Consultation on disclosure in general insurance

The Australian Government has today released a public consultation paper in relation to amendments to tax arrangements for individual income derived from a person’s fame or image.

Consultation will cover the principles and application of the policy to inform the development of legislation.

This measure was one of a number of tax integrity measures announced in the 2018-19 Budget to address concerns with income splitting arrangements in the tax system.

It will address concerns that high profile individuals are taking advantage of lower tax rates by licensing the use of their fame or image to a related entity, such as a company or trust, and diverting the licence income to that entity.

Stakeholders are invited to provide feedback on the consultation paper, available on the Treasury website, by lodging a submission.

Submissions will close on Thursday, 31 January 2019.

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