Innis Cull

In submissions seen by Accountants Daily, Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, the Institute of Public Accountants (IPA), and the Tax Institute have all told the government that its three-year audit proposal would not meet its intended policy objectives. The unified message amplifies months of lobbying across the industry, with new Federal Treasurer Josh Frydenburg handed the task of revisiting the policy over the coming weeks.

In July, Treasury released a consultation paper as part of the government’s plan to reform the ABN system, which included suggestions including periodic renewals and fees associated with it, in a bid to prompt ABN holders to have “closer engagement with the ABN system”. The merit in introducing a renewal process would remind ABN holders of ABN entitlement rules and prompt holders to notify the registrar of any changes in details, argued Treasury.

Federal treasurer Scott Morrison will be Australia’s new prime minister, marking the end of Malcolm Turnbull’s leadership. Minister for environment and energy, Josh Frydenberg, will be deputy. This follows days of turmoil in Canberra which has seen a key ministers to Treasury portfolio, assistant minister to the Treasurer Michael Sukkar, resign. Representative bodies for accountants are concerned for the state of tax law and reform in the wake of this leadership crisis.