On Monday 31.7.17, Treasury released an Exposure Draft of the Taxation Administration Regulations 2017. They would remake and improve the existing 1976 tax admin regulations using simpler language and removing duplicate or redundant provisions. The changes are not intended to alter the current meaning or operation of the existing regulations but are necessary as the current regs are due to sunset on 1 October 2017.
The key changes will restructure the regulations to follow the Taxation Administration Act 1953 (TAA) more closely. For example, the headings to Parts of the regulations will be updated to state whether they relate to the TAA or Sch 1 to the TAA. Expressions in sections that are made for the purpose of Sch 1 to the TAA will take their meaning from the ITAA 1997, rather than the TAA to avoid duplication. Certain provisions dealing with withholding payments to foreign residents and closely held trusts will be restructured so that the provisions that prescribe what types of payments are covered are separate from the provisions for working out the amount of the payment.
DATE OF EFFECT: 1 October 2017 subject to transitional provisions.
[Treasury website: Announcement; Draft Regs; Draft EM; LTN 143, 31/7/17]