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”.