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This is a Bill, not an Act. For current law, see the Acts databases.
2022-2023
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (Tax
Accountability and Fairness) Bill 2023
No. , 2023
(Treasury)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
i
Contents
1
Short title ................................................................................................ 1
2
Commencement ..................................................................................... 1
3
Schedules ............................................................................................... 2
Schedule 1
--
PwC response
--
Promoter penalty law reform
3
Tax Agent Services Act 2009
3
Taxation Administration Act 1953
4
Schedule 2
--
PwC response
--
Extending tax whistleblower
protections
12
Taxation Administration Act 1953
12
Schedule 3
--
PwC response
--
Tax Practitioners Board reform
16
Part 1
--
Information on the register
16
Tax Agent Services Act 2009
16
Part 2
--
Investigations by the Board
18
Division 1
--
Period for making decisions
18
Tax Agent Services Act 2009
18
Division 2
--
Publishing results of investigations
19
Tax Agent Services Act 2009
19
Part 3
--
Delegations by the Board
23
Tax Agent Services Act 2009
23
Schedule 4
--
PwC response
--
Information sharing
25
Part 1
--
Amendments
25
Taxation Administration Act 1953
25
Tax Agent Services Act 2009
28
Part 2
--
Application of amendments
31
Schedule 5
--
Petroleum resource rent tax deductions cap
32
Petroleum Resource Rent Tax Assessment Act 1987
32
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the
Treasury Laws Amendment (Tax Accountability and
5
Fairness) Act 2023
.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedules 1
to 3
The later of:
(a) 1 July 2024; and
(b) the first 1 January, 1 April, 1 July or
1 October to occur after the day this Act
receives the Royal Assent.
3. Schedule 4
The day after this Act receives the Royal
Assent.
4. Schedule 5
The first 1 January, 1 April, 1 July or
1 October to occur after the day this Act
receives the Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
PwC response
--
Promoter penalty law reform
Schedule 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
3
Schedule
1--PwC response--Promoter
1
penalty law reform
2
3
Tax Agent Services Act 2009
4
1 Section 20-45
5
Before "The", insert "(1)".
6
2 Paragraph 20-45(d)
7
Repeal the paragraph, substitute:
8
(d) you are penalised for implementing a
*
scheme that has been
9
promoted on the basis of conformity with a
*
public ruling,
10
*
private ruling or
*
oral ruling in a way that is materially
11
different from that described in the ruling;
12
3 After paragraph 20-45(d)
13
Insert:
14
(da) you are penalised for promoting on the basis of conformity
15
with a public ruling, private ruling or oral ruling a scheme
16
that is materially different from that described in the ruling;
17
4 At the end of section 20-45
18
Add:
19
(2) An event described in paragraph (1)(c), (d) or (da) does not affect
20
your continued registration as a
*
registered tax agent or BAS agent
21
if:
22
(a) you are a partner in a partnership; and
23
(b) you:
24
(i) did not aid, abet, counsel or procure the relevant act or
25
omission; and
26
(ii) were not in any way knowingly concerned in, or party
27
to, the relevant act or omission (whether directly or
28
indirectly and whether by any act or omission of the
29
partner).
30
Schedule 1
PwC response
--
Promoter penalty law reform
4
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Taxation Administration Act 1953
1
5 After paragraph 290-5(a) in Schedule 1
2
Insert:
3
(aa) to deter the promotion of schemes on the basis of conformity
4
with a
*
public ruling,
*
private ruling or
*
oral ruling if the
5
scheme is materially different from that described in the
6
ruling; and
7
6 Paragraph 290-5(b) in Schedule 1
8
Omit "
*
product ruling", substitute "public ruling, private ruling or oral
9
ruling".
10
7 Paragraph 290-5(b) in Schedule 1
11
Omit "the product ruling", substitute "the ruling".
12
8 After subsection 290-50(1) in Schedule 1
13
Insert:
14
Promoting scheme otherwise than in accordance with ruling
15
(1A) An entity must not engage in conduct that results in a
*
scheme that
16
is materially different from that described in a
*
public ruling,
17
*
private ruling or
*
oral ruling being promoted on the basis of
18
conformity with that ruling.
19
9 Subsection 290-50(2) in Schedule 1
20
Omit "
*
product ruling", substitute "
*
public ruling,
*
private ruling or
21
*
oral ruling (whether or not the ruling actually relates to the scheme)".
22
10 Subsection 290-50(2) in Schedule 1
23
Omit "the product ruling", substitute "the ruling".
24
11 Subsection 290-50(2) in Schedule 1 (note)
25
Omit "product".
26
12 Subsection 290-50(2A) in Schedule 1
27
Omit "
subsection (
2)", substitute "subsections
(1A) and (2)".
28
PwC response
--
Promoter penalty law reform
Schedule 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
5
13 Subsection 290-50(2A) in Schedule 1 (note 2)
1
Omit "product".
2
14 Subsection 290-50(3) in Schedule 1
3
After "(1)", insert ", (1A)".
4
15 At the end of subsection 290-50(3) in Schedule 1
5
Add:
6
Note:
If the entity is a registered tax agent or BAS agent, being penalised
7
under this subsection may affect the continued registration of the
8
entity: see section 20-45 and Subdivision 40-A of the
Tax Agent
9
Services Act 2009
.
10
16 Subsection 290-50(4) in Schedule 1
11
Repeal the subsection, substitute:
12
Amount of penalty
13
(4) The maximum amount of the penalty for a contravention by an
14
entity
is the greater of:
15
(a) 5,000 penalty units; and
16
(b) 3 times the total value of all
benefits
received or receivable
17
(directly or indirectly) by the entity and
*
associates of the
18
entity in respect of the
*
scheme.
19
Note:
See section 4AA of the
Crimes Act 1914
for the current value of a
20
penalty unit.
21
(4A) Despite subsection (4), the maximum amount of the penalty for a
22
contravention by an entity that is a body corporate is the greatest of
23
the following:
24
(a) 50,000 penalty units;
25
(b) 3 times the total value of all
benefits
received or receivable
26
(directly or indirectly) by the entity and
*
associates of the
27
entity in respect of the
*
scheme;
28
(c) either:
29
(i) 10% of the
*
aggregated turnover of the entity for the
30
most recent income year to end before the entity
31
contravened, or began to contravene, the provision; or
32
Schedule 1
PwC response
--
Promoter penalty law reform
6
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
(ii) if the amount worked out under subparagraph (i) is
1
greater than an amount equal to 2.5 million penalty
2
units
--
2.5 million penalty units.
