"The aim of rewriting the Income Tax Act is to improve the current law by making it easier to understand and apply", says Dick Poland, manager of the team responsible for progressively rewriting the Act. "For this reason, it is very important that the exposure draft of rewritten legislation receives the widest possible scrutiny by the tax community and generates as much feedback as possible," he says.
"A number of people who have expressed an interest in making submissions have said the November closing date is too tight for them to give it the consideration they would like, and they have asked that it be extended."
"We are therefore extending the closing date to 31 March 2002. We would be grateful, however, if people would let us have their comments on technical issues on a progressive basis, by e-mail if preferred, rather than save them all up until the closing date and include them in a single submission. The electronic address is [email protected].
"Extending the deadline for submissions may not delay the legislative process. We are hopeful that the bill containing rewritten legislation can still be introduced in 2002, with enactment the following year and application from 2004-05. However, this will depend upon the amount of work that arises from the submissions," Dick Poland says.
The exposure draft is published here - see Rewriting the Income Tax Act 1994.