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TaxVine: 23 August 2024

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Taxation in Australia

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Monthly Tax Insight

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Speaker
 
 
 
New Items

The Treasury has released a consultation paper for public consultation which examines how well the Australian Taxation Office’s information gathering abilities support the Australian Federal Police in investigating serious criminal activities linked to tax and superannuation systems.

It also explores the Tax Practitioners Board’s limitations on using formal information gathering powers before commencing a formal inquiry.

Submissions are due by Friday 31 May 2024. We are currently seeking feedback from members on your views regarding this consultation. To enable The Tax Institute to collate member feedback, if you have feedback to share, please email your response by COB on Friday 17 May 2024 to taxpolicy@taxinstitute.com.au.

The Treasury has released a consultation paper and a fact sheet for public consultation. The Treasury is seeking feedback on issues relating to the regulation of accounting, auditing and consulting firms in Australia. 

Submissions are due by Friday 28 June 2024. We are currently seeking feedback from members on your views regarding this consultation. To enable The Tax Institute to collate member feedback, if you have feedback to share, please email your response by COB on Friday 31 May 2024 to taxpolicy@taxinstitute.com.au.

Ongoing Items

The Tax Practitioners Board (TPB) has released for consultation an exposure draft package containing draft Information Sheet (TPB(I) D53/2024), a summary document and a high-level decision tree. 

The exposure draft package aims to assist registered tax agents and BAS agents in understanding the new breach reporting obligations under sections 30-35 and 30-40 of the Tax Agent Services Act 2009 (Cth), effective from 1 July 2024.

TPB is inviting feedback on the exposure draft package.

Submissions are due by Tuesday 28 May 2024. We are currently seeking feedback from members on your views regarding this consultation. To enable The Tax Institute to collate member feedback, if you have feedback to share, please email your response by COB on Friday 17 May 2024 to taxpolicy@taxinstitute.com.au.  

The ATO has released a discussion paper for public consultation outlining the ATO’s preliminary approach to determining — for the purposes of thin capitalisation — the Risk weighted assets (RWAs) associated with a foreign bank’s branch which has Australian operations. The paper also specifies the necessary supporting documentation that the ATO will consider for Justified Trust reviews concerning thin capitalisation positions. 

Submissions are due by Friday 31 May 2024. We are currently seeking feedback from members on your views regarding this consultation. To enable The Tax Institute to collate member feedback, if you have feedback to share, please email your response by COB on Friday 17 May 2024 to taxpolicy@taxinstitute.com.au

Specialist Tax Reports - Member-only insights

Ready Reckoner: Superannuation caps 2024-25

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An interview with the ATO: Client-agent linking

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Taxing unrealised gains in superannuation under Division 296

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Making Effective Division 7A Loan Repayments by Journal Entry

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A closer look at the Secrecy Provisions

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Bendel and Commissioner of Taxation

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Unpacking the Government's reform package

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An interview with the TPB

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Division 7A Pitfalls

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HECS-HELP debts and tax bills at tax time

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