3
Note:
See section 4AA of the
Crimes Act 1914
for the current value of a
4
penalty unit.
5
(4B) Despite subsections (4) and (4A), the maximum amount of the
6
penalty for a contravention by an entity that is:
7
(a) a partner in a partnership that is a
*
significant global entity;
8
or
9
(b) a trustee of a trust that is a significant global entity;
10
is the greatest of the following:
11
(c) 50,000 penalty units;
12
(d) 3 times the total value of all
benefits
received or receivable
13
(directly or indirectly) by the significant global entity and
14
*
associates of the significant global entity in respect of the
15
*
scheme;
16
(e) either:
17
(i) 10% of the
*
aggregated turnover of the significant
18
global entity for the most recent income year to end
19
before the entity contravened, or began to contravene,
20
the provision; or
21
(ii) if the amount worked out under subparagraph (i) is
22
greater than an amount equal to 2.5 million penalty
23
units
--
2.5 million penalty units.
24
Note:
See section 4AA of the
Crimes Act 1914
for the current value of a
25
penalty unit.
26
17 Subsection 290-50(5) in Schedule 1
27
After "(1)", insert ", (1A)".
28
18 Paragraph 290-50(5)(a) in Schedule 1
29
Omit "consideration", substitute "benefit".
30
19 Subsection 290-55(2) in Schedule 1
31
Repeal the subsection, substitute:
32
(2) The other entity referred to in paragraph (1)(b) does not include:
33
PwC response
--
Promoter penalty law reform
Schedule 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
7
(a) someone who was an employee or agent of the entity when
1
the alleged conduct occurred; or
2
(b) if the entity is a body corporate
--
someone who was a
3
director of the entity when the alleged conduct occurred; or
4
(c) if the entity is a partner in a partnership
--
someone who was
5
also a partner in the partnership when the alleged conduct
6
occurred; or
7
(d) if the entity is a trustee of a trust that has more than one
8
trustee
--
someone who was also a trustee of the trust when
9
the alleged conduct occurred.
10
20 Subsection 290-55(4) in Schedule 1
11
Omit "4 years", substitute "6 years".
12
21 Subsection 290-55(5) in Schedule 1
13
Omit "
*
product ruling", substitute "
*
public ruling,
*
private ruling or
14
*
oral ruling".
15
22 Subsection 290-55(5) in Schedule 1
16
Omit "4 years", substitute "6 years".
17
23 Subsection 290-55(5) in Schedule 1
18
Omit all the words after "last engaged", substitute:
19
in conduct in relation to:
20
(a) if the scheme has been implemented
--
the implementation of
21
the scheme; or
22
(b) if the scheme has not been implemented
--
the promotion of
23
the scheme.
24
24 Subsection 290-55(6) in Schedule 1
25
Omit "a
*
scheme involving", substitute "
*
schemes that involve, or if
26
implemented would involve,".
27
25 After paragraph 290-55(7)(a) in Schedule 1
28
Insert:
29
(aa) that results in a
*
scheme that is materially different from that
30
described in a
*
public ruling,
*
private ruling or
*
oral ruling
31
Schedule 1
PwC response
--
Promoter penalty law reform
8
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
being promoted on the basis of conformity with that ruling;
1
or
2
26 Paragraph 290-55(7)(b) in Schedule 1
3
Omit "
*
scheme", substitute "scheme".
4
27 Paragraph 290-55(7)(b) in Schedule 1
5
Omit "
*
product ruling", substitute "public ruling, private ruling or oral
6
ruling".
7
28 Paragraph 290-55(7)(b) in Schedule 1
8
Omit "the product ruling", substitute "the ruling".
9
29 After subsection 290-55(7) in Schedule 1
10
Insert:
11
(7A) The other entity referred to in paragraph (7)(a) does not include:
12
(a) if the entity mentioned first in subsection (7) is a partner in a
13
partnership:
14
(i) the partnership; or
15
(ii) someone who was a partner in the partnership when the
16
alleged conduct occurred; or
17
(b) if the entity mentioned first in subsection (7) is a trustee of a
18
trust:
19
(i) the trust; or
20
(ii) if the trust has more than one trustee
--
someone who
21
was also a trustee of the trust when the alleged conduct
22
occurred.
23
30 Paragraph 290-60(1)(a) in Schedule 1
24
Repeal the paragraph, substitute:
25
(a) the entity:
26
(i) markets the scheme; or
27
(ii) otherwise encourages the growth of the scheme or
28
interest in it; and
29
31 Paragraph 290-60(1)(b) in Schedule 1
30
Omit
"consideration", substitute "a benefit".
31
PwC response
--
Promoter penalty law reform
Schedule 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
9
32 After subsection 290-65(1) in Schedule 1
1
Insert:
2
(1A) A
*
scheme is also a
tax exploitation scheme
if, at the time of the
3
conduct mentioned in subsection 290-50(1):
4
(a) one of these conditions is satisfied:
5
(i) if the scheme has been implemented
--
Part IVA of the
6
Income Tax Assessment Act 1936
applies to the scheme
7
because of section 177DA or 177J of that Act;
8
(ii) if the scheme has not been implemented
--
it is
9
reasonable to conclude that, had the scheme been
10
entered into or carried out, Part IVA of that Act
would
11
apply to the scheme because of section 177DA or 177J
12
of that Act; and
13
(b) one of these conditions is satisfied:
14
(i) if the scheme has been implemented
--
it is reasonable to
15
conclude that an entity that (alone or with others)
16
entered into or carried out the scheme, or part of it, did
17
so for a principal purpose of, or for more than one
18
principal purpose that includes a purpose of, that entity
19
or another entity getting a
*
scheme benefit from the
20
scheme;
21
(ii) if the scheme has not been implemented
--
it is
22
reasonable to conclude that if an entity (alone or with
23
others) had entered into or carried out the scheme, it
24
would have done so for a principal purpose of, or for
25
more than one principal purpose that includes a purpose
26
of, that entity or another entity getting a scheme benefit
27
from the scheme; and
28
(c) one of these conditions is satisfied:
29
(i) if the scheme has been implemented
--
it is not
30
*
reasonably arguable that the scheme benefit is available
31
at law;
32
(ii) if the scheme has not been implemented
--
it is not
33
reasonably arguable that the scheme benefit would be
34
available at law if the scheme were implemented.
