Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and Other Measures)

5 criminal offences for unregistered preparers: providing tax agent services for a fee providing BAS services for a fee advertising tax agent services advertising BAS services false representation of being a tax or BAS agent No criminal offences.

Non-IARPI vendor notification to the Commissioner Prior to the amendments, a vendor may provide a non-IARPI declaration to a purchaser in order to avoid incurring foreign resident CGT withholding tax on the basis that the asset under the transaction is non-IARPI. The amendments strengthen the foreign resident CGT withholding regime by ensuring the Commissioner has visibility of higher value transactions where a vendor declares that a membership interest is non-IARPI. This addresses information asymmetries, particularly in instances where foreign investors have an incentive not to engage with

Under the foreign resident CGT framework in Division 855 of the ITAA 1997, the discount applies to a gain where a CGT event happens in relation to a CGT asset that is either: an Australian renewable energy asset; or a membership interest that satisfies the renewable energy asset test. The discount is available only to foreign residents that are not individuals – for example, corporate entities and foreign beneficiaries of trusts to the extent that the capital gain is passed to the ultimate beneficiaries who are not individuals. This reflects the targeted nature of the transitional concessio

The Bill amends the acquisitions provisions in the CCA 2010 to refine the operation of the new mandatory and suspensory merger control regime. The amendments clarify when an acquisition is not required to be notified and ensure that the consequences for failing to notify are targeted, while preserving incentives for parties to notify proposed acquisitions. The Bill replaces the automatic voiding of acquisitions that are required to be notified but are not (known as non-notified acquisitions), and that are put into effect, with a court‑supervised voidable model, under which such an acquisition

On 29 November 2024, the Commonwealth and all Australian states and territories agreed to the 2024 NCP Agreement. The 2024 NCP Agreement reaffirms a collective commitment to fostering a competitive and dynamic economy. It builds upon the 1995 NCP Agreements, introducing revitalised National Competition Principles and establishing a structured framework for implementing pro-competitive reforms over the next decade. Currently, the references in the CCA 2010 and the PCA 1998 to the 1995 NCP Agreements: implement National Competition Principles and regulatory structures including the national ac

The income tax law allows income tax deductions for taxpayers who make gifts to deductible gift recipients. To be a deductible gift recipient, an organisation must fall within one of the general categories set out in Division 30 of the ITAA 1997 or be listed by name in that Division. Unless otherwise stated, all references to legislation in this Chapter are to the ITAA 1997. Deductible gift recipient status helps eligible organisations attract public financial support for their activities.

The entity (usually the vendor but it may be a partner in a partnership, or a beneficiary of a trust where the partnership or the trust is the vendor) is entitled to a tax credit for the amount withheld and paid to the Commissioner following the assessment of their tax liability. Prior to the amendments, an entity is entitled to claim a tax credit for the amount withheld under the FRCGW legislation in the income year the withheld amount is paid to the Commissioner and for which the entity has had an assessment of income tax. The withheld amount is required to be paid to the Commissioner on or