Australia: Tax promoter bill passes Parliament
The bill proposes to improve the ability of the ATO to target promoters of tax exploitation schemes.
Tax promoter bill passes Parliament
The Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 passed both houses of Parliament yesterday, 16 May 2024.
The bill proposes to improve the ability of the Australian Taxation Office (ATO) to target promoters of tax exploitation schemes and boost the Tax Practitioners Board’s investigation powers.
The bill also includes the proposal to limit the proportion of petroleum resource rent tax assessable income that can be offset by deductions to 90%.
The Senate Economics Legislation Committee had recently issued a report recommending that the bill be passed. Read TaxNewsFlash
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