Taxation Administration Amendment Bill 2021
Part 6, Division 2 of the Taxation Administration Act 2007 is being amended to include new provisions relating to special arrangements, with the conveyance by return scheme the only such arrangement currently approved.
In summary, the amendments:
- provide additional protection for taxpayers by expressly absolving them from their tax liability once payment is remitted to their agent
- introduce a criminal offence and debt recovery provisions, and impose interest and penalty in circumstances where agents fail to remit money on their client’s behalf
- create objection and appeal rights and refund provisions in relation to agents.
Read the Bill for further information about the effect of these changes on the Conveyance by Return scheme.
Last updated: 25 February 2021
Share this page:URL copied!