Australia: Draft legislation to streamline small business tax obligations, improve foreign residents’ capital gains withholding compliance
Draft legislation to reduce the administrative burden of tax processes on small businesses
September 13, 2024
Draft legislation to reduce the administrative burden of tax processes on small businesses and improve foreign residents’ capital gains withholding compliance was introduced to Parliament.
The Treasury Laws Amendment (2024 Tax and Other Measures No. 1) Bill 2024 would:
- Enable employers to make a standing declaration (covering multiple filings) that the single touch payroll (STP) information they provide to their agent for filing is correct
- Allow amendments to be made to the assessments of small and medium business taxpayers who apply to the Commissioner of Taxation within four years after the day notice of an assessment was given
- Extend the circumstances in which the Commissioner of Taxation may retain an entity's tax refund to encourage taxpayers to provide bank account details to facilitate the faster, safer, and cheaper payment of refunds
- Fully implement the “increasing the integrity of the foreign resident capital gains withholding regime” measure in the 2023-2024 Mid-Year Economic and Fiscal Outlook