Implementing a reporting regime for sharing economy platform providers, closes on 22 February 2019

In the 2018-19 Budget, the Government announced that it will consult stakeholders on how it could implement the Black Economy Taskforce recommendation for a sharing economy reporting regime. The Taskforce recommended that sharing economy websites should be required to report payments made to their users to the ATO and other government agencies as appropriate (see Final Report).

The consultation paper discusses existing arrangements for reporting sharing economy information and seeks views on the possible design characteristics of a reporting regime, including the scope of proposed information reporting requirements.

Interested parties are invited to make a submission.

Debt and Equity Tax Regulations – Mutually-Owned ADIs, closes on 11 February 2019

On 8 November 2017 the Government committed to implementing the recommendations of the inquiry into Reforms for Cooperatives, Mutuals and Member-owned Firms, conducted by Greg Hammond OAM. The Government has today released for public consultation an exposure draft of the Treasury Laws Amendment (2019 Measures No. #) Regulations 2019 and explanatory materials.

The draft regulations propose to rectify the current disadvantage experienced by mutually-owned authorised deposit-taking institutions (ADIs), in comparison to their competitors. This disadvantage arises from the operation of existing tax regulations which treats certain capital instruments convertible into ordinary shares differently from similar capital instruments issued by mutually-owned ADIs. The draft regulations extend the operation of the tax regulation to ensure equivalent treatment between these capital instruments.

The draft regulation forms part of a broader suite of changes following the Hammond review. These changes are designed to improve access to capital, remove uncertainties currently faced by cooperatives and mutual to enable the sector to invest, innovate, grow and compete with investor owned corporations.

Interested parties are invited to make a submission.

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