Australia: Tax promoter bill passes House; superannuation tax concessions; petroleum resource rent tax
Reports about recent tax developments
Reports about recent tax developments
The KPMG member firm in Australia has prepared reports about the following tax developments:
- The Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 that proposes to improve the ability of the Australian Taxation Office (ATO) to target promoters of tax exploitation schemes and boost the Tax Practitioners Board’s investigation powers, among other measures, passed the House of Representatives on 18 March 2023.
- Treasury is consulting on draft regulations—Treasury Laws Amendment Instrument 2024: Better Targeted Superannuation Concessions [PDF 468 KB]—that would implement changes to superannuation tax concessions announced in the 2023‑2024 budget. The draft regulations would also update existing methods to calculate notional contributions for defined benefit interests to reflect up‑to‑date economic parameters, as Treasury says that these methods have not been updated for many years and do not reflect the current social and economic climate. The consultation closes on 26 April 2024.
- Treasury released the federal government’s next component of regulations on the petroleum resource rent tax (PRRT) regime for consultation. According to Treasury, the draft Petroleum Resource Rent Tax Assessment Regulations 2024: Miscellaneous amendments [PDF 584 KB] deal with all the announced reforms to the 2015 PRRT assessment regulations—except for those measures relating to tolling arrangements which were released in an earlier consultation. The draft amendments also include clarifications of the existing rules used by projects to value sales gas that is converted into liquefied natural gas. The government will also be consulting on draft legislation implementing the remaining elements of its response to the gas transfer pricing review later in 2024. Consultation on the draft amendments closes on 12 April 2024.
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