Date posted: 10/05/2019 3 min read

Submission - Income equalisation deposits and refunds

CA ANZ believes the draft Standard Practice Statement will help taxpayers clearly understand when the Commissioner will exercise her discretion.

This draft Standard Practice Statement that sets out how the Commissioner will exercise her discretion to accept income equalisation deposits and refund applications for a tax year outside the specified period. While the draft statement is largely unchanged from SPS 17/01, the repeal of the adverse event income equalisation scheme may mean that early withdrawal of funds under the main scheme will become more common. As a result, the statement will become very important helping taxpayers clearly understand when the Commissioner will exercise her discretion.