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… Continue reading ATO given power to modify operation of tax and super laws
The 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… Continue reading Super fund choice and disclosure Bills put before Parliament
Proposals to give the ATO the ‘Statutory Remedial Power’ to alter the application of superannuation and tax laws has received support from the Australian Institute of Superannuation Trustees (AIST), provided there are appropriate safeguards.
Treasury has released an exposure draft of legislation which would give the ATO Commissioner the power to modify the outcomes of tax and superannuation legislation.
The 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… Continue reading ATO Statutory Remedial Power details begin to be released
Assistant 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.”