Disclosure of Tax Debt information to ‘credit reporting bureaus’ – Law Council of Australia’s consultation submission

The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 5, will amend the TAA 1953 to allow taxation officers to disclose the tax debt information of a particular entity operating a business to credit reporting bureaus when certain conditions and safeguards are satisfied. See related Tax Technical article…

Disclosure of Tax Debt information to ‘credit reporting bureaus’ – the key text of the Bill (exception to secrecy laws)

The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 – Schedule 5, will amend the TAA 1953 to allow taxation officers to disclose the tax debt information of a particular entity operating a business to credit reporting bureaus when certain conditions and safeguards are satisfied. See related Tax Technical article…

Treasury Laws Amendment (2019 Tax Integrity and Other Measures No 1) Bill 2019 – No CGT concessions for Everett Assignments; no circular trust distributions; limit deductions for vacant land; disclose tax debts; salary sacrifice not for SGC

On 24 July 2019, the Government introduced the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 which: limits Small Business CGT concessions on ‘Everett assignments; extends the ban on ‘circular trust distributions; limits deduction on vacant land; prevents employers treating ‘salary sacrifice’ employer contributions being used as SG contributions and authorising…

Hayne breaks silence to back Samuel APRA verdict – he supports all its recommendations for APRA (just get on with it…)

On 22 July 2019, the Australian Financial Review (AFR) published an article  describing how, the financial services Royal Commissioner: Kenneth Hayne had added to the concern that Wayne Byres’ attitude, smacked of a tin ear to some of the criticisms made about the regulator in Graeme Samuel’s capability review. It gives fascinating insight into APRA’s own…

Treasurer straightened out APRA after it baulked at implementing 2 of the Samuel Review’s recommendations – director vetos & CBA style inquiries

On 19 July 2019, the Australian Financial Review (AFR) published an article entitled ‘APRA told to just get on with it’ – relating how the Treasurer had persuaded APRA’s Wayne Byers to reaffirm its commitment to implementing all 19 of the Samual Capability Review, which were directed at it. Byers had wavered, saying it was…