Legislative coherence

Issue: Land Transfer Act 1952 and income tax rules

Submission

(EY)

The Land Transfer Act 1952 should not include or attempt to replicate proposed income tax rules, whether wholly or in part.

Comment

The intention of the tax information collection requirements are to provide better information for tax compliance purposes. Accordingly, a balance needs to be struck between requiring information which is useful for tax enforcement purposes and keeping the rules as simple as possible for transferors and transferees of land.

Recommendation

That the submission be declined.