ATO looks for compromise on many tax disputes
The Australian Taxation Commissioner, Michael D’Ascenzo, has revealed that sometimes the Australian Taxation Office (ATO) takes the view that compromise is the best outcome in settling tax disputes.
In a speech delivered in Canberra this week, D’Ascenzo revealed that in 2007-08, the ATO entered into 1,201 settlements with the result that a perceived tax liability of $2,147 million was settled for $1,327 billion.
He said the settlements clarified the liabilities of the taxpayers and facilitated the collection of outstanding amounts that might otherwise have been in dispute.
D’Ascenzo said in an effort to minimise costs and reach finality sooner, the ATO was seeking to streamline its dispute resolution process by moving where possible to have dispute resolution closer to the original decision made by the ATO.
He said this was another example of the concept that prevention was better than cure.
AUTHOR
Mike Taylor
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
