Income statements and income tax filing exemptions

Clauses 231, 225 and 226

Submission

(Chartered Accountants Australia and New Zealand)

This amendment is a sensible way of reducing the number of people required to file tax returns and therefore is a sensible way of reducing both Inland Revenue administrative costs and taxpayer compliance costs.  There are many other “small” changes that could be made to the current rules that would simplify tax and reduce compliance and administrative costs.  A real effort should be made to identify and implement them as part of Inland Revenue’s Business Transformation or, where possible, in advance of Business Transformation.

Comment

This submission has been referred to Inland Revenue’s Business Transformation project for consideration in future tax bills.

Recommendation

That the submission be noted.