Income Tax Point-in-Time Service Updates

Friday 5 July 2024 @ 3.30 p.m.

The Income Tax Point-in-Time Service has been updated to include the Digital ID (Transitional and Consequential Provisions) Act 2024 (Cth) (Act No. 26 of 2024), the Treasury Laws Amendment (Tax Accountability and Fairness) Act 2024 (Cth) (Act No. 37 of 2024), the Administrative Review Tribunal (Consequential and Transitional Provisions No. 1) Act 2024 (Cth) (Act No. 38 of 2024), and the Tax Agent Services Amendment (Updating Fees) Regulations 2024 (Cth).

Act 26 of 2024

This Act, together with the Digital ID Act 2024 (Cth), aims to provide individuals with secure, convenient, voluntary and inclusive ways to verify their identity for use in online transactions with government and businesses.

Act 37 of 2024

The Act amends the law relating to taxation and forms part of the Government's response to the PwC tax leaks scandal. The Act includes amendments to the Taxation Administration Act 1953 (Cth) relating to promoter penalty provisions and the extension of whistleblower protections. The Act also amends the Tax Agent Services Act 2009 (Cth) and the Petroleum Resource Rent Tax Assessment Act 1987 (Cth).

Act 38 of 2024

This Act repeals the Administrative Appeals Tribunal Act 1975 (Cth) and makes consequential amendments to various Commonwealth Acts to help facilitate the transition from the Administrative Appeals Tribunal to the Administrative Review Tribunal as established under the Administrative Review Tribunal Act 2024 (Cth).

Tax Agent Services Amendment (Updating Fees) Regulations 2024

The Regulations amend the registration application fees for tax agents and BAS agents in the Tax Agent Services Regulations 2022 (Cth).

These amendments have been updated in the Point-in-Time Income Tax Service current to 27 June 2024 (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.