Submissions

  • Payday super – exposure draft legislation

    The Australian Bookkeepers Association, Chartered Accountants Australia and New Zealand, CPA Australia, the Financial Advice Association of Australia, the Institute of Certified Bookkeepers, the Institute of Public Accountants, the SMSF Association and The Tax Institute (together, the Joint Bodies) write to you as the peak professional accounting and tax practitioner bodies in Australia representing the tax profession, the superannuation sector and financial advisers. We welcome the opportunity to make a submission to the Treasury regarding its consultation on the package of exposure draft legislation on payday super (PDS).

  • Review of Tax Regulator Secrecy Exceptions

    CPA Australia, Chartered Accountants Australia and New Zealand and the Institute of Public Accountants (we/our/joint bodies) together with our respective affiliate bodies represent over 350,000 professional accountants in Australia, New Zealand and around the world. We submit our comments on the Review of Tax Regulator Secrecy Exceptions (Review) consultation paper (consultation paper).

  • Proposed Financial Institutions Supervisory Levies for 2025-26

    CPA Australia, Chartered Accountants Australia and New Zealand (CA ANZ) and the Institute of Public Accountants (IPA) (“the Joint Accounting Bodies”) welcome the opportunity to provide a submission to Treasury on the Proposed Financial Institutions Supervisory Levies for 2025-26 Discussion Paper (“the Discussion Paper”), currently available for consultation. Together, the Joint Accounting Bodies represent over 350,000 professional accountants in Australia, New Zealand and around the world. Our members work in diverse roles across public practice, commerce, industry, government, and academia. We make this submission on behalf of our members and in the broader public interest.

  • Australia’s circular economy: Unlocking the opportunities

    The IPA supports the proposals outlined in the interim report and commends the effort to advance the circular economy agenda in Australia. We firmly believe that increased investment and comprehensive research in this field are beneficial and essential. Australia has lagged behind international counterparts in adopting and implementing robust circular economy initiatives and regulations, and decisive action is now critical to rectify this. The transition towards a circular economy presents significant opportunities for innovation, economic growth, and environmental sustainability, and we urge a proactive and ambitious approach. However, there is further research and guidance required.

  • TR 2013/5 and Compliance Concerns

    Chartered Accountants Australia and New Zealand, CPA Australia, Institute of Financial Professionals Australia, Institute of Public Accountants, and the SMSF Association (together the (‘Joint Bodies’) appreciate the ATO’s engagement and thank you for your response dated 24 January 2025 regarding the industry’s concerns with the updates to Taxation Ruling TR 2013/5(the Ruling). Whilst we acknowledge that the Ruling can only deal with matters relating to tax law, it is critical that it is acknowledged that there are broader consequences for all superannuation fund trustees, members and the sector as a whole. Outlined below are some key issues. We seek the opportunity to engage in further dialogue to ensure practical, equitable outcomes for all those affected.

  • Systemic review of the effectiveness of the ATO’s registered agent phone line

    The Institute of Public Accountants (IPA) welcomes the opportunity to make a submission in relation to the IGTO’s Systemic review of the effectiveness of the ATO’s registered agent phone line. The IPA is one of the three professional accounting bodies in Australia, representing over 50,000 members and students in Australia and in over 100 countries. Approximately three-quarters of the IPA’s members work in or are advisers to small business and small to medium enterprises.

  • Review of ATO letters and written communications

    The Institute of Public Accountants (IPA) welcomes the opportunity to make a submission in relation to the IGTO’s Review of ATO letters and written communications. From the feedback we have received, we note the following key issues: • There have been instances where taxpayers have received written communications as well as their tax agent. • The ATO needs to improve their review procedures before communications are issued to ensure that taxpayers and their tax agents do not receive correspondence in error. • Clearer wording as to the purpose of a communication may be necessary. • Lack of a contact person noted in the correspondence means that practitioners find it difficult to discuss the issue with an ATO officer who has expert knowledge about the issue.

  • Brief: Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024

    This brief provides a short overview of concerns held by industry in relation to Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024 (the Bill). The brief is authored by Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia (CPA), Institute of Public Accountants (IPA), National Tax and Accountants Association (NTAA) and Institute of Certified Bookkeepers (ICB).

  • IPA Federal Election Policy Priorities 2025

    Essential election policies to lift Australia’s productivity. Robust visionary policy reform and long-term support for small business underpinned by economic and environmental sustainability are crucial to revitalise productivity and grow the Australian economy. All sides of politics refer to small businesses as the backbone of the Australian economy, yet they face excessive regulatory burdens, fragmented government support, and difficulties accessing capital. The Institute of Public Accountants (IPA) calls on the next Parliament to focus on four key policy areas that will significantly improve small business productivity and sustainability and lift the Australian economy.

  • AASB ED 335 General Purpose Financial Statements – Not-for-Profit Private Sector Tier 3 Entities

    The Institute of Public Accountants (IPA) welcomes the opportunity to provide comments on the above Exposure Draft (ED). GENERAL COMMENT IPA commends the AASB undertaking the project to simplify GPSF for smaller Tier 3 entities in a single stand-alone accounting standard. IPA therefore supports the overall objectives and principles of the draft standard. In particular, we support the proposals to reduce the accounting choices in areas such as: • Financial instrument simplification (Q16) • Practical expedient for identifying the highest and best use of non-financial assets (Q19) • Specific identification of inventory cost of FIFO or weighted average and prohibiting LIFO (Q20(b)) • Expensing borrowing costs (Q31) and • Modified retrospective approach and when it is impracticable to determine the cumulative effect of applying a new accounting policy (Q15).