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| Proposed Streamlining of Tax laws |
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Proposed Streamlining of Tax laws
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| Are you? |
- A Taxpayer? |
| At a glance: |
- The Assistant Treasurer, Nick Sherry, has released an exposure draft on a proposal to amend and simplify the Income Tax Act. |
| You should: |
- Be aware of the exposure draft.
- Contact us if you require any clarification or advice. |
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| 1. |
The Assistant Treasurer is proposing the amendment of the current Income Tax legislation in a bid to reduce its complexity with a resulting 25% reduction in the number of pages.
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| 2. |
The proposed amendments will cover the following provisions of the Income Tax Act:
• Part VI- collection and recovery provisions
• Schedule 2C- forgiveness of commercial debts
• Schedule 2E- leases of luxury cars
• Schedule 2G- farm management deposits
• Schedule 2J- general insurance.
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| 3. |
For more information, click here or visit the treasury's website at http://www.treasury.gov.au.
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