ATO given power to modify operation of tax and super laws

The ATO Commissioner has been given the power to modify the operation of tax and superannuation laws, with the passage of the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016 through both houses of Parliament.

Minister for Revenue and Financial Services, Kelly O’Dwyer, said the passage of the Bill demonstrates the Government’s “commitment to improving the flexibility, fairness and sustainability of the tax system”.

Minister O’Dwyer said the 2016 Measures No. 2 Bill “establishes a Remedial Power for the Commissioner of Taxation, to allow for a more timely resolution of certain unforeseen or unintended outcomes in the taxation and superannuation laws”. Read more...

Super fund choice and disclosure Bills put before Parliament

Super fund choice, superannuation fund transparency, product dashboards, portfolio holding disclosure, ATO remedial power, Parliament, Superannuation Legislation Amendment (Choice of Fund) Bill 2016, Superannuation Legislation Amendment (Transparency Measures) Bill 2016, Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016The Government has introduced three superannuation-related Bills to the House of Representatives just before the Parliament rises for the long break ahead of the Budget. These Bills include expanding choice of super fund, changes to the disclosure requirements on large super funds and the Statutory Remedial Power for the ATO.

Expanding choice of super fund

The Superannuation Legislation Amendment (Choice of Fund) Bill 2016 expands choice of super fund to more employees.

“The Turnbull Government recognises it doesn’t make sense to force employees to save money in superannuation but then leave key decisions about how it is managed outside their control,” said the Assistant Treasurer Kelly O’Dwyer. Read more...

ATO Statutory Remedial Power details begin to be released

ATO Statutory Remedial Power, tax and superannuation legislationThe ATO has released some details about the new power to modify the operation of tax and superannuation laws.

First announced by the Assistant Treasurer, and then included in the 2015 Budget, the Statutory Remedial Power will “provide the Commissioner of Taxation with a power to make a legislative instrument to modify the operation of the tax law to ensure that the law’s purpose or object is achieved.”

ATO to have power to change operation of tax and super laws

Australian Taxation Office - SMSF & SuperannuationAssistant Treasurer Josh Frydenberg has announced that the Government will give the Commissioner of Taxation the power to change the operation of taxation and superannuation laws.

Mr Frydenberg said “the Government is committed to providing more certainty and better outcomes for taxpayers and reducing the regulatory burden on individuals, business and community organisations.”