The Institute of Chartered Accountants in Australia (the Institute) has recently written to the Treasurer expressing its concern with the timeframes associated with the proposed reforms being considered by the Government’s Business Tax Working Group. The Institute said a longer period of time is required for a more “deliberative consultation process” over the next few months to carefully consider the merits of reform proposals such as the introduction of a loss carry-back regime. Among other things, the Institute said reforms that limit access to a loss carry-back regime to only corporations would not deliver the broad objectives the Government is looking for. The Institute expressed that consideration of how a loss carry-back regime could apply to partnerships, sole traders and trusts is also required.
[LTN 58, 26/3]