35
33 Section 290-120 in Schedule 1
36
After "(1)", insert ", (1A)".
37
Schedule 1
PwC response
--
Promoter penalty law reform
10
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
34 Paragraph 290-135(a) in Schedule 1
1
Omit "
*
product ruling", substitute "
*
public ruling,
*
private ruling or
2
*
oral ruling".
3
35 At the end of section 444-30 in Schedule 1
4
Add:
5
(5) If a civil penalty may be imposed in relation to a contravention of a
6
provision of this Schedule or an
*
indirect tax law:
7
(a) subsection (3) applies to a contravention of the provision in a
8
corresponding way to the way in which it applies to an
9
offence; and
10
(b) subsection (4) does not apply.
11
36 At the end of Division 444 in Schedule 1
12
Add:
13
Subdivision 444-F
--
Trusts
14
Table of sections
15
444-120 Joint and several liability for all trustees
16
444-120 Joint and several liability for all trustees
17
If:
18
(a) a trust has more than one trustee; and
19
(b) a civil penalty is imposed in relation to a contravention of a
20
provision of this Schedule or an
*
indirect tax law on one of
21
those trustees;
22
then all the trustees are jointly and severally liable to pay the
23
amount of the penalty.
24
37 Application
25
(1)
Subject to subitem (2), the amendments made by this Schedule apply in
26
relation to conduct engaged in on or after the commencement of this
27
Schedule.
28
PwC response
--
Promoter penalty law reform
Schedule 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
11
(2)
The amendments made by items 20 and 22 apply in relation to conduct
1
engaged in before, on or after the commencement of this Schedule.
2
Schedule 2
PwC response
--
Extending tax whistleblower protections
12
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Schedule
2--PwC response--Extending tax
1
whistleblower protections
2
3
Taxation Administration Act 1953
4
1 Subsection 2(1)
5
Insert:
6
Tax Practitioners Board
means the Tax Practitioners Board
7
established by section 60-5 of the
Tax Agent Services Act 2009
.
8
2 Section 8AC
9
Omit "established by the
Tax Agent Services Act 2009
".
10
3 After subsection 14ZZT(1)
11
Insert:
12
(1A) A disclosure of information by an individual (the
discloser
)
13
qualifies for protection under this Part if:
14
(a) the discloser is an eligible whistleblower in relation to an
15
entity (within the meaning of the
Income Tax Assessment Act
16
1997
); and
17
(b) the disclosure is made to:
18
(i) the Tax Practitioners Board; or
19
(ii) the Commissioner; and
20
(c) the discloser considers that the information may assist the
21
Tax Practitioners Board to perform its functions or duties
22
under the
Tax Agent Services Act 2009
, or an instrument
23
made under that Act, in relation to the entity or an associate
24
(within the meaning of section 318 of the
Income Tax
25
Assessment Act 1936
) of the entity.
26
4 After subsection 14ZZT(3)
27
Insert:
28
(3A) A disclosure of information by an individual (the
discloser
)
29
qualifies for protection under this Part if the disclosure is made:
30
PwC response
--
Extending tax whistleblower protections
Schedule 2
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
13
(a) to an entity (within the meaning of the
Income Tax
1
Assessment Act 1997
) that has one or more members, if:
2
(i) the entity is prescribed by the regulations; and
3
(ii) the discloser is a member of the entity; and
4
(b) for the purpose of obtaining assistance in relation to the
5
operation of this Part.
6
(3B) A disclosure of information by an individual (the
discloser
)
7
qualifies for protection under this Part if the disclosure is made to a
8
medical practitioner or psychologist for the purpose of obtaining
9
medical or psychiatric care, treatment or counselling (including
10
psychological counselling).
11
5 Subsection 14ZZT(4)
12
Insert:
13
medical practitioner
means a person registered or licensed as a
14
medical practitioner under a law of a State or Territory that
15
provides for the registration or licensing of medical practitioners.
16
psychologist
means a person registered or licensed as a
17
psychologist under a law of a State or Territory that provides for
18
the registration or licensing of psychologists.
19
6 After section 14ZZT
20
Insert:
21
14ZZTA Information disclosed for the purpose of assisting the Tax
22
Practitioners Board
23
(1) If information is disclosed to the Commissioner in accordance with
24
subsection 14ZZT(1A) then, for the purposes of the following
25
provisions:
26
(a) paragraph 355-30(1)(a) in Schedule 1;
27
(b) paragraph (a) of the definition of
official information
in
28
subsection 90-1(1) of the
Tax Agent Services Act 2009
;
29
the information is taken to have been disclosed or obtained under
30
or for the purposes of this Act, and not the
Tax Agent Services Act
31
2009
.
32
Schedule 2
PwC response
--
Extending tax whistleblower protections
14
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
(2) If information is disclosed to the Tax Practitioners Board in
1
accordance with subsection 14ZZT(1A) then, for the purposes of
2
the following provisions:
3
(a) paragraph 355-30(1)(a) in Schedule 1;
4
(b) paragraph (a) of the definition of
official information
in
5
subsection 90-1(1) of the
Tax Agent Services Act 2009
;
6
the information is taken to have been disclosed or obtained under
7
or for the purposes of the
Tax Agent Services Act 2009
, and not this
8
Act.
9
7 Paragraph 14ZZX(1)(c)
10
After "to the
Commissioner", insert "or the Tax Practitioners Board".
