Call for comment on tax advice privilege
A discussion paper, Privilege in relation to tax advice, has been released by The Treasury which explores the appropriateness of establishing a tax advice privilege.
The paper considers a 2007 Australian Law Reform Commission recommendation to shield tax advice documents provided by independent professional accounting advisers against the coercive information gathering powers of the Commissioner of Taxation.
It explores the implications of such a privilege for the tax and accounting profession, as well as the consequences of establishing a limited privilege on the advice and documents prepared by these professionals. It sets out a series of questions for tax advisers and taxpayers to respond to. The closing date for submissions is Friday, 15 July 2011.
The discussion paper, Privilege in relation to tax advice, is available at http://www.treasury.gov.au/contentitem.asp?NavId=037&ContentID=2005