Too taxing: reducing red tape

The current time and value limits for correcting prior period GST debit errors range from 12 - 18 months and $10K to $450K depending on GST turnover. Where these limits are exceeded however, taxpayers are required to correct every impacted Business Activity Statement (BAS) lodged in the previous four years. This increases compliance costs for both taxpayers and the ATO. Propose therefore that both the time and value limits for correcting prior period GST debit errors be increased.

Unless SBE clients are using simplified depreciation s328-180 e.g. pooling they can not access the instant asset write off.

Yet medium sized businesses can access the instant asset write off s40-82.

So what about SBE that have chosen not to use simplified depreciation - they just miss out on the IAWO all together?

The compliance cost of adding all assets to a pool and starting simplified depreciation is a compliance cost businesses do not want to pay and seems very unfair. Please give IAWO to SBEs regardless of the depreciation method they are using

GST law does not adequately deal with joint ventures (JVs) and in particular, the use of multiple JVs within the oil and gas industry. To reduce complexity and achieve a revenue neutral outcome, propose the amendment of Division 48 of the GST Act to allow commonly operated GST JVs and/or GST JVs involved in common project developments to form a GST Group.

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.

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.

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.

The term "approved stock exchange" is used in various places throughout the income tax laws and affects, amongst other things, whether companies are "widely held" for the purposes of the tax laws. Ensure taxpayer certainty by updating the list of approved stock exchanges in Schedule 5 to the Income Tax Regulations 1997 so as to take account of acquisitions and/or name changes of stock exchanges previously on the list.

Companies carrying on a business or deriving property income in Australia are required to have and must appoint a public officer for the company. Amongst other things, the appointed public officer is the only person who is entitled to sign the company tax returns. The legislation does not allow for the appointment of multiple public officers for a particular company.

There should be opportunity to appoint more than one public officer or delegate for signing.

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

At present BAS agents can only access and perform functions on the ICA account of their client. It would be very useful if BAS agents could view only the other ATO accounts associated with that entity for eg Income Tax account, FBT account. This would assist with many bookkeeping processes that a BAS agent usually performs for their client and would also reduce time and resources used in following up on this information with the Tax agent.