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
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
