The Tax Office is proposing to make its annual tax determinations available only on the ATO website.
The ATO currently publishes 12 taxation determinations every year on indexation factors, rates, thresholds, reasonable amounts and certain values relating to fringe benefits tax (FBT), income tax and luxury car tax.
According to the ATO, there is no legislative requirement for the commissioner to publish this information, except for the improvement threshold (subsection 108-85(3) of the Income Tax Assessment Act 1997).
Annual TDs can be accessed using the legal database and most of this information is also available as website content on the ATO website.
It is proposing to make the information only available on its website in a bid to improve the timeliness of publishing the information, and providing taxpayers with easier, simpler and quicker access to the information.
If implemented, the change is proposed to only impact annual TDs for the 2019–20 income year and the 2020–21 FBT year, and onward.
The ATO is seeking feedback on the matter, including knowledge on how taxpayers currently access the rates and thresholds, and what impact the proposal would have if information was only published as website content.
Interested stakeholders are urged to respond to the consultation questions by email by 15 February 2019.
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.