Submission to Senate's Economics Legislation Committee - proposed hybrid mismatch rules
On 14 June 2018, the ASF made a further submission to The Senate's Economics Legislation Committee requesting their consideration of the matters put forward to Treasury in submissions dated 29 March 2018 (PDF) and 8 May 2018 (PDF).
All submissions made to the Senate Committee (including the ASF’s submission number 5) are published on Parliament of Australia's Submissions page.
On 18 June, the Senate Committee met and reviewed the ASF's submissions as part of its inquiry into the Treasury Laws Amendment (Tax Integrity and Other Measures No.2) Bill 2018.
The Senate Committee subsequently issued its public report, noting the concerns of the ASF “regarding the potential unintended consequences of the hybrid mismatch rules on securitisation transactions and more broadly on the market” and recommended that the Australian Taxation Office provide clarity by way of formal guidance on whether ordinary securitisation transactions will be caught under the proposed structured arrangement definition in the proposed legislation.
The ASF has arranged for members of its Accounting and Tax Subcommittee and other expert members to meet with the Australian Taxation Office on Friday 6 July at 3pm to further progress discussions around the release of official ATO guidance.
View the Senate Committee's report (PDF)
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