Key Documents
On 3 May 2016, the Government announced that it will seek community input on the OECD's proposals for Mandatory Disclosure Rules, which require tax advisers and/or taxpayers to make early disclosures of aggressive tax arrangements (often before income tax returns are lodged), to provide tax authorities with timely information on arrangements that have the potential to undermine the integrity of the income tax system.
The purpose of this paper is to seek community views on how Mandatory Disclosure Rules should be framed in the Australian context, having regard to the disclosure rules that are currently available to the Australian Taxation Office. The paper also provides an outline of the OECD's key recommendations, and the Government's preliminary views in relation to those recommendations.