The NSW Minister for Finance is considering a proposal to introduce significant penalties for businesses and organizations that disclose confidential tax information of the NSW Government.
Currently, the NSW Government is engaging with industry bodies during the consultation process regarding tax policies and legislation.
“The NSW Government takes the confidentiality of sensitive taxation information extremely seriously and will not hesitate to come down hard on anyone who breaks trust with or takes unfair advantage of the people of NSW,” Minister for Finance Courtney Houssos said.
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These consultations involve taxation liaison groups, which play a crucial role in providing input from private sector experts regarding changes to the tax system.
Revenue NSW is consulting with various organizations such as the NSW Law Society, the Tax Institute, Chartered Accountants Australia and New Zealand, CPA Australia, the Property Council of Australia (NSW), and an association representing multiple small business groups.
“I am working with the Chief Commissioner of State Revenue to ensure that severe penalties will apply to advisors and organisations who seek commercial advantage by sharing confidential tax-related information,” Minister Houssos said.
“We are developing a range of measures that will impose significant penalties for individuals and entities that unlawfully use or disclose sensitive or confidential tax information provided by the government.”
Minister Houssos said that there were plans to pursue the changes swiftly and introduce penalties in the order of millions of dollars.
“These proposed multi-million-dollar penalties should serve as a firm warning for organisations and businesses that we expect confidentiality arrangements to be honoured on behalf of the people of NSW,” he said.
“These measures will safeguard the integrity of our tax system.”
Maintaining the confidentiality of these consultations is essential to prevent businesses or individuals from knowingly evading taxes, gaining unfair commercial advantages or undermining faith in the consultation process.
The Chief Commissioner of State Revenue has been in touch with the chairs of the liaison groups to underscore the importance of confidentiality.