Minister for Revenue and Assistant Treasurer, Peter Dutton MP, has announced details of
changes to the taxation law arising out of the Government’s Review of
Taxation Secrecy and Disclosure Provisions.

Tax
secrecy and disclosure provisions from 22 different tax acts will be
standardised into a new framework within a single piece of legislation.

The standardised secrecy
framework will maintain existing disclosures, and the Australian
Taxation Office (ATO) will also now be able to release taxpayer
information in limited circumstances where the public interest benefits
exceed the impact on taxpayer privacy.
 

“New disclosures will include  allowing the ATO to disclose more information to law enforcement
agencies.”

“For
example, an important part of tackling organised crime or tracking
supporters of terrorist organisations may require releasing information
on the specific tax matters of individuals,” Mr Dutton said.

The ATO will also be able to provide additional information to the
Australian Securities and Investments Commission in support of its role
in corporate and insolvency regulation.

The new secrecy and disclosure legislation is
expected to be introduced into Parliament in 2007.