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Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023

The Law Council of Australia provided a submission to the Senate Economics Legislation Committee’s inquiry into the Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 (Cth) (the Bill).

The Bill consists of five schedules across two largely unrelated proposed areas of reform:

The first four schedules to the Bill form part of the Government’s response package to the so-called ‘PwC tax leaks scandal’.1 However, Schedule 5 seeks to amend the Petroleum Resource Rent Tax Assessment Act 1987 (Cth) to cap the availability of deductible expenditure incurred by a person in relation to a petroleum project for a year of tax.

This submission is confined to Schedules 1–4 to the Bill.

Read full submission below.


1 The Hon Dr Jim Chalmers MP, Treasurer, Senator the Hon Katy Gallagher, Minister for Finance, the Hon Mark Dreyfus MP, Attorney-General and the Hon Stephen Jones MP, Assistant Treasurer, Government taking decisive action in response to PwC tax leaks scandal (Joint Media Release, 6 August 2023).

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