ATO signals end to prolonged disputes
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.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
