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  Miscellaneous 2005

New tax administration provisions

Source: Victoria

Published Date: 6 Dec 2005

 

This presentation provides an overview of the significant administrative amendments encapsulated in TLA (Improvements to Self Assessment) Bill (No 2), TLA (Improvements to Self Assessment) Act (No 1) including:

  • a reduction in the amendment period for Part IVA assessments
  • loss returns deemed to be assessments
  • the replacement of the current ruling system
  • the new ruling system including the ability to fast track rulings and a broadening of the types of issues that can be dealt with in private rulings
  • shortfall interest charge (SIC) for pre-amendment periods
  • objection, review and appeal rights on certain SIC remission decisions.

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