11
8 After section 14ZZX
12
Insert:
13
14ZZXA Claims for protection
14
(1) If, in civil or criminal proceedings (the
primary proceedings
)
15
instituted against an individual in a court, the individual makes a
16
claim (relevant to the proceedings) that, because of section 14ZZX,
17
the individual is not subject to any civil, criminal or administrative
18
liability for making a particular disclosure:
19
(a) the individual bears the onus of adducing or pointing to
20
evidence that suggests a reasonable possibility that the claim
21
is made out; and
22
(b) if the individual discharges that onus
--
the party instituting
23
the primary proceedings against the individual bears the onus
24
of proving that the claim is not made out; and
25
(c) the court must deal with the claim in separate proceedings;
26
and
27
(d) the court must adjourn the primary proceedings until the
28
claim has been dealt with; and
29
(e) none of the following:
30
(i) any admission made by the individual in the separate
31
proceedings;
32
(ii) any information given by the individual in the separate
33
proceedings;
34
PwC response
--
Extending tax whistleblower protections
Schedule 2
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
15
(iii) any other evidence adduced by the individual in the
1
separate proceedings;
2
is admissible in evidence against the individual except in
3
proceedings in respect of the falsity of the admission,
4
information or evidence; and
5
(f) if the individual or another person gives evidence in the
6
separate proceedings in support of the claim
--
giving that
7
evidence does not amount to a waiver of privilege for the
8
purposes of the primary proceedings or any other
9
proceedings.
10
(2) To avoid doubt, a right under section 126K of the
Evidence Act
11
1995
not to be compelled to give evidence is a privilege for the
12
purposes of paragraph (1)(f) of this section.
13
9 Paragraph 15(3)(a)
14
Omit "(within the meaning of that Act)".
15
10 Subsection 15A(12)
16
Omit "(within the meaning of that Act)".
17
Schedule 3
PwC response
--
Tax Practitioners Board reform
Part 1
Information on the register
16
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Schedule
3--PwC response--Tax
1
Practitioners Board reform
2
Part
1--Information on the register
3
Tax Agent Services Act 2009
4
1 Subsections 60-135(1) to (3)
5
Repeal the subsections, substitute:
6
(1) The Board must establish, and maintain, a register of entities in
7
accordance with this Act and the regulations made for the purposes
8
of this subsection.
9
(2) Each entity that is a
*
registered tax agent or BAS agent must be
10
entered on the register for the period during which the entity is a
11
registered tax agent or BAS agent.
12
Note:
Another provision of this Act, or regulations made for the purposes of
13
subsection (1), may require
an entity that is not a registered tax agent
14
or BAS agent to be entered on the register for a period.
15
(3) Without limiting the regulations that may be made for the purposes
16
of subsection (1), those regulations may do the following:
17
(a) require an entity to be entered on the register for a specified
18
period;
19
(b) if an entity is required (whether by this Act or by the
20
regulations) to be entered on the register for a period
--
21
require
specified information in respect of the entity to be
22
entered on the register for some or all of that period.
23
Entities that are not registered tax agents or BAS agents
24
(3A) An entity that is not a
*
registered tax agent or BAS agent, and
25
information in respect of such an entity:
26
(a) must not be entered on the register; and
27
(b) must not remain entered on the register;
28
except as required
by this Act or by regulations made for the
29
purposes of subsection (1).
30
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Schedule 3
Information on the register
Part 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
17
Availability of register
1
2 Application and transitional provisions
2
Transition of register
3
(1)
The register that was established for the purposes of
4
subsection 60-135(1) of the
Tax Agent Services Act 2009
before the
5
commencement of this Part, and maintained for the purposes of that
6
subsection immediately before that commencement, is taken, on and
7
after that commencement, to have been established for the purposes of
8
subsection 60-135(1) of that Act (as amended by this Part).
9
Information prescribed by regulations
10
(2)
Regulations made for the purposes 60-135(1) of the
Tax Agent Services
11
Act 2009
(as amended by this Part) may require specified information in
12
respect of an entity to be entered on the register whether the information
13
relates to matters occurring before, on or after the commencement of
14
this Part.
15
Schedule 3
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Part 2
Investigations by the Board
18
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Part
2--Investigations by the Board
1
Division 1
--
Period for making decisions
2
Tax Agent Services Act 2009
3
3 Paragraph 60-125(3)(a)
4
Omit "6
months", substitute "24 months".
5
4 Application provisions
6
(1)
The amendment made by this Division applies in relation to an
7
investigation into conduct under section 60-95 of the
Tax Agent
8
Services Act 2009
if the investigation commences on or after the
9
commencement of this Division.
10
(2)
The amendment made by this Division also applies in relation to an
11
investigation into conduct under section 60-95 of the
Tax Agent
12
Services Act 2009
if:
13
(a) the investigation commenced before the commencement of
14
this Division; and
15
(b) immediately before the commencement of this Division, the
16
Board had not, in relation to the investigation:
17
(i) made a decision under subsection 60-125(2) of the
Tax
18
Agent Services Act 2009
; or
19
(ii) been taken to have made such a decision; and
20
(c) immediately before the commencement of this Division:
21
(i) the Board had not, in relation to the investigation,
22
determined a period under subsection 60-125(4) of the
23
Tax Agent Services Act 2009
; or
24
(ii) the Board had, in relation to the investigation,
25
determined a period of less than 24 months under
26
subsection 60-125(4) of that Act.
27
(3)
If the amendment made by this Division applies in relation to an
28
investigation because of subitem (2), and subparagraph (2)(c)(ii) of this
29
item applies, then for the purposes of the
Tax Agent Services Act 2009
30
as it applies on and after the commencement of this Division:
31
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Investigations by the Board
Part 2
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
19
(a) the determination referred to in subparagraph (2)(c)(ii) of this
1
item is to be disregarded; and
2
(b) the Board must not, in relation to the investigation, make any
3
further determination under subsection 60-125(4) of the
Tax
4
Agent Services Act 2009
.
5
Division 2
--
Publishing results of investigations
6
Tax Agent Services Act 2009
7
5 At the end of paragraph 60-125(2)(b)
8
Add:
9
; (v) decide that the entity (the
contravening entity
) that
10
engaged in the conduct, and the information in respect
11
of the contravening entity prescribed by the regulations
12
for the purposes of this subparagraph, be entered on the
13
register for the period prescribed by the regulations for
14
the purposes of this subparagraph.
