The Albanese government is moving quickly on penalties and secrecy laws in response to the big four firm’s confidentiality breaches, but is taking it slow on reviews for legal privilege and tax office powers.
But more contentious issues flagged by the government
“The reforms we’re progressing today are the beginning of a comprehensive process the government is undertaking to rebuild community confidence in the systems and structures that keep our tax system and capital markets strong.” A second piece of draft legislation will ease tax secrecy restrictions that will allow the Tax Office to share information with other regulators more readily.
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