The Tax and Superannuation Laws Amendment (2014 Measures No 3) Regulation 2014 was registered on Mon 17.11.2014.
It amends the Taxation Administration Regulations 1976 to allow for the sharing of taxation information between the ATO and other agencies for the purposes of investigations being carried out by the Trusts Taskforce and the Phoenix Taskforce.
In the 2013-14 Budget, the Government provided $67.9m over 4 years to the ATO to establish a Trusts Taskforce to audit taxpayers who have been involved in tax avoidance and evasion using trust structures.
The role of the Phoenix Taskforce is to identify, design and implement cross agency strategies to mitigate and deter fraudulent phoenix activity.
The Regulation prescribes the Trusts Taskforce and the Phoenix Taskforce in reg 48 of the Taxation Administration Regulations, allowing for the disclosure of protected tax information by taxation officers to officers of each taskforce, for the purposes of that taskforce.
The Regulation also amends the Income Tax Regulations 1936 to provide tax concessions to certain Australian Defence Force (ADF) personnel serving in Iraq as part of Operation OKRA.
The Regulation commences on Tue 18.11.2014.
[LTN 222, 17/11/14]