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Corporate Tax Transparency Code Register

Tax Transparency Code now available

Implementation of anti-hybrid rules now available

Sounding Board

Ideas for better tax regulation

  • Market Valuations and Main Residence

    Currently a market value rule applies when a former home is first rented after August 1996, to invoke as its cost base and deemed acquisition date, the market valuation at the date of first rental. But many taxpayers first use a property as an investment, and then move into it as their home, and can never enjoy the maximum opportunity of the main residence exemption. For instance, if they add value to the property with an extension/renovation, they effectively increase the embedded CGT exposure they have on the property. A taxpayer should be able to choose, to invoke a market valuation upon the property becoming their main residence, pay any tax (if the value has increased), and then have no future taxation exposure on further accretions in value. This would (1) provide more freedom to the taxpayer (2) be in keeping with the way the market value rules apply, noted above (3) allow the Government to collect revenue that is often forgotten/lost anyway, many years down the track when the property is eventually sold.

  • My gov

    Currently you cam only use an email address for one my gov registration. While the rationale is understandable. It doea not work effectively. This practice stops children from assisting parents or relatives to lodge tax returns. This is an easy fix which provides greater flexibility and will increase participation with My Gov

  • Automatic Country by Country Reporting Exemption

    Significant global entities are required to prepare and submit a Country by Country ("CbC") report with the ATO pursuant to Sub-division 815-E unless an exemption is granted by the ATO. The ATO has released exemption guidance which states that an exemption is not automatially provided to entities that do not need to lodge an IDS (i.e entites that do not have cross border transactions > $2m). Instead, entities need to submit an exemption request which will be considered by the ATO. Given the objective of the CbC report is to idenity tax risk arising from cross border profit shifting, the absence of any material cross border dealings should be considered a low risk indicator and an exemption from the CbC reporting requirements should be automatically provided on this basis. The need to prepare and lodge an exeption request on a regular basis where there are no cross border dealings creates an administrative burdon for taxpayers and also additional work for the ATO. A practical solution that reduces process requirements for all stakeholders would be welcome.

Meetings & events

  • 8 Dec 2016 - Board of Taxation Meeting in Melbourne
  • 11 Nov 2016 - Board of Taxation Meeting in Canberra
  • 11 Oct 2016 - Board of Taxation Meeting in Perth