This report describes ATO consultation activities in June 2024.
This report is prepared monthly and shared with our stewardship groups.
It contains:
Consultation matters
Statistics
|
3 |
|
|
7 |
|
|
17 |
|
|
2 |
|
|
1 |
Consultation matters received
[202415] GST product classification - self-review guide and checklist
[202414] Tax consequences on sales of small-scale land subdivisions
[202413] Additional tier 1 capital note issuances
Consultation matters completed
[202412] Supplementary annual GST returns for Top 100 and Top 1,000 public and multinational business taxpayers
[202407] Delivering Better Financial Outcomes (Quality of Advice) – Recommendation 7
[202406] Administration of deceased estates
[202330] Better Targeted Superannuation Concessions
[202329] Capital raised for the purpose of funding franked distributions
[202328] Mapping the veteran experience
[202307] Implementation of global minimum tax and domestic minimum tax
Advice and guidance products released for comment
Draft Excise Determination ED 2024/D1 Alcohol excise: the addition of water to beer
Draft Wine Equalisation Tax Determination WETD 2024/D1 Wine equalisation tax: the addition of water to cider or perry
See open consultation for products open for comment.
Legislative instruments released for comment
Draft Taxation Ruling TR 2023/4DC1 Income tax and superannuation guarantee: who is an employee?
See open consultation for products open for comment.
News
Stewardship groups
The Large Business Stewardship Group met and the topics discussed included:
- advance pricing arrangement program review
- Top 100 program
- Top 1,000 combined assurance program and the rollout of a differentiated approach
- large business service offerings and certificates of residency
- consultation on public advice and guidance for the amendments to the thin capitalisation rules
- welcome to the Board of Taxation’s Secretary and Tax Counsel
- completion of the ATO integrity declaration
- upcoming membership refresh.
The National Tax Liaison Group met and the topics discussed included:
- the ATO compliance framework, specifically the fifth pillar of compliance and three-tier tolerance model
- data and ethics principles that guide the ATO’s data acquisition, management and use
- the ATO Counter Fraud Strategy
- current reporting regimes and data matching and how these could be improved in the future.
The Private Groups Stewardship Group met and the topics discussed included:
- the Budget 2024–25 and its relevance to the private wealth market
- recent litigation
- Merchant v Commissioner of Taxation [2024] FCA 498
- BQKD (trustee for the SFT Trust) v Commissioner of Taxation
- Mylan Australia Holding Pty Ltd v Federal Commissioner of Taxation [2024] FCA 253
- Ierna & Ors v Federal Commissioner of Taxation [2024] FCA 592
- privately owned and wealthy groups, client experience view of risk and key focus areas for 2024–25
- Top 500 and Next 5,000 program updates
- tax consequences on sales of small-scale land subdivisions web guidance
- consultation on proposed public advice and guidance
- the operation of section 109U of the Income Tax Assessment Act 1936
- the integrity measure preventing certain distributions funded by capital raising from being frankable
- interest limitation (thin capitalisation) and debt deduction creation rules to support the application to private groups.
The Superannuation Industry Stewardship Group met and the topics discussed included:
- regulator updates, including key initiatives arising from the Budget 2024–25
- fraud and security in the superannuation operating environment
- the creation of a new working group, the ATO Superannuation Public Advice Feedback Forum
- compassionate release of superannuation.
Special purpose working group
The Residential Rental Properties Working Group met and the topics discussed included:
- Tax Time 2024 products
- ATO advice and guidance needs, including
- tools to support conversations with investors about rental investments
- additional case studies and examples for repairs versus capital expenditure
- opportunities to keep up to date with modern property investing arrangements.
Stakeholder relationship group
The BAS Agent Association Group met and the topics discussed included:
- Tax Time 2024 readiness and complaints
- Tax Practitioners Board law reform update
- the new not-for-profits self-assessment reporting requirements and supporting guidance
- tax profession digital services experience
- client-to-agent linking
- lodgment and payment
- digital service delivery and expected changes for Tax Time 2024.