Australia’s Senate Economics Legislation Committee has released reports on proposed legislation to enhance the Australian Taxation Office’s (ATO) ability to target promoters of tax exploitation schemes.
The report proposes to implement new measures related to superannuation concessions.
The Committee recommends approving the Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023: In addition to the promoter penalty provisions, the bill proposes limiting the proportion of petroleum resource rent tax assessable income that can be redeemed by deductions to 90%.
The Committee also recommends approving the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 and Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023. These bills introduce reforms to the Australian Charities and Not-for-profits Commission (ACNC) secrecy provisions and revamp the regulatory framework for payments.
