The ATO on Thur 13.3.2014 released an updated Practice Statement Law Administration PS LA 2008/5 – Private advice, guidance and objections – requests for further information, intended use of third party information and notification of the use of assumptions.

The ATO says the update is a substantial revision to:

  • expand concepts to oral rulings, administratively binding advice, objections and written guidance; and
  • apply a principles based approach to content.

The purpose of the Practice Statement is to provide direction to ATO personnel making decisions about private advice, guidance or objections about: (i) requesting further information from taxpayers; (ii) what to do if requested information is not provided; and (iii) the use of third party information or assumptions.

[LTN 49, 13/3/14]