Treasury has released for comment draft legislation and an EM which propose to make miscellaneous tax law amendments, including minor amendments to the Minerals Resource Rent Tax (MRRT) and Petroleum Resource Rent Tax (PRRT) legislation. The amendments seek to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes.
Some of the proposed amendments include:
- amendments to s 132 of the FBTAA to make the failure to keep certain records a strict liability offence from the commencement of amending legislation; and
- amendments to s 355-70 of Sch 1 to the TAA (Item 3) to extend the period in which a record or disclosure can be made to a Project Wickenby officer, or a court or tribunal, to before 1 July 2015.
The draft materials are available on the Treasury website.
COMMENTS are due by 12 September 2012.
[LTN 157, 15/8]