The Treasury has released exposure drafts and explanatory materials that propose amendments to the Taxation Administration Act 1953 (Cth) to reflect the Government’s announcement in the updated Federal Budget 2022–23 (October) to enhance the tax information entities disclose to the public.
The Treasury is seeking feedback and inviting submissions on whether the explanatory draft materials adequately represent and achieve the policy objective of enhancing tax transparency. Also, feedback is invited on priority issues that would inform the Australian Taxation Office's administrative approach and public advice and guidance on this measure.
Submissions are due by 5 March 2024. We are currently seeking feedback from members on your views regarding the consultation paper. To enable The Tax Institute to collate member feedback, if you have feedback to share, please email your response by COB on Monday 26 February 2024 to taxpolicy@taxinstitute.com.au.
