Date posted: 28/11/2022 5 min read

Have your say: Open Australian consultation items

Help shape Australian tax policy, legislation and administration

In brief

  • The CA ANZ Tax Team welcomes members’ feedback on Australian consultation items

ATO

Review of the Taxpayers' Charter

The ATO is inviting the community to help shape future interactions with the ATO by providing their feedback and views on the Taxpayers' Charter (the Charter).

The Charter aims to help people understand their rights and obligations, what they can expect from their interactions with the ATO, and what to do if they are not satisfied. As part of the review, the ATO wants to hear from all members of the community, even if they have never provided feedback to the ATO before or do not often interact with the ATO. If you have any comments on the Taxpayer’s Charter, email them to the CA ANZ Tax Team by 14 October 2022.

Consultation closes 24 October 2022.

Treasury consultations

Implementation of the Government's response to the Review of the Tax Practitioners Board 

Treasury has released for consultation the exposure draft legislation and explanatory materials to implement certain recommendations from the final report of the independent review into the effectiveness of the Tax Practitioners Board (TPB) and Tax Agent Services Act 2009 (TASA). 

The recommendations being implemented are: 

Recommendation 2.1 – amend the object clause of the TASA to make it more contemporary and better aligned with the TPB’s role and responsibilities. 

Recommendation 3.1 – enhance the TPB’s financial independence by establishing a Special Account. 

Recommendation 4.6 – amending the TASA to strengthen the disclosure requirements to require tax practitioners to not employ or use disqualified entities in the provision of tax agent services without approval from the TPB. 

Recommendation 4.7 – converting the 3-year registration cycle to annual registration to align with the TPB’s administrative annual declaration process. 

Recommendation 5.1 – amending the TASA to give the relevant Minister the power to supplement the TASA’s Code of Professional Conduct (the Code) to address emerging or existing behaviours and practices. 

If you wish to provide comments, send them to [email protected] by 3 December 2022. 

Consultation closes 11 December 2022. 

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Tax treaty network expansion 

Treasury is seeking submissions from stakeholders to support the expansion of Australia’s tax treaties network. 

The Government is entering into new tax treaty negotiations as part of its expansion of Australia’s tax treaty network. Negotiations are planned with Bulgaria, Colombia, Croatia, Cyprus, Estonia, Latvia and Lithuania, as announced in the Assistant Minister’s media release. These countries add to the current program which includes Portugal, Slovenia, Greece and Luxembourg. 

Submissions are sought on the key outcomes Australia should seek in negotiating these tax treaties and any other issues related to Australia’s tax treaty network. 

Please send any comments you have to the [email protected] by 9 December 2022.  

The closing date for submissions is 23 December 2022. 

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Improving the integrity of off-market share buy-backs

The Government has released exposure draft legislation implementing the October 2022 Budget measure to align the tax treatment of off-market share buy-backs undertaken by listed public companies with the tax treatment of on-market share buy-backs. This will ensure that where a listed public company undertakes an off-market share buy-back of a share or non-share equity interest, no part of the purchase price in respect of the buy-back will be taken to be a dividend. Additionally, distributions by listed public company that are considered consideration for the cancellation of a membership interest as part of a selective reduction of capital will now be unfrankable.

Consultation closes 9 December 2022

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Multinational tax integrity: Public Beneficial Ownership

Treasury has released a consultation paper seeking comments on the design features for the first phase of a publicly available beneficial ownership register. As part of the Government’s election announcement on multinational tax integrity, the Government has committed to introducing a public beneficial ownership register. If you have any comments on the consultation paper, please send them to [email protected] by 2 December 2022.

Consultation closes on 16 December 2022

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Strengthening the ABN system

Treasury has released for consultation the exposure draft legislation and explanatory materials to implement the 2019-20 Budget announcement to make ongoing ABN registration contingent on ABN holders meeting two additional obligations:

  • the obligation to comply with income tax return lodgement requirements, and
  • the obligation to update the accuracy of their details on the Australian Business Register (ABR), annually.

If you have any comments on the consultation paper, please send them to  [email protected] by 18 November 2022.

Consultation closes on 29 November 2022

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Treasury consultation on OECD Pillars One and Two

Treasury has released a consultation paper to seek views on how Australia can best engage with the OECD two-pillar solution to address the challenges arising from the digitalisation of the economy. Pillar One would reallocate some of the taxing rights on the largest and most profitable multinationals to the countries where the goods and services are consumed. Pillar Two seeks to put a floor on the ‘race to the bottom’ on corporate tax rates by establishing a global minimum corporate tax rate of 15 per cent.

Consultation closes 1 November 2022.

Inspector-General of Taxation and Taxation Ombudsman

The ATO's Administration and Management of Objections – Phase 2

The Inspector-General of Taxation and Taxation Ombudsman's (IGTO) investigation of the ATO's administration and management of objections will examine the concerns raised and seek to identify improvements to the objection processes for the benefit of taxpayers and tax practitioners. The Terms of Reference is available on the IGTO website. The IGTO welcomes feedback from stakeholders on any concerns they have in relation to the objection process and potential improvements that may be implemented to improve the process.

Consultation closes 4 November 2022.

Contact the CA ANZ Tax Team AU

Throughout the year we ask for members’ thoughts and feedback on consultation items. If an item is of interest to you or your clients, let us know your thoughts.