Published on 20 Jan 22
by THE TAX INSTITUTE
The Tax Institute welcomes the opportunity to make a submission to the Treasury in relation to the exposure draft legislation to extend the power of the AAT to pause or modify ATO debt recovery action (Consultation). Our comments below relate to the Treasury Laws Amendment (Measures for Consultation) Bill 2022: Increased Tribunal powers for small business taxation decisions (Bill) and the Explanatory Memorandum.
The Tax Institute supports the Government’s policy intention of ‘making it easier for small business to pause debt recovery action’.1 However, we have concerns in respect of the drafting of the Bill which we do not consider gives effect to the policy underpinning the measure.
We have had the benefit of reviewing the submission prepared by the Business Law Section of the Law Council of Australia (LCA). The Tax Institute wholly endorses and supports the LCA’s submission. Please consider the LCA’s submission to be a reflection of our concerns regarding the Bill as currently drafted, and our recommendation of the preferred approach contained therein to ensure the Government’s policy intention of ‘Making it easier for small business to pause debt recovery action’ is met.
The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding.
We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.