The National Tax Liaison Group met on 30 November 2018, and subsequent to that, the ATO issued a ‘Key Messages’ document, which covered each of the items, including: Independent Review for entities that are not ‘large’ or ‘small’; Digital economy; Black economy; Inspector-General of Taxation’s Review of Fraud Control Management; and ‘Reporting entities’ and who should prepare General Purpose Financial Statements.

It also has an annexure which elaborates on the ATO’s expressed concerns with ‘Legal Professional Privilege’ (LPP). This, in turn, has spawned an ATO idea that lawyers should have ‘scope of engagement’ that ought include a ‘gold plated’ LPP review mechanism. The wisdom of this is  dealt with in this related Tax Technical article.

FJM 1.6.19

[Tax Month – May 2019]

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