Aggressive tax advisers on notice
|
|
Prominently aggressive tax advisers and tax managers are likely to be more closely targeted by the Australian Taxation Office (ATO) on the basis of the risk they present to businesses.
The Commissioner for Taxation, Michael D’Ascenzo, used an address to the Corporate Tax Association to warn large companies of the ATO’s vigilance with respect to the types of transactions they enter into and the role played by some advisers.
“Where a transaction and its ultimate outcome are based on commercial (and not tax) grounds large business should not need to worry about the application of the general anti-avoidance provisions of the law,” he said. “On the other hand, these provisions may apply to arrangements structured in such a way that their prevailing purpose is tax avoidance (even where the arrangement has a broader commercial objective).
“We are currently considering including more prominently aggressive tax advisers and tax managers as one element in our risk rating and sharing this aspect of our risk rating with senior management in the large business,” D’Ascenzo said.
AUTHOR
Mike Taylor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
