Exposure draft legislation in response to PwC scandal
Treasury has released exposure draft legislation and associated explanatory materials on a number of topics in response to the PwC scandal, as follows:
- draft amendments to the TASA 2009, which will extend the time TPB has to conduct investigations into suspected misconduct from 6 to 24 months and improve the functionality, utility and transparency of the TPB Register;
- draft amendments to the TAA 1953, which are intended to reform and strengthen the promoter penalty laws by increasing the time the ATO has to bring an application for civil penalty proceedings, aligning the maximum civil penalties that can be imposed on promoters with those in the Corporations Act 2001 (Cth), and expanding the provisions’ application;
- draft amendments to the TAA 1953 and associated Regulations, which will extend whistleblower protections to a range of new disclosures related to potential misconduct by tax practitioners and prescribe the TPB and ACNC as eligible recipients of whistleblower information; and
- draft amendments to the TAA 1953 and the TASA, which will remove limitations in the tax secrecy laws which were a barrier to regulators acting in response to PwC’s breach of confidence and enable the ATO and the TPB to refer ethical misconduct by advisors with prescribed professional associations for disciplinary action.
Treasury and Revenue Legislation Amendment Bill 2023 (NSW) passes both Houses
The Bill containing some of the tax-related measures announced in the 2023-24 NSW State Budget was passed by both the NSW Legislative Assembly and Legislative Council on Thursday 21 September 2023.
Treasury Laws Amendment (2023 Measures No 3) Bill 2023 (Cth) now law
The Bill (covered in the Birchstone Brief for the week ending 16 June 2023), which contains technical changes to the First Home Super Saver Scheme to improve its flexibility, received royal assent on 20 September 2023 and is now law.
Treasury Laws Amendment (2023 Law Improvement Package No 1) Bill 2023 (Cth) awaits assent
The Bill (covered in the Birchstone Brief for the week ending 16 June 2023), which is intended to improve the operation of Treasury portfolio legislation through minor and technical amendments and other changes recommended by the Australian Law Reform Commission, received royal assent on 20 September 2023 and is now law.