New laws
NSW practitioners liability capped by the Commonwealth
October 2007
On Wednesday 17 October 2007 the Federal Government announced that the new CPA Australia professional standards scheme have been recognised under Commonwealth legislation.
The scheme caps the occupational liability of NSW practitioners under relevant state and Commonwealth legislation ensuring professional indemnity premiums remain affordable.
CPA Australia expects to have schemes approved for advertising in WA, NT, ACT, SA and Victoria at the end of the month. The professions are preparing to negotiate with the Tasmanian government to align their schemes to the rest of Australia.
This is a very positive outcome for CPA Australia public practice members and will put to bed a long running issue which has been the subject of years of CPA Australia advocacy.
Improved consultation arrangements
September 2007
The Federal Treasurer recently announced improvements for community consultation in the development of tax legislation.
The changes are in response to recommendations by the Board of Taxation in its report titled Improving Australia's tax consultation system. They build on changes to community consultation on tax legislation which the Government introduced in 2002.
The report is available from the Board of Taxation website.
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