DLA Phillips Fox, Clayton Utz, Corrs Chambers Westgarth, Greenwoods & Freehills and Hall & Wilcox will all help determine the future of Australia's tax laws.
The firms have all been appointed to the federal government's new Tax Design Advisory Panel, and with accounting firm peers will consult on the development and design of new tax laws.
The Panel, which comprises 13 organisations in total, was determined by public tender. it includes five law firms, five accounting firms, two economic research and modelling houses and one legal academic and research organisation.
The firms will be engaged on a case-by-case basis, and will be approached for a particular task. And they can choose with lawyers and staff within their various firms can work on each task. Where a known expert on a particular topic is available through one panel member, the Treasury can approach just that organisation.
“This is a major enhancement to the design of tax policy, formalising industry consultation as a vital early ingredient in the tax design process,” the Assistant Treasurer Nick Sherry said.
“The Panel will complement the resources available within Treasury and the Tax Office by providing ready access to some of the best private sector brains in the field.”
“With the Panel now in place, important tax legislation will be developed by teams involving Treasury, the tax office and the private sector, as represented by the members of the Panel.”
“This will, of course, still be followed by the use of full public consultation," he said.
“The use of expert advice from the private sector is a common and long-running practice used by Government, but we’re setting up a strategic and structured approach compared to the ad-hoc way of doing things in the past.”
“This means better outcomes, better value for money and better quality.”
Access Economics, the legal academic and research organisation ATAX at the University of New South Wales, the Centre for International Economics, Delotte, Ernst & Young, KPMG, Pitcher Partners and Pricewaterhouse Coopers also sit on the panel.