On 3 May 2016, the Government announced that it will seek community input on the OECD’s proposals for Mandatory Disclosure Rules, which require tax advisers and/or taxpayers to make early disclosures of aggressive tax arrangements (often before income tax returns are lodged), to provide tax authorities with timely information on arrangements that have the potential to undermine the integrity of the income tax system.

The Government yesterday [Tue 3.5.2016] released a Consultation Paper to seek community views on how Mandatory Disclosure Rules should be framed in the Australian context, having regard to the disclosure rules that are currently available to the ATO.

The Paper also provides an outline of the OECD’s key recommendations, and the Government’s preliminary views in relation to those recommendations.

COMMENTS are due by 15 July 2016.

[Treasury website] [Consultation Paper] [LTN 84, 4/5/16]