Income Tax Point-in-Time Service Updates

The Income Tax Point-in-Time Service has been updated to include the Taxation Administration Amendment (Disclosure of Information to Operation Protego Integrity Taskforce) Regulations 2024 (Cth) and the Income Tax Assessment Amendment (Transfer Balance Account Value for Certain Superannuation Income Streams) Regulations 2024 (Cth).

Taxation Administration Amendment (Disclosure of Information to Operation Protego Integrity Taskforce) Regulations 2024

These Regulations allow the Australian Taxation Office (ATO) to share information with the Operation Protego Integrity Taskforce to take investigative or disciplinary action against Commonwealth employees suspected of engaging in misconduct in respect of goods and services tax fraud being investigated by the ATO as part of Operation Protego. The sharing of this information seeks to ensure the protection of public finances through better detection, management and prevention of fraud against the Commonwealth.

Income Tax Assessment Amendment (Transfer Balance Account Value for Certain Superannuation Income Streams) Regulations 2024

The purpose of the Regulations is to prescribe rules for dealing with certain superannuation income streams for the purpose of the transfer balance account provisions in Division 294 of the Income Tax Assessment Act 1997 (Cth). The Regulations prescribe a special value for transfer balance account reporting purposes and provide for a transfer balance debit to arise when these superannuation income streams cease and the cessation does not otherwise result in a transfer balance debit. 

These amendments have been updated in the Point-in-Time Income Tax Service current to 20 August 2024 (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.