Speaking on the final day of the Tax Institute National Conference on Fri 28.3.2014, Parliamentary Secretary to the Treasurer, Steven Ciobo, revealed that Treasury and the ATO have established a Working Group with representatives of the private sector to look at creating a power for the Tax Commissioner to resolve unintended and anomalous outcomes, known as a statutory remedial power.

Mr Ciobo said this remedial power would provide a mechanism for resolving unintended and anomalous outcomes in the tax law more quickly than is possible through legislative amendment. He said the power may also have a broader benefit for the tax system by allowing minor technical corrections that wouldn’t otherwise happen. It is expected that the outcomes of the Working Group’s consideration will inform Treasury’s advice to the Government on whether such a power is appropriate, and if so what form it could take.

[LTN 60, 28/3/14]