Discussion paper: Third party reporting regime

Treasury has released a discussion paper on the proposal to improve tax compliance through third party reporting and data-matching. The proposal is designed to improve taxpayer compliance by enhancing the information reported to the ATO by a range of third parties through the introduction of new reporting regimes.

It notes that some of the elements of the proposal can be implemented by the ATO changing its administrative practices whereas others would require tax law changes. The paper sets out a preliminary set of law design principles that could form the legislative basis for the new reporting regimes.