Home Forums Tax Admin & Community Community TaxVine 47 Preamble — Year end wrap

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      In this week’s TaxVine, our General Manager of Tax Policy and Advocacy (TPA), Scott Treatt, CTA, reflects on the year that has been and what we can expect in 2023.

      Scott covers the key tax measures for the TPA team in 2022. Here are a few highlights:

      Multinationals — Throughout the last six months, there have been a number of consultations released focusing on the large business segment and tax avoidance measures.

      Fringe benefits tax — The fringe benefits tax (FBT) exemption for certain zero or low emission vehicles (ZEVs) was another key tax measure proposed as part of Labor’s 2022 election policies.

      Taxation of digital assets — In October 2021, the Senate Select Committee on Australia as a Technology and Financial Centre released its final report that examined how cryptocurrencies and other digital assets are treated for tax purposes in Australia. The Tax Institute and other professional bodies have highlighted in this submission the numerous issues facing taxpayers who hold or transact digital assets.

      Section 100A — Earlier this month, the ATO released its finalised guidance on section 100A — Taxation Ruling TR 2022/4 Income tax: section 100A reimbursement agreements and Practical Compliance Guideline PCG 2022/2 Section 100A reimbursement agreements — ATO compliance approach.

      Employee versus contractor — This week, we have seen the ATO release draft guidance regarding employee versus contractor, in the form of Taxation Ruling TR 2022/D3 Income tax: pay as you go withholding – who is an employee? and Practical Compliance Guideline PCG 2022/D5 Classifying workers as employees or independent contractors – ATO compliance approach.

      Consultation — The importance of consultation with government bodies was an underlying theme this year. In last week’s TaxVine, we examined some of the forums we have utilised over the past year to engage with government stakeholders.

      Administration — Cyber security was a prominent issue that a large proportion of the community encountered this year as a result of the Optus, Medibank and more recent Telstra security breaches. Digital security was also a key focus of the ATO and the Australian Business Registry Services, with a number of initiatives conducted through the year.

      Moving into 2023 — We expect 2023 will focus on finalising the measures released for consultation in 2022 and introducing additional measures.

      What are your thoughts, ideas, experiences and comments on what tax policies we should expect to be introduced in 2023. Join the conversation here.


      Zoe Beesley

      Tax Policy Assistant

      The Tax Institute

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