15
6 Subsection 60-125(2) (note)
16
Omit "Note", substitute "Note 1".
17
7 At the end of subsection 60-125(2)
18
Add:
19
Note 2:
In this section,
register
means the register kept under section 60-135
20
(see subsection (10) of this section).
21
8 After subsection 60-125(2)
22
Insert:
23
(2A) If the Board makes a decision in relation to the contravening entity
24
under subparagraph (2)(b)(v), then the contravening entity, and the
25
information in respect of the contravening entity mentioned in that
26
subparagraph, must be entered on the register for the period
27
mentioned in that subparagraph.
28
9 At the end of section 60-125
29
Add:
30
Schedule 3
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Investigations by the Board
20
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Definitions
1
(10) In this section,
register
means the register kept under
2
section 60-135.
3
10 After paragraph 70-10(h)
4
Insert:
5
(ha) a decision under subparagraph 60-125(2)(b)(v) that an entity,
6
and certain information in respect of the entity, be entered on
7
the register kept under section 60-135 for a period;
8
11 Application provisions
9
(1)
The amendments of section 60-125 of the
Tax Agent Services Act 2009
10
made by this Division apply in relation to an investigation into conduct
11
under section 60-95 of that Act if the investigation commences on or
12
after the commencement of this Division.
13
(2)
Those amendments also apply in relation to an investigation into
14
conduct under section 60-95 of the
Tax Agent Services Act 2009
if:
15
(a) the investigation commenced on or after 1 July 2022 but
16
before the commencement of this Division; and
17
(b) immediately before the commencement of this Division, the
18
Board had not, in relation to the investigation:
19
(i) made a decision under subsection 60-125(2) of the
Tax
20
Agent Services Act 2009
; or
21
(ii) been taken to have made such a decision.
22
(3)
Regulations made for the purposes of subparagraph 60-125(2)(b)(v) of
23
the
Tax Agent Services Act 2009
:
24
(a) may prescribe information in respect of a contravening entity
25
that relates to matters occurring before, on or after the
26
commencement of this Division; and
27
(b) may prescribe a period that starts before, on or after the
28
commencement of this Division.
29
12 Investigations that have concluded
--
Board may make
30
new decision to publish findings
31
(1)
This item applies in relation to an investigation into conduct under
32
section 60-95 of the
Tax Agent Services Act 2009
if:
33
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Investigations by the Board
Part 2
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
21
(a) the investigation commenced before the commencement of
1
this Division; and
2
(b) before the commencement of this Division, the Board had
3
made a finding that the conduct breached that Act; and
4
(c) on or after 1 July 2022, but before the commencement of this
5
Division, the Board had made a decision, within the period
6
under subsection 60-125(3) of that Act, that no further action
7
would be taken; and
8
(d) the Board made that decision because, at the time the
9
decision was made, the entity (the
contravening entity
)
who
10
engaged in the conduct had ceased to be a registered tax
11
agent or BAS agent.
12
(2)
The Board may, within the period of 6 months after the commencement
13
of this Division, decide that:
14
(a) the contravening entity; and
15
(b) the information in respect of the contravening entity
16
prescribed by the regulations for the purposes of
17
subparagraph 60-125(2)(b)(v) of the
Tax Agent Services Act
18
2009
;
19
be entered on the register for the period prescribed by the regulations
20
for the purposes of that subparagraph.
21
(3)
If the Board makes a decision (a
publication decision
)
under
22
subitem (2) then, for the purposes of the
Tax Agent Services Act 2009
as
23
it applies in relation to the investigation on and after the time when the
24
publication decision is made:
25
(a) the publication decision is taken to have been validly made
26
under subparagraph 60-125(2)(b)(v) of that Act (and
27
subsections 60-125(3) and (7) of that Act are to be
28
disregarded); and
29
(b) the period prescribed by the regulations for the purposes of
30
subparagraph 60-125(2)(b)(v) of that Act is taken to be a
31
period of 5 years starting on the day when the Board made
32
the decision that no further action would be taken (as
33
mentioned in paragraph (1)(c) of this item); and
34
(c) except for the purposes of paragraph (b) of this subitem, the
35
Board's decision that no further action would be taken is to
36
be disregarded.
37
Schedule 3
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Tax Practitioners Board reform
Part 2
Investigations by the Board
22
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Note:
The effects of subitem (3) include that the Board must give notice of, and reasons for,
1
the publication decision under subsection 60-125(8) of the
Tax Agent Services Act 2009
,
2
and that an application may be made to the Administrative Appeals Tribunal under
3
section 70-10 of that Act for review of the publication decision.
4
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Schedule 3
Delegations by the Board
Part 3
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
23
Part
3--Delegations by the Board
1
Tax Agent Services Act 2009
2
13 Before subsection 70-30(1A)
3
Insert:
4
Functions and powers that must not be delegated
5
14 Subsection 70-30(2)
6
Repeal the subsection, substitute:
7
Powers to make reviewable decisions
8
(2) A power to make a reviewable decision (other than a decision
9
covered by subsection (2A)):
10
(a) must not be delegated under paragraph (1)(a), (c) or (d); and
11
(b) may be delegated to a
*
committee under paragraph (1)(b)
12
only if:
13
(i) the committee has 3 members or more; and
14
(ii) all members of the committee are
*
Board members.
15
Note:
For
reviewable decision
, see subsection (5).
16
(2A) This subsection covers the following reviewable decisions:
17
(a) a decision to terminate the registration of an individual under
18
subsection 40-5(2);
19
(b) a decision to terminate the registration of a partnership under
20
subsection 40-10(2);
21
(c) a decision to terminate the registration of a company under
22
subsection 40-15(2).
23
Other matters
24
15 At the end of section 70-30
25
Add:
26
Schedule 3
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Part 3
Delegations by the Board
24
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Definitions
1
(5) In this section:
2
reviewable decision
means a decision in respect of which an
3
application for review may be made to the Administrative Appeals
4
Tribunal under section 70-10.
