ATO guidance on new ‘electronic sales suppression tools’ bans – characteristics; offences; fines; administrative penalties and transitional rules for possessing such tools

The ATO has uploaded a page on its website to give more detail about ‘electronic sales suppression tools’ (Suppression Tools) the Treasury Laws Amendment (Black Economy Taskforce Measures No 1) Bill 2018 banned them from 4 October 2018. (See related Tax Technical article about the passage of that Bill into law.) Characteristics of an ESST The ATO…

Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 becomes law – MAAL extended to foreign trusts and partnerships; additional ‘Small Business CGT Concession’ conditions for CGT events affecting shares and interests in trusts

The Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 was passed by the Senate on Thu 20.9.2018 and received Royal Assent on 3 October 2018 as Act No. 124 of 2018. It passed with 2 Opposition amendments to which the House of Reps agreed. It contains the following previously-announced measures: Multinational anti-avoidance law…

IGT’s ‘Valedictory Speech’ included calls for the Government address his outstanding recommendations, including: to appoint an independent board to control the ATO; creation of an independent appeals branch under a new 2nd Commissioner and to rename the IGT as the ‘Taxation Ombudsman’

The outgoing Inspector-General of Taxation (IGT), Mr Ali Noroozi, has called on the Government to implement various of his outstanding recommendations, in a valedictory speech, on 4 October 2018. This was to mark his retirement. The primary recommendation was that recommendation that the Government (and Parliament) establish an independent management board to oversee the ATO.…

Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Act 2018 passes into law – introducing offences and penalties for ‘sales suppression tools’ and adding ‘cleaning’ and ‘courier’ payments as reportable to the ATO

On 3 October 2018, the Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018 received Royal Assent as Act no. 121 of 2018. See the previous Tax Technical article about the Bill’s introduction to Parliament. Schedule 1 – sales suppression tools – of the Act prohibits the production, distribution and possession of sales suppression…