Discussion Paper - Improvements to Running Balance Accounts and Related Provisions

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Abstract:

The Assistant Treasurer has released a discussion paper that seeks views about how to streamline and improve the tax law's running balance (RBA) account provisions to provide the flexibility to manage tax debts and entitlements more efficiently and in a way that is more useful for taxpayers. The discussion paper also seeks views on the scope of the Taxation (Interest on Overpayments and Early Payments) Act 1983 and on whether the interest payments it provides for could be integrated with the RBA provisions.

Making a submission

Interested parties are invited to comment on the Discussion Paper. While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment. Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Sunday, 8 August 2010

Address written submissions to:
The General Manager
Tax System Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: RBaccounts@treasury.gov.au

For enquiries, please call John Burge on (02) 6263 3119.

Documents Available:

 Acrobat (PDF)

 Microsoft Word (RTF)

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