5
PwC response
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Information sharing
Schedule 4
Amendments
Part 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
25
Schedule
4--PwC response--Information
1
sharing
2
Part
1--Amendments
3
Taxation Administration Act 1953
4
1 Subsection 355-65(8) in Schedule 1 (at the end of the table)
5
Add:
6
7
14
the Secretary of the Department
(a) is of information that concerns:
(i) a breach of an obligation
of confidence by an entity
(the
first entity
) against
the Commonwealth or a
Commonwealth entity
(within the meaning of the
Public Governance,
Performance and
Accountability Act 2013
);
or
(ii) if the taxation officer
reasonably suspects that
such a breach has
occurred
--
the suspected
breach;
where the obligation arose in
connection with the first entity
providing advice, or otherwise
providing services, to a
Commonwealth entity either:
(iii) as an entity engaged by
the Commonwealth entity
for that purpose; or
(iv) as an entity representing
a taxpayer; and
(b) is for the purpose of enabling or
assisting in the consideration,
development or implementation
of any measure, or the taking of
Schedule 4
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Information sharing
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Amendments
26
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
any action, directed at dealing
with the breach or suspected
breach; and
(c) does not include:
(i) the
*
ABN; or
(ii) the name; or
(iii) contact details; or
(iv) personal information
(within the meaning of the
Privacy Act 1988
);
of any entity other than the first
entity, unless the Commissioner
is satisfied that the inclusion of
the information is necessary for
the purpose mentioned in
paragraph (b); and
(d) if the taxation officer is not the
Commissioner, a
*
Second
Commissioner or an SES
employee or acting SES
employee of the Australian
Taxation Office
--
is authorised
by:
(i) the Commissioner; or
(ii) a Second Commissioner;
or
(iii) an SES employee or
acting SES employee of
the Australian Taxation
Office who is not a direct
supervisor of the taxation
officer.
15
a professional disciplinary body that
is prescribed for the purposes of this
table item (a
prescribed disciplinary
body
)
(a) is of information that concerns an
entity (the
first entity
) and an act
or omission (or a suspected act
or omission) of the first entity
that the taxation officer
reasonably suspects may
constitute a breach by the first
entity of the prescribed
disciplinary body's code of
conduct or professional
standards, however described;
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Information sharing
Schedule 4
Amendments
Part 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
27
and
(b) is for the purpose of enabling or
assisting the prescribed
disciplinary body to perform one
or more of its functions in
respect of the first entity; and
(c) does not include:
(i) the
*
ABN; or
(ii) the name; or
(iii) contact details; or
(iv) personal information
(within the meaning of the
Privacy Act 1988
);
of any entity other than the first
entity, unless the Commissioner
is satisfied that the inclusion of
the information is necessary for
the purpose mentioned in
paragraph (b); and
(d) if the taxation officer is not the
Commissioner, a
*
Second
Commissioner or an SES
employee or acting SES
employee of the Australian
Taxation Office
--
is authorised
by:
(i) the Commissioner; or
(ii) a Second Commissioner;
or
(iii) an SES employee or
acting SES employee of
the Australian Taxation
Office who is not a direct
supervisor of the taxation
officer.
2 After section 355-180 in Schedule 1
1
Insert:
2
Schedule 4
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Information sharing
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Amendments
28
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
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No. , 2023
355-181 Exception
--
on-disclosure to Ministers in relation to breach
1
of confidence and related matters
2
Section 355-155 does not apply if:
3
(a) the entity is the Secretary of the Department or an SES
4
employee of the Department authorised by the Secretary for
5
the purposes of this section
(the
first entity
); and
6
(b) the information was obtained by the first entity under the
7
exception in subsection 355-65(1) operating in relation to
8
item 14 in the table in subsection 355-65(8); and
9
(c) the record is made for, or the disclosure is to, the Minister or
10
the
*
Finance Minister; and
11
(d) the record or disclosure is for the purpose of providing advice
12
to the Minister or the Finance Minister in relation to:
13
(i) a breach, or a suspected breach, of an obligation of
14
confidence by another entity (the
second entity
) against
15
the Commonwealth or a Commonwealth entity (within
16
the meaning of the
Public Governance, Performance
17
and Accountability Act 2013
); or
18
(ii) any proposed measure or action directed at dealing with
19
such a breach or suspected breach.
20
Note:
A defendant bears an evidential burden in relation to the matters in
21
this section: see subsection 13.3(3) of the
Criminal Code
.
22
3 Section 355-210 in Schedule 1
23
After "355
-
180", insert ", 355
-
181".
24
Tax Agent Services Act 2009
25
4 At the end of section 70-40
26
Add:
27
Disclosures to the Secretary of the Department
28
(5) Subsection 70-35(1) does not apply if:
29
(a) the person (the
first person
) makes the record for, or the
30
disclosure to, the Secretary of the Department; and
31
(b) the record or disclosure is of information that concerns:
32
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Information sharing
Schedule 4
Amendments
Part 1
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
29
(i) a breach of an obligation of confidence by another
1
person (the
second person
) against the Commonwealth
2
or a Commonwealth entity (within the meaning of the
3
Public Governance, Performance and Accountability
4
Act 2013
); or
5
(ii) if the first person
reasonably
suspects that such a breach
6
has occurred
--
the suspected breach; and
7
(c) the obligation arose in connection with the second person
8
providing advice, or otherwise providing services, to a
9
Commonwealth entity either:
10
(i) as an entity engaged by the Commonwealth entity for
11
that purpose; or
12
(ii) as an entity representing a taxpayer; and
13
(d) the record or disclosure is for the purpose of:
14
(i) enabling or assisting in the consideration, development
15
or implementation of any measure or the taking of any
16
action
directed at dealing with the breach or suspected
17
breach; or
18
(ii) enabling or assisting the Secretary
or an SES employee
19
of the Department
to advise the Minister and the
20
*
Finance Minister in relation to the breach or suspected
21
breach; and
22
(e) the record or disclosure is of information that does not
23
include:
24
(i) the
*
ABN; or
25
(ii) the name; or
26
(iii) contact details; or
27
(iv) personal information (within the meaning of the
Privacy
28
Act 1988
);
29
of any person other than the second person, unless the Board
30
is satisfied that the inclusion of the information is necessary
31
for a purpose mentioned in paragraph (d).
32
Note:
A defendant bears an evidential burden in relation to the matters in
33
subsection (5): see subsection 13.3(3) of the
Criminal Code
.
