ATO signals end to prolonged disputes

ATO/compliance/government-and-regulation/australian-taxation-office/assistant-treasurer/

22 April 2014
| By Staff |
image
image
expand image

The Australian Taxation Office (ATO) has signaled it is seeking to move away from prolonged legal disputes and audits, citing how frequently such instances can reach a point of diminishing returns.

The Tax Commissioner, Chris Jordan, used an address to an international conference last week to say that unnecessarily long-running cases and audits were "being brought to a sensible close — recognising when we reach the point of diminishing returns or an impasse".

"If agreement or settlement cannot be reached, we need the courts to decide," he said. "Continuing dialogue for five years or more is not productive, prevents closure and damages trust."

Jordan's address cited the "Coalition Government's ‘open for business' mantra, push for productivity increases and de-regulation".

He said it was against this background the ATO had to be able to show improvements in efficiency and reductions in red tape.

"I have promised Government I will do everything I can to improve the tax and super experience in Australia — making it simpler and easier to comply. I have also promised to change the culture of the ATO and am required to report back to the Assistant Treasurer regularly on that front," Jordan said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

4 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

6 months 2 weeks ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

1 week 4 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 days 10 hours ago

ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam. ...

4 days 14 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3