Government to help certainty and outcomes for taxpayers
The Government will provide the Commissioner of Taxation with a statutory remedial power to help resolve unforeseen or unintended outcomes stemmed from the taxation and superannuation law, it said in an announcement on Friday.
This is to create more certainty and better outcomes for taxpayers and reduce the regulatory burden on individuals, businesses, and community organisations.
The Government said the Commissioner will be able to make a disallowable legislative instrument that will have the effect of modifying the operation of the laws to ensure they can be administered to achieve its purpose or objectives.
The statement said the legislative instruments making powers granted to the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) will be "appropriately limited in its application and will only apply to the extent that it has a beneficial outcome for tax payers."
"It will only be available where modification is not inconsistent with the purpose or object of the law and has no more than a negligible revenue impact."
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