Income Tax Act rewrite: Parts N, O

Exposure drafts of Part N and Part O of the rewritten Income Tax Act were released today for public comment. Part N contains rules relating to tax payment obligations, some of which were previously located in Part M. Changes to Part O, which relates to defined terms, include the use of tests of association for the associated person rules and rationalisation of the source rules according to income type. They are the final rewrite exposure drafts to be released before preparation of the bill begins. Submissions close on 21 July. See "Rewriting the Income Tax Act Exposure Draft, Part N" and "Rewriting the Income Tax Act Exposure Draft, Part O".