Treasury Laws Amendment (2018 Measures No. 4) Bill 2018 was introduced into Parliament on 28 March 2018, was passed by the Lower House on 25 June 2018 and moved to the Senate on the same day.
The Bill would amend:
- taxation legislation to: enable the Commissioner of Taxation to issue directions to employers to:
- pay unpaid superannuation guarantee;
- undertake superannuation guarantee education courses;
- disclose more information about superannuation guarantee non-compliance to affected employees;
- extend Single Touch Payroll reporting to all employers; require more regular reporting by superannuation funds;
- strengthen the commissioner’s ability to collect superannuation guarantee charge and pay as you go withholding liabilities;
- enable the Commissioner to pre-fill an individual’s tax file number declaration and superannuation standard choice form (for the individual’s employer);
- enable the sharing and verification of tax file numbers between the commissioner and Commonwealth agencies;
The Bill would also amend:
- the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 to clarify the commencement of certain provisions;
- the Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016 to ensure that financial institutions report information about financial accounts held by foreign tax residents as intended;
- the Fuel Tax Act 2006, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make amendments consequential on regulations;
- five Acts to rewrite provisions in relation to offshore information notices from the Income Tax Assessment Act 1936 to the Taxation Administration Act 1953 and apply those provisions to all tax-related liabilities;
- 10 Acts to make miscellaneous amendments;
- Superannuation (Resolution of Complaints) Act 1993 to enable the disclosure of certain information acquired, in connection with a complaint made, to the Superannuation Complaints Tribunal; and
- Income Tax Assessment Act 1997 to update the list of deductible gift recipients.
FJM 27.6.18
[APH website: Bill Tracker, Bill, EM; LTN 119, 25/6/18; Tax Month – June 2018]