Thursday, September 30, 2010

ATO feedback on tax payer alerts

Many of you will have seen the recently released minutes from the National Tax Liaison Group meeting held on 23 June.

One item of interest relates to the ATO’s view on taxpayer alerts (TA).

In particular, the ATO claims that TAs are simply intended as an 'early warning' to taxpayers and their advisers of significant new and emerging higher risk tax planning issues or arrangements the ATO has under risk assessment.

The ATO claims TAs are essentially a 'press release' about issues causing it concern which it releases 'in the interests of an open tax administration'. The ATO stressed that TAs are not expected to replace rulings, and are not meant to be an ATO view of the law.

Until next week.