Explanatory Memorandum
(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)General outline and financial impact
Confidentiality of taxpayer information
This Bill amends the secrecy and disclosure provisions applying to taxation information that are currently spread over many taxation law Acts. Over the years numerous amendments to them have resulted in unclear and inconsistent rules for the protection of taxpayer information, as well as increased privacy risks.
This Bill consolidates and standardises these various enactments into a single new framework in Schedule 1 to the Taxation Administration Act 1953 . The new framework is designed to provide clarity and certainty to taxpayers, the Australian Taxation Office and users of taxpayer information and to provide guiding principles to assist in framing any future additions.
The key principle of the new framework is the protection of taxpayer information. Disclosures of information are, however, permitted in instances where privacy concerns are outweighed by the public benefit of those disclosures.
Date of effect : These amendments apply to disclosures of protected information made on or after the day of Royal Assent.
Proposal announced : This measure was announced in the then Assistant Treasurer and Minister for Competition Policy and Consumer Affairs' Media Release No. 015 of 13 March 2009.
Financial impact : Nil.
Compliance cost impact : Nil.