Footnotes

Chapter 2 - Schedule 1: taxation of foreign income

[1]        There are some exceptions in s23AG(2).

[2]        Treasury, Submission 21, p.1.

[3]        Explanatory Memorandum, p.11.

[4]        Explanatory Memorandum, p.7.

[5]        Treasury, Submission 21, p.1.

[6]        Treasury, Submission 21, p.3.

[7]        Treasury, Submission 21, p.4.

[8]        Mrs Nicola Grayson, Association of Consulting Engineers Australia, Proof Committee Hansard, 10 June 2009, p 11.

[9]        Association of Consulting Engineers Australia, Submission 18, p.7 and additional information 15 June 2009, p.6.

[10]      Pricewaterhouse Coopers, additional information 10 June 2009.

[11]      Most submissions from the peak organisations and accounting firms made these points - for example, Institute of Chartered Accountants in Australia, Submission 13, p.2; Deloitte, Submission 16, p.2; Pricewaterhouse Coopers, Submission 17, p.1-2; ACEA, Submission 18, p.7; Taxation Institute of Australia, Submission 19, p.5; KPMG, Submission 20, p.5; Minerals Council of Australia, Submission 24, pp 2-3.

[12]      Examples include Mr Mike Durack, Submission 2, Mr Peter Lewis, Submission 3 and Mr George Nims, Submission 9.

[13]      Examples of such submissions are Mr Brett Harms, Submission 12, Mr Ray O'Brien, Submission 27 and Mr Jack Smith, Submission 111.

[14]      Treasury, Submission 21, p.6.

[15]      Institute of Chartered Accountants in Australia, Submission 13, p.3.

[16]      ICA, Submission 13, p.3.

[17]      Pricewaterhouse Coopers, Submission 17, p.2,4. KPMG, Submission 20, p.6. Section 23AF gives the same exemption as the current section 23AG to projects approved by the Minister for Trade as being in the national interest.

[18]      Treasury, Submission 21, p.6.

[19]      For example, ICA, Submission 13, p.4; Deloitte, Submission 16, p.2-3; Pricewaterhouse Coopers, Submission 17, p.3; ACEA, Submission 18, p.8;  Taxation Institute of Australia, Submission 19, p.2-3; KPMG, Submission 20, p.3.

[20]      Dr Michael Dirkis, Taxation Institute of Australia, Proof Committee Hansard 10 June 2009, p.5.

[21]      Dr Michael Dirkis, Taxation Institute of Australia, Proof Committee Hansard, 10 June 2009, p.2.

[22]      PWC, Submission 17, p.3-4. Mr John Fauvet, PWC, Proof Committee Hansard 10 June 2009, p.35. KPMG, Submission 20, p.3. Similarly Deloitte, Submission 16, p.2

[23]      Treasury, Submission 21, p.5; additional information 15 June 2007, p.3.  Mr Peter Nash, ATO, Proof Committee Hansard, 10 June 2009, pp 52-3. The reference in submissions to a penalty may be a reference to the possibility of a penalty for false and misleading information in an application for variation. Alternatively, it may be a reference to PAYG instalments paid by business taxpayers. Business taxpayer may choose to vary their instalment rate, but will be liable to pay interest on any shortfall if the varied rate is less than 85 per cent of the benchmark rate.

[24]      Treasury, Submission 21, p.5. Mr Gregory Wood, Treasury, Proof Committee Hansard 10 June 2009, p.51. The comment assumes that employees would have acceptable evidence of tax paid (pay slips, presumably) without waiting for the foreign end of year tax statement.

[25]      Treasury, Submission 21, p.5. It is also possible to apply for extension of time to lodge a tax return.

[26]      Mr Peter Nash, Australian Taxation Office, Proof Committee Hansard 10 June 2009, p.59.

[27]      The PAYG withholding rules are in the Taxation Administration Act 1953. There is no suggestion that this Act can impose a legal duty on a foreign national acting outside Australia. Any imposition on foreign employers for the benefit of the ATO would have to be legislated by the foreign country, presumably after agreement with Australia.

[28]      Institute of Chartered Accountants in Australia, Submission 13, p.4. Deloitte, Submission 16, p.4. Association of Consulting Engineers Australia, Submission 18, p.7. Taxation Institute of Australia, Submission 19, p.4. KPMG, Submission 20, p.4.

[29]      Dr Michael Dirkis, Taxation Institute of Australia, Proof Committee Hansard, 10 June 2009, p.4.

[30]      Deloitte, Submission 16, p.3 KPMG, Submission 20, p.4.

[31]      Treasury, Submission 21, p.6. Mr William Potts, Treasury, Proof Committee Hansard 10 June 2009, p.50.

[32]      Deloitte, Submission 16, p.2. Taxation Institute of Australia, Submission 19, p.3.

[33]      Pricewaterhouse Coopers, Submission 17, p. 2.

[34]      Association of Consulting Engineers Australia, Submission 18, p.8. Taxation Institute of Australia, Submission 19, p.2.

[35]      Institute of Chartered Accountants in Australia, Submission 13, p.3.

[36]      Pricewaterhouse Coopers, Submission 17, p.3. KPMG, Submission 20, p.6. Section 23AF gives the same exemption as the current section 23AG to projects approved by the Minister for Trade as being in the national interest.

[37]      Treasury, Submission 21, p.4. Mr William Potts, Treasury, Proof Committee Hansard 10 June 2009, p.54. 'Exemption with progression': a taxpayer's tax rate is calculated on their total income; the non‑exempt income is then taxed at that rate (which will be higher than would apply if the rate was calculated considering only the non-exempt income).

Chapter 3 - Schedule 2: change to superannuation co-contributions

[1]        Treasury, Submission 21, p.7.

[2]        Investment and Financial Services Association, Submission 14, p.1. Financial Planning Association, Submission 15, p.2.  Association of Superannuation Funds of Australia, Submission 22, p.1.

[3]        Treasury, Submission 21, p.7.

Chapter 4 - Schedule 3: reduction in the concessional contributions cap

[1]        Treasury, Submission 21, p.8.

[2]        Treasury, Submission 21, p.8.

[3]        Treasury, Submission 21, p.9.

[4]        FPA. submission 15, p.3.

[5]        ASFA. Submission 22, p.2.

[6]        IFSA, Submission 14,  p.2.

[7]        ASFA, Submission 22, p.2.

[8]        ASFA, Submission 22, p.4.

[9]        FPA, Submission 15, p.4.

[10]      Mr M. Dwyer, ASFA, Proof Committee Hansard 10 June 2009, p.41.

[11]      ASFA, Submission 22, p.3.

[12]      IFSA, Submission 14, p.4. FPA, Submission 15, p.5.

[13]      IFSA, Submission 14, p.4.

[14]      FPA, Submission 15, p.3.

[15]      FPA, Submission 15, p.3.

[16]      ASFA, Submission 22, p.4.

[17]      Treasury, Submission 21, p.8-9.

[18]      Treasury, additional information 16 June 2009

[19]      K. Henry & others (Australia's Future Tax System Review Panel),  Australia's Future Tax System: the retirement income system - report on strategic issues, May 2009, p.20,29-30

Additional comments by Coalition senators

[1]        Taxation Institute of Australia, Submission 19, p. 1.

[2]        Association of Consulting Engineers Australia, Submission 18, p. 5.

[3]        Dr Michael Dirkis, Taxation Institute of Australia, Proof Committee Hansard, 10 June 2009, p. 3.

[4]        Taxation Institute of Australia, Submission 19, p. 1.

[5]        ASFA, Submission 22, p. 1.