34
Disclosures to a prescribed professional disciplinary body
35
(6) Subsection 70-35(1) does not apply if:
36
Schedule 4
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Information sharing
Part 1
Amendments
30
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
(a) the person (the
first person
) makes the record for, or the
1
disclosure to, a professional disciplinary body that is
2
prescribed by the regulations for the purposes of this
3
subsection (a
prescribed disciplinary body
); and
4
(b) the record or disclosure is of information that concerns
5
another person (the
second person
) and an act or omission
6
(or a suspected act or omission) of the second person that the
7
first person reasonably suspects may constitute a breach by
8
the second person of the prescribed disciplinary body's code
9
of conduct or professional standards, however described; and
10
(c) the record or disclosure is made for the purpose of enabling
11
or assisting the prescribed disciplinary body to perform one
12
or more of its functions in respect of the second person; and
13
(d) the record or disclosure is of information that does not
14
include:
15
(i) the
*
ABN; or
16
(ii) the name; or
17
(iii) contact details; or
18
(iv) personal information (within the meaning of the
Privacy
19
Act 1988
);
20
of any person other than the second person, unless the Board
21
is satisfied that the inclusion of the information is necessary
22
for the purpose mentioned in paragraph (c).
23
Note:
A defendant bears an evidential burden in relation to the matters in
24
subsection (6): see subsection 13.3(3) of the
Criminal Code
.
25
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Information sharing
Schedule 4
Application of amendments
Part 2
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
31
Part
2--Application of amendments
1
5 Application
--
record or disclosure of information
2
(1)
The amendments of Schedule 1 to the
Taxation Administration Act
3
1953
made by this Schedule apply in relation to records and disclosures
4
of information made on or after the commencement of this item,
5
whether the information was obtained before, on or after that
6
commencement.
7
(2)
The amendments of the
Tax Agent Services Act 2009
made by this
8
Schedule apply in relation to records and disclosures of information
9
made on or after the commencement of this item, whether the
10
information was obtained before, on or after that commencement.
11
Schedule 5
Petroleum resource rent tax deductions cap
32
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
Schedule
5--Petroleum resource rent tax
1
deductions cap
2
3
Petroleum Resource Rent Tax Assessment Act 1987
4
1 Section 2 (definition of
apportionment percentage figure
)
5
Repeal the definition, substitute:
6
apportionment percentage figure
:
7
(a) in relation to a year of tax
--
has the meaning given by
8
subsection 2C(2); and
9
(b) in relation to any other period
--
has the meaning given by
10
subsection 2C(3).
11
2 At the end of section 2C
12
Add:
13
(3) For the purposes of this Act,
apportionment percentage figure
, in
14
relation to a period of days that is not a year of tax, means the
15
amount worked out under subsection (2) as if the period were a
16
year of tax.
17
3 At the end of section 22
18
Add:
19
Deemed taxable profit for certain liquefied natural gas projects
20
(3) If:
21
(a) a person derives assessable petroleum receipts or assessable
22
tolling receipts in relation to a petroleum project in a year of
23
tax; and
24
(b) sales gas is, or will be, produced from some or all of the
25
petroleum that is, or will be, recovered from the project; and
26
(c) the person is a party to an arrangement (within the meaning
27
of section 50); and
28
(d) it is intended, as a result of carrying out the arrangement, that
29
sales gas (which may or may not be the sales gas mentioned
30
Petroleum resource rent tax deductions cap
Schedule 5
No. , 2023
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
33
in paragraph (b)) is to be wholly or primarily processed into
1
liquefied natural gas; and
2
(e) the person enters, or will enter, into such arrangements on a
3
regular or consistent basis; and
4
(f) the person is not taken under subsection (1) or (2) to have a
5
taxable profit in relation to the project and the year of tax;
6
and
7
(g) the project is not excluded under subsection (5) for the year
8
of tax;
9
the person is taken for the purposes of this Act to have a taxable
10
profit in relation to the project and the year of tax of an amount
11
(the
denied deduction amount
) equal to 10% of the assessable
12
receipts derived by the person in relation to the project in the year
13
of tax.
14
(4) However, if the project is a Greater Sunrise project, the person is
15
taken for the purposes of this Act to have a taxable profit in
16
relation to the project and the year of tax of an amount (the
denied
17
deduction amount
) worked out using the following formula:
18
Initial taxable profit
Apportionment percentage figure
100
19
where:
20
apportionment percentage figure
has the meaning given by
21
subsection 2C(2).
22
initial taxable profit
means the amount of taxable profit worked
23
out under subsection (3) ignoring this subsection.
24
(5) For the purposes of paragraph (3)(g), a project is excluded for a
25
year of tax if:
26
(a) the year of tax is the first financial year in which assessable
27
petroleum receipts are derived by the person in relation to the
28
project or one of the subsequent 7 financial years; or
29
(b) the person incurs resource tax expenditure or starting base
30
expenditure in the year of tax in relation to the project; or
31
(c) the person is not taken to incur any amounts under
32
subsection 33(3), 34(3), 34A(4), 35(3), 35C(5), 35E(3),
33
Schedule 5
Petroleum resource rent tax deductions cap
34
Treasury Laws Amendment (Tax Accountability and Fairness) Bill
2023
No. , 2023
35F(2) or 36(1) (including because of section 48 or 48A) in
1
relation to the project:
2
(i) on the first day of the year of tax; or
3
(ii) on the first day of a previous year of tax (other than the
4
first year of tax in which the person incurred deductible
5
expenditure in relation to the project).
6
4 After paragraph 32(fc)
7
Insert:
8
(fd) augmented denied deductible expenditure;
9
5 After section 35E
10
Insert:
11
35F Augmented denied deductible expenditure
12
(1) For the purposes of this Act, a reference to the augmented denied
13
deductible expenditure incurred by a person in a financial year in
14
relation to a petroleum project is a reference to:
15
(a) if the petroleum project is not a combined project
--
any
16
amount that is taken by subsection (2) or Division 5 to be
17
augmented denied deductible expenditure incurred by the
18
person in relation to the project in the financial year; or
19
(b) if the petroleum project is a combined project:
20
(i) any amount that is taken by subsection (2) or Division 5
21
to be augmented denied deductible expenditure incurred
22
by the person in relation to the project in the financial
23
year; or
24
(ii) if the financial year
is the year in which the project
25
combination certificate in relation to the project came
26
into force
--
each amount that is taken by subsection (2)
27
or Division 5 to be augmented denied deductible
28
expenditure incurred by the person in relation to the
29
pre-combination projects in the financial year.
