The government has released exposure draft legislation that amends the Taxation Administration Act 1953 (TAA) to deliver part of the government’s response to the PwC matter, announced on 6 August 2023.
These amendments relate to the priority area identified for action in the government’s PwC response: Strengthening the integrity of the tax system.
The draft legislation will:
- increase the time the Australian Taxation Office (ATO) has to bring an application for civil penalty proceedings in the Federal Court of Australia from 4 years to 6 years
- align the maximum civil penalties that the Federal Court of Australia can impose on promoters with those in the Corporation Act 2001
- expand the application of the current regime, including broadening the scope of important definitions, to overcome difficulties faced in the application of the provisions.
The government is seeking stakeholder feedback on the draft legislative amendments and explanatory materials.
View the published submissions received through this process.