Australia: Senate committee reports on tax promoter, superannuation concessions bills
Reports on legislation proposing to improve ability of ATO to target promoters, and superannuation concessions bills
Senate committee reports on tax promoter, superannuation concessions bills
The Senate Economics Legislation Committee issued reports on legislation proposing to improve the ability of the Australian Taxation Office (ATO) to target promoters of tax exploitation schemes and legislation seeking to introduce several measures related to superannuation concessions.
- The Committee recommended the Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 be passed. Asides from the promoter penalty provisions, the legislation also includes the proposal to limit the proportion of petroleum resource rent tax assessable income that can be offset by deductions to 90%.
- The Committee also recommended the Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 and Superannuation (Better Targeted Superannuation Concessions) Imposition Bill 2023 be passed. In addition to the changes to superannuation concessions, the two bills introduce Australian Charities and Not-for-profits Commission (ACNC) secrecy reforms and modernize the payments regulatory framework.
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