In a recent address, ATO Second Commissioner Geoff Leeper gave an idea of what he said was the ATO’s 2020 vision. By 2020, he said: there will be a whole-of-government account, which will provide businesses with a complete view of their taxation relationship with the ATO; businesses will use software to keep their records; the…
The ATO has advised that it is exploring the concept of how basic assurance work might be done using existing external compliance-assurance processes (ECAP). As part of this project, the ATO says it will consider a new approach to risk-assurance work relating to some publicly listed companies. These would be taxpayers the ATO has categorised…
The Australian Federal Police (AFP), the ATO and the Department of Immigration and Border Protection on Tue 12.11.2013, issued a warning against participating in recent taxation fraud schemes. The warning comes after the agencies recently disrupted an organised criminal syndicate allegedly stealing information and creating fictitious payment summaries to obtain fraudulent refunds. Five offenders allegedly…
The ATO has provided what it calls an early engagement process whereby large businesses can meet with the ATO prior to them making a decision to lodge and amendment or objection request against an income tax assessment. The ATO says this new approach is available for corrections or changes to Large Business Income Tax returns…
The ATO has announced that it is reviewing arrangements involving accountants, lawyers and other professionals operating through partnerships of discretionary trusts. It has issued Taxpayer Alert 2013/3 that describes arrangements where an individual purports to make the trustee of a discretionary trust a partner in a firm of accountants, lawyers or other professionals, but fails…
The ATO has released an updated version of its Code of settlement practice. It provides guidance for ATO staff on the settlement of taxation disputes in relation to all taxpayers, and where settlement could be considered. The Code has been updated to, among other things, recreate several tables, replace broken links, and repair formatting. The…
The ATO on Thur 7.11.2013, released Practice Statement Law Administration PS LA 2013/6 to outline the ATO’s policy in relation to indirect tax sharing arrangements for the collection from GST groups and joint ventures, and other entities. The PS LA states that a group liability (including joint ventures and other entities) will be recorded on…
The ATO on Thur 7.11.2013, released Practice Statement Law Administration PS LA 2013/5 to outline the ATO’s policy in relation to the collection of group tax liabilities from head companies of consolidated groups, member entities and entities that have left the group. The PS LA also deals with tax sharing arrangements and requirements for an…
The ATO on Wed 27.11.2013, issued the following Class Rulings: CR 2013/91: Treatment of transfer payments to employees of Macquarie Generation following the sale of business to a private sector entity. It applies from Wed 27.11.2013 to 30 June 2014. The Ruling states that the proposed transfer payment made in accordance with the scheme described in the…
The ATO on Wed 20.11.2013, issued Product Ruling PR 2013/21 (Macquarie Almond Investment 2008 – Early Growers (to 15 June 2008)). The Ruling applies to Growers that enter into the scheme as described in the Ruling on or after 12 March 2008 and on or before 15 June 2008. The Ruling states that the Commissioner will exercise his discretion for the 2012-13…