The Board of Taxation Karen Payne The Board of Taxation CEO and Board Member 1 Board of Taxation 2016 Michael Andrew AO (VIC) John Emerson AM (VIC) Chair Former global chair, KPMG
Deputy Chair Consultant, Herbert Smith Freehills, Not for profits Mark Pizzacalla (VIC) Karen Payne (NSW) Neville Mitchell (NSW) Partner-in-charge, Private Clients, BDO
Board Member and CEO CFO, Cochlear President, G100 Former Partner, Minter Ellison 2 Craig Yaxley (WA) Ann-Maree Wolff (QLD) Peggy Lau Flux (SA)
Lead Tax Partner, WA KPMG Asia Pacific Head of Tax Rio Tinto Council member Flinders University John Fraser (ACT) Chris Jordan AO (NSW)
Peter Quiggin PSM (ACT) Treasury Secretary (ex-officio) Commissioner of Taxation (ex-officio) First Parliamentary Counsel (ex-officio) 3 Function of the Board
Provide advice to the Minister (currently Minister for Revenue and Financial Services and the Treasurer) on: Quality and effectiveness of tax legislation including processes for its development and community consultation; General integrity and function of the tax system; Research and other studies; and Other taxation matters. The Board in Context Tax Policy & Objectives
Tax System Improvement Law Design & Integrity Operation and Simplicity The Board in Context Board of Taxation Industry Business
& Treasury Professional ATO Community Bodies We are an Advisory Board 7 Voluntary Tax Transparency Code The Board noted that it would like to see a greater take-up of the Code, in particular by private sector companies and foreign multinationals
It is not possible to make direct comparisons between the Boards register of companies and the ATOs corporate taxpayer list, since the Voluntary Code is usually prepared to encompass a group of companies which represents many companies on the ATO list. Groups can choose the level of aggregation or grouping of entities for disclosures. Current state of play To date, there are 52 organisations indicating their intention to adopt the code. Last month the CTA resurveyed its membership showing 67 groups (and 95 entities that are listed) have either notified the Board of Tax or are in the process of getting internal approvals for the adoption of the code.
The 67 groups translate to coverage of the following: 67 non-private groups with turnover > $100m % of total income 43% % of taxable income % of tax payable 64% 62% Who Should disclose?
Code outlines recommended disclosures for large and medium businesses Large business - TTC Australian turnover AUD 500m Medium business - TTC Australian turnover between AUD 100m and < AUD 500m Groups can choose the level of aggregation or grouping of entities for disclosures 10 Role of the ATO and AASB ATO: Centralised hosting of published TTC reports ATO will not review accuracy reports
AASB: Development of guidance material to assist businesses meeting minimum standards Establishing a common definition of effective tax rate 11 Sounding Board Raise, debate and prioritise business and community sector ideas on how to improve the tax system How to keep ideas progressing? As at 31 October 2016, there are 40 Ideas posted: 25
23 20 15 10 5 0 5 1
2 4 5 The 170+ regulatory reform legacy ideas have been published on the Boards website. The Boards Current Approach Providing real-time advice across three broad areas: Policy design
Legislative design Administration of Australias tax system 13 Projects Asset merger roll-over relief Definitions applied under State and Federal Tax Laws Stocktake of inconsistencies between core concepts within Federal and State tax laws which are impediments or create barriers for businesses Alignment of tax and accounting concepts Targeted areas where the tax law could be aligned to
accounting concepts to reduce red tape 14 Projects (contd) Targeted trust simplification Review of bare trust arrangements High wealth individuals and residency Review of current residency rules for individuals in light of reports that the rules may be used by some high wealth individuals to avoid tax obligations Shadow economy
Responses to address tax avoidance through the cash and shadow economy Tax and the sharing economy Consider ways in which Australia should tax the sharing economy 15 Projects (contd) Hybrid Mismatch Rules and Regulatory Capital Finalising Report Collective Investment Vehicles Board to provide its response to Minister on Treasury Consultation Paper
How to Keep in Contact Online: www.taxboard.gov.au Sounding Board: https://taxboard.ideascale.com/ Email: [email protected] Twitter: @taxboard_au 17 Questions?
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