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
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
