Review of tax promoter penalty laws

The Australian Government has released a consultation paper reviewing the tax promoter penalty laws. It outlines:

• the purpose, administration and operation of the tax promoter penalty laws
• emerging behaviours
• other frameworks which may apply to promoters of tax exploitation schemes.

The paper seeks feedback on:

• how effective the current regime is in deterring scheme promotion.
• the current operation of the framework, focussing on:
  • the scope of key defined terms
  • whether exemptions adequately protect compliant tax practitioners.
• other frameworks, and how comparable regimes deter misconduct.

The consultation relates to:

• the priority area – Strengthening our regulatory arrangements, identified in the Government’s response to the PwC tax leaks scandal
• the government’s commitments to ensuring the Australian Taxation Office has the tools needed to address schemes.

Treasury roundtables

Treasury will hold virtual roundtable discussions to supplement the written submissions process, during the consultation period.

If you are interested in attending, register your expression of interest (EOI) by 16 October to taxintegrity@treasury.gov.au.

Include in your EOI:

• names of individuals, and organisations represented (if relevant)
• organisation type if applicable, for example:
  • tax agent (individual or firm)
  • BAS agent (individual or firm)
  • multi-disciplinary firm
  • professional or industry association
  • civil society
  • academia
• contact details, including email and phone number/s