ATO Statutory Remedial Power

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.”

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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.”

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