Treasury and the ATO have established a working group with the private sector to look at creating a ‘statutory remedial power’ for the Tax Commissioner.
This remedial power would provide a mechanism for resolving unintended and anomalous outcomes in the tax law more quickly than is possible through legislative amendment. The power may also have a broader benefit for the tax system, by allowing minor technical corrections that wouldn’t otherwise happen.
Once the working group finalises its considerations, Treasury will advise the Government on whether such a power is appropriate and, if so, what form it could take. The ATO has said that it is interested in hearing thoughts from the general public.
* * * Disclaimer: The information is sourced from NTAA. * * *
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.
