Treasury on Wed 27.8.2014, released for comment exposure draft legislation which proposes to:
- simplify the tax laws by: (i) consolidating duplicated taxation administration provisions contained in various taxation Acts into a single set of provisions in Sch 1 to the TAA; (ii) repealing spent or redundant taxation laws; and (iii) moving longstanding regulations into the primary law;
- rewrite provisions defining “Australia” for income tax purposes from the ITAA 1936 into the ITAA 1997 and the TAA;
- amend the Financial Sector (Shareholdings) Act 1998 so that persons who do not hold a direct control interest in a financial sector company will be deemed to have no stake in that financial sector company; and
- amend the SIS Act to repeal the payslip reporting provisions.
The majority of the amendments are proposed to generally commence and apply from Royal Assent.
COMMENTS are due by 17 September 2014
[LTN 165, 27/8/14]