Treasury Laws Amendment (Refining and Improving Our Tax System) Bill 2023
The Charities and Not-for-profits Committee of the Law Council of Australia’s Legal Practice Section (the Committee) provided a submission to the Senate Economics Legislation Committee’s inquiry into the Treasury Laws Amendment (Refining and Improving Our Tax System) Bill 2023 (the Bill).
This submission is focussed on the reform of the four registers (DGR Registers) of deductible gifts recipients (DGRs) set out in Schedule 3 to the Bill.
Overall, the Committee supports the policy intention to simplify the administration of the DGR categories currently entered on the DGR Registers by removing the requirements for separate registers, and thanks the Treasury for improvements which have been made to address several of the issues raised in its submission to Treasury on the exposure draft of the Bill. The Committee is however, concerned that the current drafting of Schedule 3 will not fully achieve the desired outcome of a smooth and efficient transition from the DGR Registers.