30
Amounts uplifted from previous financial year
31
(2) If:
32
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35
(a) a person has a denied deduction amount worked out under
1
subsection 22(3) or (4) in relation to a project and a financial
2
year (the
assessable year
)
; and
3
(b) the sum of:
4
(i) the deductible expenditure incurred by the person in
5
relation to the project in the assessable year; and
6
(ii) the total of the amounts (if any) transferred by the
7
person to the project in relation to the assessable year
8
under section 45A; and
9
(iii) the total of the amounts (if any) transferred by another
10
person to the person in relation to the project and the
11
assessable year under section 45B;
12
equals or exceeds the assessable receipts derived by the
13
person in the assessable year in relation to the project;
14
the person is taken to incur, in relation to the project and on the
15
first day of the next financial year, an amount of augmented denied
16
deductible expenditure worked out in accordance with the formula:
17
Available excess
LTBR
18
where:
19
available excess
means the sum of:
20
(a) so much of the excess as does not exceed the amount (if any)
21
of augmented denied deductible expenditure incurred by the
22
person in relation to the project in the assessable year; and
23
(b) the denied deduction amount.
24
LTBR
means the long-term bond rate in relation to the assessable
25
year plus 1.
26
6 Paragraph 97(1A)(b)
27
After "35E(3)", insert ", 35F(2)".
28
7 After subsection 97(1B)
29
Insert:
30
(1BA) However, if a person was taken under subsection 22(3) or (4) to
31
have a taxable profit in relation to the project and the financial year
32
immediately preceding the year of tax, then:
33
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(a) subsection (1) of this section does not apply to the person in
1
relation to the project and the year of tax; and
2
(b) subject to subsection (2) of this section, the notional tax
3
amount of the person, in relation to the project and an
4
instalment period in the year of tax, is the tax that would, if
5
the instalment period were a year of tax, be payable on the
6
amount worked out in accordance with the formula:
7
Current period receipts
Previous period receipts
0.1
−
8
where:
9
current period receipts
means:
10
(a) if the project is not a Greater Sunrise project
--
the
11
assessable receipts derived by the person in relation to
12
the project in the instalment period; or
13
(b) if the project is a Greater Sunrise project
--
the
14
assessable receipts derived by the person in relation to
15
the project in the instalment period multiplied by the
16
apportionment percentage figure for the instalment
17
period.
18
previous period receipts
means:
19
(a) if the instalment period is the first instalment period in
20
the year of tax
--
nil; or
21
(b) if paragraph (a) does not apply
--
the current period
22
receipts for the instalment period that ended most
23
recently before the end of the instalment period.
24
(1BB) For the purposes of subsection (1BA), if the whole or a part of the
25
assessable petroleum receipts that would be taken into account in
26
working out the current period receipts were determined under
27
paragraph 24(1)(d) or (e) (the
special calculation provisions
), then,
28
in calculating the current period receipts:
29
(a) any assessable petroleum receipts determined under the
30
special calculation provisions are to be excluded; and
31
(b) the amount worked out in accordance with the regulations in
32
respect of those assessable petroleum receipts is to be
33
included.
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8 Subsection 97(1C)
1
Omit "
subsection (
1B)", substitute "subsections
(1B) and (1BA)".
2
9 Subsection 97(2)
3
After "
subsection (
1)", insert "or (1BA)".
4
10 Clause 5 of Schedule 1 (definition of
notional taxable
5
profit
)
6
After "would be the taxable profit", insert "under
subsection 22(1) or
7
(2)".
8
11 Clause 5 of Schedule 1 (paragraph (a) of the definition of
9
notional taxable profit
)
10
After "starting base expenditure", insert ", augmented denied deductible
11
expenditure".
12
12 Clause 9 of Schedule 1 (definition of
notional taxable
13
profit
)
14
After "would be the taxable profit", insert "under
subsection 22(1) or
15
(2)".
16
13 Clause 9 of Schedule 1 (paragraph (a) of the definition of
17
notional taxable profit
)
18
After "starting base expenditure", insert ", augmented denied deductible
19
expenditure".
20
14 Clause 14 of Schedule 1
21
Before "Amounts", insert "(1)".
22
15 At the end of clause 14 of Schedule 1
23
Add:
24
(2) Augmented denied deductible expenditure taken to be incurred by
25
a person in a financial year in relation to the notional project is not
26
deductible expenditure actually incurred by the person in relation
27
to the notional project in the financial year.
28
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16 Clause 19 of Schedule 1 (definition of
notional taxable
1
profit
)
2
After "would be the taxable profit", insert "under
subsection 22(1) or
3
(2)".
4
17 Clause 27 of Schedule 1 (definition of
notional taxable
5
profit
)
6
After "would be the taxable profit", insert "under
subsection 22(1) or
7
(2)".
8
18 Application of amendments
9
(1)
The amendments to the
Petroleum Resource Rent Tax Assessment Act
10
1987
made by this Schedule, other than the amendments made by
11
items 7 to 9, apply in relation to assessable receipts derived by a person
12
in relation to a petroleum project in a year of tax beginning on or after
13
1 July 2023 (whether or not assessable receipts were also derived by a
14
person in relation to the project in an earlier year of tax).
15
(2)
In determining, under subsection 22(5) of the
Petroleum Resource Rent
16
Tax Assessment Act 1987
as inserted by this Schedule, whether a project
17
is excluded for a year of tax beginning on or after 1 July 2023, apply
18
paragraph (a) and subparagraph (c)(ii) of that subsection with regard to
19
financial years including financial years before that year of tax.
20
(3)
The amendments to the
Petroleum Resource Rent Tax Assessment Act
21
1987
made by items 7 to 9 of this Schedule apply in relation to a
22
petroleum project and a year of tax beginning on or after 1 July 2024.
23