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TAX ADMINISTRATION REGULATIONS TO BE UPDATED

Wednesday, 23 August 2017

The Treasury has begun consultations on the replacement of the Taxation Administration Regulations 1976, which are due to expire on 1 October because of ‘sunset’ provisions.

A statement on the Treasury website says the regulations need to be remade “so they continue to support the administration of Australia’s tax laws”.

The Exposure Draft for the new regulations says, “The purpose of the Taxation Administration Regulations 2017 is to remake and improve the operation of the Taxation Administration Regulations 1976 before they ‘sunset’.

“The Legislation Act 2003 provides that all legislative instruments, other than exempt instruments, progressively sunset according to the timetable in section 50 of that Act.

“Legislative instruments made in the 1970s that were registered on the Federal Register of Legislation on 1 January 2005, such as the Taxation Administration Regulations 1976, will be automatically repealed on 1 October 2017. Legislative instruments generally cease to have effect after 10 years unless their operation is extended such as by remaking the instrument.

“The Regulations remake and improve the Taxation Administration Regulations 1976 by repealing redundant provisions, simplifying language and restructuring provisions for ease of navigation.”

According to the Explanatory Memorandum “The key changes are:

- the structure of the Regulations has been changed from that used in the Taxation Administration Regulations 1976 to follow the Act more closely; and

- the headings to Parts of the Regulations have been updated to state whether they relate to the Act or Schedule 1 to the Act; and

- expressions in sections that are made for the purpose of Schedule 1 to the Act take their meaning from the Income Tax Assessment Act 1997, rather than the Act. The effect of this is that a number of expressions that were duplicated from the Income Tax Assessment Act 1997 have been removed; and

- certain provisions that deal with withholding payments to foreign residents have been restructured so that the provisions that prescribe what types of payments are covered are separate from the provisions for working out the amount of the payment.

“These changes are not intended to affect the substantive meaning or operation of the provisions.”

Accountants Daily reported, “CPA Australia has praised the government’s proposed taxation administration regulations which will replace the regulations that are due to sunset later this year.”

 

Click below to view source

Treasury: Exposure Draft - Taxation Administration Regulations 2017

AccountantsDaily.com.au: New tax admin regulations get CPA's green light

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