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
International taxation – global and domestic minimum tax – subordinate legislation
Treasury has released exposure draft subordinate legislation and explanatory materials to implement the 15 per cent global minimum tax and domestic minimum tax measure as part of a coordinated approach across approximately 140 Inclusive Framework member jurisdictions in line with the Two‑Pillar Solution. The subordinate legislation, in the form of Rules, comprise the key operative aspects of the Global Anti‑Base Erosion (GloBE) Model Rules (for example, computation of GloBE Income, effective tax rate calculations and so on).
Due date: 16 May 2024
TPB Breach Reporting draft guidance
The Tax Practitioners Board (TPB) is seeking feedback on three levels of guidance materials it has released on the Breach Reporting obligations. The guidance documents explain:
- the breach reporting obligations, including case studies
- when the obligations apply, including when “reasonable grounds to believe” exist
- what constitutes a “significant breach”
- the 30-day timeframe for reporting a significant breach
- the consequences for failure to report.
CA ANZ urges members to consider the possible practical implications of the breach reporting obligations for your tax practices based on the TPB’s views in the draft guidance tools and provide your feedback to [email protected] by 17 May 2024.
Due date: 28 May 2024
ATO Technical Discussion Paper: Thin capitalisation – attribution of risk weighted assets to Australian branches of foreign banks
The ATO has published a technical discussion paper on the safe harbour formula used to work out the minimum capital amount of inward investing entities (ADIs). It outlines the ATO’s suggested view on how to work out that part of the risk-weighted assets attributable to a branch of a foreign bank. It also sets out the expected supporting documentation that will be accepted by the ATO for Justified Trust reviews in respect of thin capitalisation positions. The ATO invites feedback and comments to assist in developing a final view.
Due date: 31 May 2024
Response to PwC – tax regulator information gathering powers review
This consultation paper examines:
- whether the ATO information gathering powers remain fit for purpose and operate to allow the ATO to properly assist the Australian Federal Police to investigate serious criminal offences perpetrated against the tax and superannuation systems.
- the limitations on the Tax Practitioners Board (TPB) using formal information gathering powers prior to commencing a formal investigation.
Due date: 31 May 2024
Response to PwC – regulation of accounting, auditing and consulting firms in Australia
This consultation paper seeks feedback and views on the following issues:
- the adequacy of prescribed governance requirements for large partnerships
- the adequacy of current professional standards, regulations and laws (including those relating to independence and the management of conflicts of interest)
- whether the transparency requirements for accounting, auditing and consulting firms are sufficient to:
- give capital markets confidence that independent audit services are delivered in accordance with prescribed laws and standards
- enable stakeholders to obtain the information they need to inform their engagement with the firm(s)
- the adequacy of regulatory enforcement capabilities and standard setting
- the protection of whistleblowers and
- competition/resilience in the audit sector.
Due date: 28 June 2024
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.
