On 27 August 2014, Treasury released for public consultation an exposure draft and draft explanatory memorandum which cover proposed amendments relating to taxation, superannuation and shareholdings in certain financial sector companies. The amendments are part of the Government's commitment to the deregulation agenda.
The following is extracted from the draft explanatory memorandum:
SCHEDULE 1 amends the Superannuation Industry (Supervision) Act 1993 (SISA) to repeal the payslip reporting provisions.
SCHEDULE 2 simplifies the taxation laws by:
- consolidating duplicated taxation administration provisions contained in various taxation Acts into a single set of provisions in Schedule 1 to the Taxation Administration Act 1953 (TAA 1953);
- repealing spent or redundant taxation laws; and
- moving longstanding regulations into the primary law.
Specifically, Schedule 2:
- amends the Schedule 1 to the TAA 1953 to broaden the application of the rules around the Commissioner’s power to obtain information under Division 353 in Schedule 1 to cover all taxation laws, not just a number of specified tax regimes (including transferring ss 263 and 264 from the ITAA 1936 to the TAA 1953)
- amends Schedule 1 to the TAA 1953 to broaden the application of the rules around how documents issued by the Commissioner or by taxpayers are to be treated as evidence in judicial proceedings contained in Division 350 in Schedule 1 to cover all taxation laws, not just a number of specified tax regimes
- repeals the following spent or redundant provisions:
- Part VIII of the Fringe Benefits Tax Assessment Act 1986;
- Part IX of the Petroleum Resource Rent Tax Assessment Act 1987; and
- Sections 23AC, 82N and 202DA of the ITAA 1936.
- replaces the existing power to prescribe stock exchanges for the purposes of Division 3A of Part III of ITAA 1936 with a cross reference to the stock or securities exchanges that are prescribed for the purposes of the ITAA 1997 that operate in Australia, and
- moves the specification of the United States of America from the Income Tax Regulations 1936 into the primary law by amending s 128F(8) of ITAA 1936.
SCHEDULE 4 rewrites provisions from the ITAA 1936 into the ITAA 1997 and the TAA 1953 to define and simplify the meaning of "Australia" for income tax purposes..
The closing date for submissions is Wednesday 17 September 2014.
For a copy of the exposure draft and draft explanatory memorandum, go here