ATO proposes end to Commissioner's unlimited amendment powers
The Australian Taxation Office (ATO) is considering changes to income tax laws that currently provide the Commissioner of Taxation with an unlimited period to make an amendment to a taxpayer’s assessment.
“The removal of these unlimited amendment powers will ensure taxpayer affairs for a particular year become final at the conclusion of the standard amendment period of two to four years — and that’s a great improvement,” said the Assistant Federal Treasurer, Senator Nick Sherry.
The ATO has stated that the finite amendment period will apply unless there has been fraud or evasion.
While these proposed changes include removing these unlimited amendment powers, the Treasury — in light of an Inspector-General of Taxation report released today — is also considering whether the current legislative framework provides effective transparency and certainty for taxpayers and where there is a need for improvements to the ATO’s administration processes.
The Inspector-General of Taxation’s ‘Review into delayed or changed Australian Taxation Office views on significant issues’ examined taxpayer concerns about perceived ATO 'U-turns', being delayed or changed approaches on significant interpretative matters or in relation to past administrative practices.
Recommended for you
A former Victorian financial adviser has been sentenced after stealing $4.4 million from clients, family and friends to feed his “raging gambling addiction”.
Advice licensee Centrepoint Alliance has acquired the financial advice book of superannuation fund Brighter Super and will become the preferred partner to provide advice to its members.
The association has expressed its support for the Opposition’s commitment to making financial advice a “national priority”, alongside its bold target of reaching 30,000 advisers.
Australian investors are increasingly turning to financial advisers as their top source of information, with more than a third using them for investment guidance.
