The Board of Taxation is a non-statutory advisory body charged with contributing a business and broader community perspective to improving the design of taxation laws and their operation.
Ideas for better tax regulation
Foreign resident capital gains withholding payments
Given the broad application of this regime (eg. deeming all vendors of real property to be foreign residents unless they produce a clearance certificate from the ATO) and its red tape implications for day to day transactions, there is an urgent need for the ATO to issue class variations for situations where there is no tax payable including: • transactions attracting roll-over relief; • transactions required to give effect to orders made by a Court; • all or some transactions which are disregarded for capital gains tax purposes (e.g. main residences, transfers relating to family law matters etc.); and • transactions where a secured creditor has an interest in the subject property and where all of the proceeds of sale are required to extinguish the vendor’s liability to the secured creditor. This should be done before the regime commences operation on 1 July 2016.
Unnecessary tax return form item
Total salary and wages expenses is one of the financial information disclosures on income tax returns of entities carrying on business. This disclosure is unnecessary because the ATO already gets this info from PAYGW disclosures on the business's BAS. Having to work out the payment summary equivalent figures to disclose on a tax return of an entity with a substituted accounting period can be very time consuming. Most people just put in P&L expense (which is not what the instructions require) so it's only a compliance burden for those who try to do the right thing. It's totally unnecessary!
Transparency and C Form update opportunity
A combination of new transparency and reporting by large businesses, IT systems investments at ATO and the rise of data analytics creates an environment for ATO, in collaboration with large businesses, to review and update the C Form to eliminate reporting duplications (e.g. IDS), lower compliance costs and provide more useful information that could be accessed directly from accounting systems.
Meetings & events
- 8 Apr 2016 - Board of Taxation Meeting in Brisbane
- 11 Mar 2016 - Board of Taxation Meeting in Sydney
- 4 Mar 2016 - Board of Tax Chair, Michael Andrew AO, speech at the Institute of Public Accountants (IPA) Victoria Congress in Torquay
The Tax Transparency Code released: taxboard.gov.au/consultation/v… Currently most advanced and comprehensive tax transparency measure in the world.8 0
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