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Book Cover
Book
Author Australia. Parliament. Joint Committee of Public Accounts.

Title An advisory report on the Income Tax Assessment Bill 1995, the Income Tax (Transitional Provisions) Bill 1995 and the Income Tax (Consequential Amendments) Bill 1995 / The Parliament of the Commonwealth of Australia, Joint Committee of Public Accounts
Published Canberra : Australian Govt. Pub. Service, 1996

Copies

Location Call no. Vol. Availability
 MELB  KM 331 K1 Aus/Rep  1996/345  AVAILABLE
Description xviii, 97 pages ; 25 cm
Series Report / Parliament of the Commonwealth of Australia, Joint Committee of Public Accounts ; 345
Report (Australia. Parliament. Joint Committee of Public Accounts) ; 345
Report (Australia. Parliament. Joint Committee of Public Accounts) ; 345
Contents 1. Setting the context -- Referral of legislation to the Joint Committee of Public Accounts -- Conduct of the review -- References to 1995 and 1996 versions of the bills -- The Tax Law Improvement Project -- Structure of the report -- Preliminary observatons -- General support for the 1996 Bill TLIP's policy mandate -- 2. Constitutional basis for the legislation -- Sections 51 and 55 of the Constitution -- The Income Tax Act 1986 -- 3. General drafting issues -- The pyramid structure and other alterantives -- The new numbering system -- Plain language and judicial interpretation -- 4. Aids to interpretation -- The Dictionary -- Diagrams and non operative provisions -- The explanatory memorandum -- Rewriting of public rulings -- 5. Implementation -- Commencement date of the 1995 Bill -- A big bang, progressive replacement or warehousing -- Retaining a 'fall back' option -- 6. Comments on individual clauses -- Clause 6-5 -- Clause 330-95 -- Clause 333-495 -- -- Technical errors in the legislation -- 7. Consideration of tax policy -- A reduction in compliance costs -- TLIP's mandate to consider policy - The need to simplify policy -- Review of tax policy -- How to address minor policy issues -- The role of Treasury in policy review -- A further role of Parliament -- 8. Conclusion -- Appendix I. Submissions -- Appendix 2. Exhibits -- Appendix 3. Witnesses at public hearings -- Appendix 4. The differences between the 1995 and 1996 packages of Bills -- Appendix 5. Clause by clause comments. them would requi
Summary This report is the culmination of several years interest by the Joint Committee of Public Accounts (JCPA) in tax law simplification. It reviews a package of three Bills which provide the framework for a new income tax assessment Act, in place of the 1936 Act. The Bills, which have been prepared by the Tax Law Simplification Project (TLIP), represent a significant improvement over the current law - they are widely regarded as being far easier to read and understand than the legislation they will replace. Most of the evidence taken during the review focussed on proposals to fine tune the Bills, rather than calls for a fundamental rethink. This stands as testimony to the quality of the TLIP's drafting and the effectiveness of the consultative process. However, the JCPA's review revealed a number of concerns about the Bills. The most significant of these is that the legislation, as drafted, will commence from 1 July 1996, making it retrospective in application. It is unacceptable that tax legislation be retrospective and the committee recommends strongly that the Bills, and subsequent instalments from the TLIP rewrite, commence on the 1 July following enactment. One of the recurring themes in comments to the JCPA over the last few years is the need for governments to tackle and resolve the underlying complexity in tax policy. There is a clear sense of frustration in the tax profession that highly complex sections of the 1936 Act are being perpetuated in the new legislation, since changing them would require policy to be reassessed, which is beyond the TLIP's mandate. Although there is broad acceptance that the rewrite process would stall, and probably fail, if TLIP's mandate were expanded to encompass policy simplification, there is an equally strong conviction that alternative mechanisms for addressing policy complexities must be found. One approach, suggested in chapter 7 of the report, is that a parliamentary committee be charged with the responsibility of examining the tax policy complexities highlighted by the work of TLIP. Such a committee could perform a clearing-house function, publicly gathering and examining simplification options, and making recommendations for government consideration. However, tax simplification ultimately requires more than just consideration of the policy complexities highlighted by TLIP's rewrites: it need an open and wide ranging review of tax policies at the Federal and State level. Only after such a review will substantial and continuing reductions be made to tax compliance costs. This is the course we urge the Government to take.ly upo 6
Analysis Bills
Compliance (Taxation)
Federal issue
Income tax
Legislative amendments
Legislative drafting
Notes "August 1996"
AGPS cat. no. 964945X
Bibliography Includes bibliographical references
Notes Also published as Parliamentary Paper no. 104/1996
Subject Australia. Tax Law Improvement Project
Fiscal policy -- Australia.
Income tax -- Law and legislation -- Australia.
Taxation
Taxation -- Compliance costs -- Australia.
Taxation -- Compliance costs.
Taxation -- Law and legislation -- Australia.
Taxation.
Author Scott, L. J
Somlyay, A. M
ISBN 0644438282
Other Titles Advisory report on the Income Tax Assessment Bill 1996, the Income Tax (Transitional Provisions) Bill 1996 and the Income Tax (Consequential Amendments) Bill 1996