Limitations in the tax secrecy laws, which had historically prevented us from sharing certain information with Treasury, have been removed as part of the Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024External Link.
These changes, which came into effect on 1 June 2024, allow us to share information with Treasury concerning suspected breaches of obligations of confidence by an entity against the Commonwealth.
This enables Treasury, as a policy and legislative adviser to government, to take appropriate action directed at dealing with suspected breaches.
While instances of misconduct by tax professionals engaged by the Commonwealth are rare, the law change will strengthen the integrity of the tax system and hold those who misuse confidential Commonwealth information accountable.
The law changes won’t affect most tax professionals. Only those who breach, or are suspected of breaching, an obligation of confidence by misusing confidential Commonwealth information are impacted.
We’ve updated our practice statement which instructs our staff on the process for sharing information with Treasury under these circumstances. See PS LA 2005/23 Disclosing information about a taxpayer’s taxation affairs to Treasury.