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 and will apply when a business wants to:
- correct an error it has made on a previously lodged Income Tax Return;
- change a technical position it has adopted in a Income Tax Return;
- object to an Income Tax Return it has already lodged.
Early engagement meetings have been available since1 November 2013. A request for an early engagement meeting must be sent to the ATO by emailing Independent_Review@ato.gov.au. Further details are on the ATO website.
[LTN 214, 5/11/13]