions that are funded by capital raisings from being frankable.
We support measures that prevent tax avoidance and the manipulation of the franking system to facilitate the inappropriate release of franking credits. However, we are concerned that the amendments contained in Schedule 5 to the Bill, will inadvertently catch many normal and legitimate situations.