This report describes ATO consultation activities in March 2024.
This report is prepared monthly and shared with our stewardship groups.
It contains:
Consultation matters
Statistics
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6 |
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12 |
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4 |
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3 |
Consultation matters received
[202409] Attribution of risk weighted assets for thin capitalisation (foreign banks)
[202408] Inbound related party financing by private groups in the property and construction industry
[202407] Delivering Better Financial Outcomes (Quality of Advice) – Recommendation 7
[202405] Plug-in hybrid electric vehicles – valuing fuel
[202404] Modernising PAYG instalment systems for small businesses with business accounting software
[202403] Embedding value-added macro data into natural digital systems
Consultation matters completed
No consultation matters were closed in the reporting period
Advice and guidance products released for comment
Draft Goods and Services Tax Determination GSTD 2024/D1 Goods and services tax: supplies of food of a kind marketed as a prepared meal
Draft Goods and Services Taxation Ruling GSTR 2006/6DC2 Goods and services tax: improvements on the land for the purposes of Subdivision 38-N and Division 75
Decision Impact Statement Bowerman and Commissioner of Taxation
Draft Taxation Determination TD 2024/D1 Income tax: hybrid mismatch rules – application of certain aspects of the ‘liable entity’ and ‘hybrid payer’ definitions
See open consultation for products open for comment.
Legislative instruments released for comment
Taxation Laws (Requirement to Lodge a Return for the 2024 Year) Instrument 2024
See open consultation for products open for comment.
News
Stewardship groups
The GST Stewardship Group met and the topics discussed included:
- the Australian National Audit Office’s report on the ATO’s GST fraud control arrangements
- key GST insights relating to the not-for-profit and government sectors
- Improve small business tax performance, one of the key focus areas of the ATO corporate plan 2023–24
- insights from the University of NSW Tax and Business Advisory Clinic, community and industry.
The Large Business Stewardship Group met and the topics discussed included:
- the ATO Integrity declaration
- justified trust and the Top 1,000 program
- large business service offerings
- consultation on public advice and guidance
- compliance risks and emerging issues
- law reforms relevant to large business, including
- the Multinational Tax Integrity Package
- the Organisation for Economic Co-operation and Development Two-Pillar Solution
- Petroleum resource rent tax changes
- updates to Australia’s tax treaties
- the Board of Taxation’s annual report, new board appointments and stakeholder engagement
- an introduction to Commissioner of Taxation Rob Heferen.
The Not-for-profit Stewardship Group met and the topics discussed included:
- an update on the implementation of the deductible gift recipients (DGR) reform measure
- enhancing the transparency of income tax exemptions
- the ATO’s review of specifically listed DGRs
- compliance risks and observations
- GST correct reporting risks and challenges faced by the not-for-profit sector.
The Private Groups Stewardship Group met and the topics discussed included:
- private equity within privately owned and wealthy groups
- the Private Wealth International program
- the Promoters and Tax Exploitation program
- Division 7A of the Income Tax Assessment Act 1936
- the Top 500 and Next 5,000 programs
- consultation on thin capitalisation amendments and section 99B draft guidance.
The Small Business Stewardship Group met and the topics discussed included:
- addressing small business collectable debt and the ATO’s associated reset process
- Improve small business tax performance, one of the key focus areas of the ATO corporate plan 2023–24
- the importance of stewardship in supporting the ATO’s efforts for small businesses to meet their tax and super obligations.
The Superannuation Industry Stewardship Group met and the topics discussed included:
- key updates from regulators
- ATO work to reunite superannuation with members, following the introduction of Protecting Your Superannuation legislation in 2019
- proposed Payday Super consultation
- the Australian Securities and Investments Commission’s report Superannuation choice products: What focus is there on performance?
- the Digital Identity program.
The Tax Practitioner Stewardship Group met and the topics discussed included:
- law reform impacting the profession and the development of guidance material
- the Private Wealth Behaviours of Concern program
- improving the process for individuals with a compromised identity
- payment performance and areas for attention
- an update on consultation groups
- an introduction to Commissioner of Taxation Rob Heferen.
Special purpose working group
The Communication Content Working Group met and discussed proposed guidance material for tax agents and their clients, including:
- rental repairs and capital expenses
- super guarantee
- cash flow management.
The Lodge and Pay Working Group met and discussed lodgment deferrals – exploring the current experience and opportunities for a future state.
Stakeholder relationship group
The Tax Profession Digital Implementation Group met and the topics discussed included:
- an update on the Modernising Trust Administration System (MTAS) project and support for Tax Time 2024 changes
- Tax Profession Digital Experience Survey 2024
- client-to-agent linking, including pop-up messaging to be deployed in Online services for agents
- opportunities to improve small business tax performance.