This presentation provides an overview of the significant administrative amendments encapsulated in TLA (Improvements to Self Assessment) Bill (No 2), TLA (Improvements to Self Assessment) Act (No 1) including:
- a reduction in the amendment period for Part IVA assessments
- loss returns deemed to be assessments
- the replacement of the current ruling system
- the new ruling system including the ability to fast track rulings and a broadening of the types of issues that can be dealt with in private rulings
- shortfall interest charge (SIC) for pre-amendment periods
- objection, review and appeal rights on certain SIC remission decisions.