House of Representatives
Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016
Explanatory Memorandum
(Circulated by the authority of the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP)For example, changes to the simplified imputation system were announced on 22 March 2001, to take effect from 1 July 2002. Another example is changes to the foreign currency provisions which were announced on 5 August 2004 to take effect from 1 July 2003. Although some of these changes have been enacted, many remain outstanding.
There are occasions where, in the interests of efficient administration, the Commissioner may accept entities anticipating a proposed retrospective change to the law. Where the ATO advises entities of particular circumstances where this is appropriate, entities may be protected from any shortfall penalties and GIC or SIC. The general powers cannot go so far as to provide protection from shortfalls in primary tax (see Law Administration Practice Statement PS LA 2007/11).