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Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 – Franked distributions funded by capital raisings

2 May 2023

The ABA submission to the Senate Economic Committee, the submission addresses the importance of certainty regarding capital raises and distributions to banks.

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Global agreement on Corporate Taxation

1 November 2022

Australian Banks support the intent of this global agreement to address the risks and leverage the opportunities arising from the digitalisation of the global and domestic economy. The ABA recommends that where possible, Australia’s implementation of the proposes measures should align with existing reporting and administrative requirements, and should be consistent with international approaches to ensure a streamlined and effective implementation.

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Property Tax (First Home Buyer Choice) Bill 2022

26 October 2022

The ABA supports the Property Tax (First Home Buyer Choice) Bill 2022 in its current form before NSW Parliament.

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LIBOR Discussion Paper – AFMA/ABA/FSC Submission

1 September 2021

At a high-level, AFMA, ABA and the FSC would support the ATO outlining a practical approach to the taxation consequences on IBOR-transition which leverages existing processes being undertaken by affected taxpayers and categorises the various affected contracts from a risk perspective. This would ensure that compliance resources are appropriately allocated. The approach adopted in PCG 2017/8 regarding internal derivatives would be an appropriate precedent for such an approach.

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The digital economy and Australia’s corporate tax system

13 December 2018

Banks in Australia contribute a significant quantum of total corporate taxes paid in Australia and do not structure their tax affairs through low taxing jurisdictions. They were, therefore, not the obvious target of the recent OECD Base Erosion and Profit Shifting (BEPS) actions.

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The Australian Bankers’ Association submission on the GST treatment of digital currency

6 June 2016

The ABA lodged a submission with Treasury on the GST treatment of digital currency. The submission addresses three key aspects of the discussion paper: 1) The desired policy outcome, 2) Identifying and characterising digital currencies, and 3) The alternative approaches to the GST treatment of digital currencies.

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The Australian Bankers’ Association submission on Improving tax compliance etc and Business transactions

15 February 2016

The ABA provided feedback to the ATO on Improving tax compliance - enhanced third party reporting, pre-filling and data matching and Business transactions made through payment systems.

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The Australian Bankers’ Association submission on the Inquiry into tax deductibility

18 January 2016

The ABA lodged its submission to the Standing Committee on Economics Inquiry into tax deductibility.

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