On 5 October 2011, in his closing remarks to the Tax Forum, the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP, announced that the Government will provide seed funding of around $1 million per year (for three years) to establish a Tax Studies Institute (TSI). An extract of the announcement is provided below:
“We will contribute around $1 million per year to create an independent Tax Studies Institute, as a centre for research excellence, linked to our universities. The institute will look at things like the design and simplification of the tax-transfer system. Because the tax system affects all Australians, the institute will accept tax deductible funding donations. And because the tax system affects all governments, I will welcome state government contributions.”
The Treasury asked the Board to provide advice on desirable ways forward in relation to the design and establishment of the TSI. In particular, Treasury sought the Board’s views on:
- how to recruit resources for the institute (other than the Commonwealth’s contribution);
- an appropriate governance structure for the institute; and
- how that structure might be put in place.
To assist in developing its advice to the Treasury, the Board conducted consultation meetings with various stakeholders, including representatives from major corporations and business associations, taxation professional bodies, accounting firms and academia.
The Board invited written submissions by 30 January 2012. In total the Board received 5 submissions (including one made in confidence). All submissions received were acknowledged.
Copies of public submissions are available below or from the Tax Studies Institute submissions page.
The Board provided its advice to the Treasury on 17 February 2012. In preparing its advice, the Board took into account submissions received and consultation meetings undertaken.
Further information on this matter can be obtained from the Board of Taxation Secretariat, on (02) 6263 4366 or firstname.lastname@example.org.
|Business Council of Australia
|Greenwoods & Freehills
|Joint submission by the University of NSW, Monash University, University of Melbourne and University of Sydney
|The Tax Institute