Page 2665 - Week 09 - Thursday, 25 August 1994
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This change will provide that the commissioner's actions in discharging statutory responsibilities are readily distinguishable from, and not attributable to, the Executive Government.
Madam Speaker, further amendments to the Act are also proposed to extend the period in which the commissioner can issue an amended assessment. Currently, the commissioner can issue an amended assessment only within a period of three years after assessing an amount of tax. This is inadequate where tax is self-assessed and programmed audits by the ACT Revenue Office cannot ensure that there is a reasonable prospect of returns being audited within the three-year period. An extension of the period for amended assessments would, therefore, increase the prospect of all self-assessing taxpayers being subject to audit and any underpayments of tax being detected and corrected.
As taxpayers are already required to preserve their records for at least six years after a matter is completed, this Bill amends the Act to extend the period within which the commissioner can issue an amended assessment from three years to six years. However, in cases where the commissioner believes, on reasonable grounds, that there has been tax avoidance due to fraud or evasion or where a material fact has been omitted, this Bill provides that the commissioner will have an unlimited time within which to issue an amended assessment. This will ensure protection of ACT revenues.
Madam Speaker, this Bill will also amend the Act to allow the commissioner to vary the date and frequency of lodging returns for the assessment of duty. The Payroll Tax Act 1987 already empowers the commissioner to vary the date and frequency for the lodgment of payroll tax returns where the commissioner is satisfied that it would be unduly onerous for an employer to lodge their returns in accordance with the provisions of the Payroll Tax Act 1987. This change will, therefore, simply be extending this measure to all taxpayers who are required to lodge returns for assessment. Finally, Madam Speaker, amendments will be made to the Act to replace the out-of-date references to the Companies Act 1981 with references to the new Corporations Law. I commend the Bill to the Assembly and I present an explanatory memorandum to the Bill.
Debate (on motion by Mr Kaine) adjourned.
BOOKMAKERS (AMENDMENT) BILL (NO. 2) 1994
MR LAMONT (Minister for Urban Services, Minister for Housing and Community Services, Minister for Industrial Relations and Minister for Sport) (10.36): Madam Speaker, I present the Bookmakers (Amendment) Bill (No. 2) 1994.
Title read by Clerk.
MR LAMONT: I move:
That this Bill be agreed to in principle.
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