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ICAA LODGES PRE-BUDGET SUBMISSION

Another federal election looms. On 22 October 2003 the ICAA lodged with the Treasurer a submission requesting that certain priorities be delivered in the 2004/05 budget. It included these recommendations:

* Undertake a review of potential personal tax reforms

* Continue the commitment

to the reform of Australia's international tax arrangements and to investigate opportunities to bring forward the various reforms

* Reintroduce the de minimus exemption for low-cost assets

* Indexation of various thresholds or reset them based on their original intent

* Replace the FBT rate with the marginal tax rate of the employee receiving the benefit

* Phase out all hypothecated taxes

* Provide additional funding to the Australian Taxation Office (ATO) for the technical training of staff, to continue current Tax Agent initiatives and to the areas in the ATO that are responsible for communicating to the taxpayer and tax practitioner communities tax reform

* Provide additional funding for the Inspector-General of Taxation.

For a copy of the full submission go to: www.icaa.org.au

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