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08 Nov 2018 Consultations

Treasury is consulting on the following matters. Please contact the Institute’s Tax Policy & Advocacy team if you would like to submit comments. 

Taxation of insurance companies 

The Government is seeking information and comments from interested parties on the tax impacts of implementing the new accounting standard for insurance contracts (AASB17) which will apply mandatorily for annual reporting periods beginning on or after 1 January 2021. This will inform the Government’s consideration of whether and what changes may be needed to the tax law as a consequence of the move to the new accounting standard. 

Consideration of the tax implications of AASB17 also provides an opportunity to seek comments on two other insurance taxation issues that relate to the operation of the current provisions: 

  • whether the tax law for health insurers should be codified rather than relying on the ordinary principles; and
  • whether the tax law should specify how to calculate outstanding claims liabilities for general insurance companies. 

You can submit responses to this consultation up until 31 January 2019. 

The digital economy and Australia’s corporate tax system 

The Government is working with other countries, through the G20 and the OECD, to develop sustainable, multilateral responses to address the challenges to our tax systems arising from digitalisation. The discussion paper explores options to move towards a fairer and more sustainable tax system for the digitalised economy. 

You can submit responses to this consultation up until 30 November 2018. 

Targeted amendments to Division 7A 

The purpose of this paper is to seek stakeholder views on the Government’s proposed implementation of the amendments to Division 7A of the Income Tax Assessment Act 1936. 

The amendments draw on recommendations from the Board of Taxation to improve the operation of Division 7A and address stakeholder concerns. The amendments will comprise: 

  • simplified Division 7A loan rules to make it easier for taxpayers to comply;
  • a self-correction mechanism to assist taxpayers to promptly rectify breaches of Division 7A;
  • safe harbour rules for the use of assets to provide certainty and simplify compliance for taxpayers;
  • technical amendments to improve the integrity and operation of Division 7A while providing increased certainty for taxpayers; and
  • clarification that unpaid present entitlements (UPEs) come within the scope of Division 7A. 

You can submit responses to this consultation up until 21 November 2018.

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