The Government introduced the Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022, into the House of Reps on Thursday 17.2.2022. It proposes to implement measurers including, the AAT being able to stay ATO recovery proceedings, as part of an AAT review of the Commissioner’s objection decision (see related TT article).
- the TAA53 will be amended to enable small business entities to apply to the Small Business Taxation Division of the AAT (“SBTD”) for an order staying, or otherwise affecting, the operation or implementation of certain specified decisions of the Commissioner that are being reviewed by the AAT.
- The SBTD will be able to make an order (including varying or revoking an order that is already in force) under s 41 of the AAT Act, in relation to a reviewable objection decision that relates to a small business taxation assessment decision.
- The purpose of the amendments is to provide small business entities with a cheaper, faster and simpler way to pause the effects of a decision to recover a tax debt during merits review of the decision as compared to applying to a court.
- DATE OF EFFECT: applications for review made on or after assent to the Bill.
Tax Month – February 2022 – Previous 2022] 19.2.22 [LTN 31, 17/2/22]