The ATO has made an instrument (registered on Fri 15.11.2013) to allow entities that are covered by it further time to lodge their 2013 MRRT return in light of the announcement to repeal the MRRT law with effect from 1 July 2014. Specifically, the instrument gives entities that are required to lodge an MRRT return for the 2013 MRRT year until 1 December 2014 to lodge that return if:
- they did not pay an MRRT instalment in respect of any instalment quarter during the 2013 MRRT year; and
- they were not a major producer as defined in the legislative instrument for the 2013 MRRT year.
The ATO says that if Parliament repeals the MRRT with effect from 1 July 2014, the Commissioner will move to exempt entities covered by the instrument from having to lodge 2013 returns because he would have no ongoing need for the information contained in them.
[LTN 222, 15/11/13]