Date: 4 October 2024 – 1 November 2024

The Australian Government has released a consultation paper reviewing the tax promoter penalty laws. It outlines:

  • the purpose, administration and operation of the tax promoter penalty laws.
  • emerging behaviours.
  • other frameworks which may apply to promoters of tax exploitation schemes.

The paper seeks feedback on:

  • how effective the current regime is in deterring scheme promotion.
  • the current operation of the framework, focussing on (i) the scope of key defined terms, and (ii) whether exemptions adequately protect compliant tax practitioners.
  • other frameworks, and how comparable regimes deter misconduct.

Treasury will hold virtual roundtable discussions to supplement the written submissions process, during the consultation period.

Further information is available at the Treasury website.

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