ATO Statutory Remedial Power
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 the tax law to ensure that the law’s purpose or object is achieved.”
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.”