Treasury Laws Amendment (Tax Transparency) Bill 2018
The submission to the Treasury in response to the Treasury Laws Amendment (Tax Transparency) Bill 2018 was prepared by the Taxation Committee of the Business Law Section.
The Taxtion Committee submits that the draft Tax Debt Information Disclosure Declaration 2018 (Declaration) should be amended by adding “individuals” to the categories of excluded entities in proposed subsection 7(2).
Secondly, the Taxtion Committee submits that proposed subsection 7(3) of the draft Declaration is incomplete and defective. It is recommended that:
(a) it should at least include (as new paragraph(d)) a situation where an entity has taken legal proceedings to call a debt into question; and
(b) a further inclusion should be for a taxation debt in respect of which an entity has filed a defence in recovery proceedings.
You can read the full submission below.