This report describes ATO consultation activities in November 2024.
This report is prepared monthly and shared with our stewardship groups.
It contains:
Consultation matters
Statistics
2 | |
6 | |
8 | |
2 | |
1 |
Consultation matters received
[202426] Public country-by-country reporting transparency measure and exemption discretions
[202425] Tax treatment of crypto assets
Consultation matters completed
[202422] Foreign resident capital gains withholding
[202421] Personal financial advice fees paid by superannuation funds – claiming deductions and PAYG withholding obligations
[202420] Retirement villages web guidance
[202419] Optimising the objection process for individuals
[202408] Inbound related party financing by private groups in the property and construction industry
[202204] Self-assessed income tax exempt not-for-profits
Advice and guidance products released for comment
Draft Taxation Ruling
- TR 2010/1DC2 Income tax: superannuation contributions
See open consultation for products open for comment.
Legislative instruments released for comment
See open consultation for products open for comment.
News
Stewardship groups
The GST Stewardship Group met and the topics discussed included:
- community and industry insights roundtable
- small business future tax administration – driving improved reporting outcomes
- ATO payment strategy and Frontline Operations restructure
- GST gap
- GST financial services
- legislation and ATO update.
The Individuals Stewardship Group met out of session to discuss debts on hold.
The Large Business Stewardship Group met and the topics discussed included:
- ATO release of transparency data and findings reports
- proposed changes to the reportable tax position schedule instructions
- large market client service offerings
- update on the local file and master file XML schema (LCMSF) version 4 consultation
- country-by-country reporting exemptions
- key compliance risks and emerging issues
- payday super program
- thin capitalisation changes
- law reforms relevant to large businesses, including
- Pillar Two
- public country-by-country reporting
- promoter penalty laws
- the Board of Taxation’s board meetings, stakeholder engagement and review of the voluntary tax transparency code.
The Not-for-profit Stewardship Group met and the topics discussed included:
- 2024 year in review and looking ahead to 2025
- public advice and guidance update including the Community Foundations measure
- compliance risks and emerging issues and GST correct reporting
- payday super changes from 1 July 2026
- NFP self-review return lodgment.
The Private Groups Stewardship Group met and the topics discussed included:
- Corporate Tax Transparency Report (released 1 November 2024)
- Research & Development Tax Incentive Transparency report (released 3 October 2024)
- ATO annual report (released 30 October 2024)
- recent litigation and public advice and guidance products
- medium and emerging program
- ATO payment strategy pilot
- Top 500 and Next 5,000 programs
- family trust distributions tax
- 2024 reflections and potential focus areas for 2025.
The Small Business Stewardship Group met out-of-session and the topics discussed included:
- payment strategy communications approach
- debts on hold
- payday super
- PAYG Instalment notices and future small business focus areas
- emerging issues within member communities and industries.
The Superannuation Industry Stewardship Group met and the topics discussed included:
- regulators’ updates
- superannuation industry insights on emerging issues in their market
- superannuation guarantee compliance activities, and how data matching is changing detection of non-compliance with super obligations
- Mercer CFA Institute Global Pension Index Report insights
- systemic issues faced by First Nations super members
- treatment of member data during successor fund transfers and mergers.
The Tax Practitioner Stewardship Group met and the topics discussed included:
- debts on hold
- payment strategy communication approach
- tax practitioner engagement approach
- Tax Practitioners Board law reform update
- Implementation of a global and domestic minimum tax
- client-to-agent linking post implementation review
- payday super update
- small business priorities and focus areas of communication, engagement and risk treatment strategies.
Special purpose working groups
The Better Targeted Superannuation Concessions Working Group met and discussed the continued co-design of the administrative solution for the Division 296 measure focusing on APRA fund reporting requirements.