27 March 2007

Board of Taxation to Consult on Opportunities to Apply Consistent Self Assessment Principles Across All Taxes

The Minister for Revenue and Assistant Treasurer, Peter Dutton, today announced that he has asked the Board of Taxation (the Board) to consult publicly on the scope to apply consistent self assessment principles across all federally administered taxes (including the goods and services tax).

The Board will consult on the potential for applying common regimes for rulings, interest and amendment periods across all federally administered taxes (based on the new income tax regimes in these areas).  The Board will commence public consultation in the first half of 2007.

The Board’s goal will be to support the Government’s efforts to ensure that, where feasible, consistent self assessment principles are applied across different federally administered taxes, tax compliance costs are minimised and there is protection for taxpayers who act in accordance with tax advice.

‘This is another instance of this Government’s commitment to reducing the complexity and volume of Australia’s tax laws,’ Mr Dutton said.