Too taxing: reducing red tape

Existing campaign - ideas that reduce red-tape and result in compliance savings (e.g. streamlining tax registration thresholds, re-drafting complex provisions to ensure clarity and removing unnecessary sections from tax returns)

Too taxing: reducing red tape

Submitted by (@gcollie)

cryptocurrency registry or autofill function

Many inexperienced investors have plunged headlong into crypto investments, in many instances with little or no record keeping nor in some cases any knowledge of the tax treatment of their investments. It would be of great assistance to taxpayers to be able to maintain a registry of their crypto investments online, with the ATO, which could potentially calculate current liabilities. Similarly, akin to the existing autofill ...more »

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Too taxing: reducing red tape

Submitted by (@smdtag)

Expand foreign income reporting labels: add deductions label

Currently, labels on the income tax returns for reporting foreign income contain only "net income" and "gross income" for various income types. This hides the amount of deductions claimed against foreign income, and in case of individuals - against each income type. It also appears to overly complicate the reporting because the deductions need to be apportioned from D labels for individuals and/or subtracted from income ...more »

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Too taxing: reducing red tape

Submitted by (@robbie)

Super contribution info availability for tax agents

Currently there seems to be no way for tax agents to access taxpayer superannuation contribution details that the ATO holds. The ATO applies this info in assessing Div293 tax but the tax agent cannot accurately estimate for a client what the Div293 liability will be because tax agents cannot access the info that the ATO holds about contributions made on behalf of a taxpayer for a financial year. The tax agent can guess ...more »

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Too taxing: reducing red tape

Submitted by (@anna2016)

Payment Summaries

Would it be possible to enter Payment Summary information through the ATO Business Portal/Tax Agent Portal and then being able to print payment summaries as pdf files (ideally with immediate email to employee functionality). Currently micro businesses are completing paper copies. These forms are getting more elusive to access. Most micro businesses do not have payroll functions included in their accounting software. Where ...more »

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4 votes
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Too taxing: reducing red tape

Submitted by (@accountfit)

BAS agent to view all ATO accounts

At present BAS agents can only access and perform functions on the ICA account of their client. It would be very useful if BAS agents could view only the other ATO accounts associated with that entity for eg Income Tax account, FBT account. This would assist with many bookkeeping processes that a BAS agent usually performs for their client and would also reduce time and resources used in following up on this information ...more »

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2 votes
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Too taxing: reducing red tape

Submitted by (@tonrid52)

My gov

Currently you cam only use an email address for one my gov registration. While the rationale is understandable. It doea not work effectively. This practice stops children from assisting parents or relatives to lodge tax returns. This is an easy fix which provides greater flexibility and will increase participation with My Gov

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8 votes
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Too taxing: reducing red tape

Submitted by (@moderatorboardoftaxationsecretariat)

Ability to appoint multiple public officers

Companies carrying on a business or deriving property income in Australia are required to have and must appoint a public officer for the company. Amongst other things, the appointed public officer is the only person who is entitled to sign the company tax returns. The legislation does not allow for the appointment of multiple public officers for a particular company. There should be opportunity to appoint more than one ...more »

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4 votes
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Too taxing: reducing red tape

Submitted by (@moderatorboardoftaxationsecretariat)

Updating the Approved Stock Exchange List

The term "approved stock exchange" is used in various places throughout the income tax laws and affects, amongst other things, whether companies are "widely held" for the purposes of the tax laws. Ensure taxpayer certainty by updating the list of approved stock exchanges in Schedule 5 to the Income Tax Regulations 1997 so as to take account of acquisitions and/or name changes of stock exchanges previously on the list. ...more »

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1 vote
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Too taxing: reducing red tape

Submitted by (@robbie)

Unnecessary tax return form item

Total salary and wages expenses is one of the financial information disclosures on income tax returns of entities carrying on business. This disclosure is unnecessary because the ATO already gets this info from PAYGW disclosures on the business's BAS. Having to work out the payment summary equivalent figures to disclose on a tax return of an entity with a substituted accounting period can be very time consuming. Most ...more »

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4 votes
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Too taxing: reducing red tape

Submitted by (@johncondon)

Transparency and C Form update opportunity

A combination of new transparency and reporting by large businesses, IT systems investments at ATO and the rise of data analytics creates an environment for ATO, in collaboration with large businesses, to review and update the C Form to eliminate reporting duplications (e.g. IDS), lower compliance costs and provide more useful information that could be accessed directly from accounting systems.

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2 votes
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Too taxing: reducing red tape

Submitted by (@moderatorboardoftaxationsecretariat)

GST and Joint Ventures

GST law does not adequately deal with joint ventures (JVs) and in particular, the use of multiple JVs within the oil and gas industry. To reduce complexity and achieve a revenue neutral outcome, propose the amendment of Division 48 of the GST Act to allow commonly operated GST JVs and/or GST JVs involved in common project developments to form a GST Group. Alternatively, amend the existing GST JV provisions of Division ...more »

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Too taxing: reducing red tape

Submitted by (@moderatorboardoftaxationsecretariat)

Correcting GST Errors

The current time and value limits for correcting prior period GST debit errors range from 12 - 18 months and $10K to $450K depending on GST turnover. Where these limits are exceeded however, taxpayers are required to correct every impacted Business Activity Statement (BAS) lodged in the previous four years. This increases compliance costs for both taxpayers and the ATO. Propose therefore that both the time and value limits ...more »

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4 votes
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