This edition includes a summary of significant superannuation tax news and announcements made as at 31 October 2017, including:
- Treasury exposure draft released on whistle blowers
On 23 October 2017, Treasury released for public consultation draft legislation designed to create a single whistleblower protection regime in the Corporations Act. Importantly, from a tax perspective, the legislation creates a new whistleblower protection regime to protect those who expose tax misconduct, as well as modifying the existing regime covering the corporate, financial and credit sectors.
- A new era of taxpayer compliance
Previously, the ATO would select taxpayers to audit based on perceived risks, moderated by its risk differentiation framework and as announced in its annual compliance program. However, in recent years there has been an increasing shift towards real time compliance and achieving greater tax certainty in Australia, commencing with measures such as annual compliance arrangements, pre-lodgment compliance reviews, and the reportable tax position schedule.
- Super Bills face possible Senate hurdles
Three important Bills affecting superannuation funds are now before the Senate. Given the composition of the present Senate, and that some of the minor parties and independents have not yet stated their positions, the passage of any or all of the three bills remains in doubt.
- Other superannuation matters