The old Rolling Stones favourite proclaimed that "Time is on Your Side' - is that the case when it comes to a tax audit?
These seminar materials deal with the practical implications of the RoSA (review of self-assessment) amendments on the conduct of tax audits. Those changes alter the tax audit landscape for many taxpayers by:
- foreshortening time for amendment of assessments
- extending the ability to rely on rulings and ATO advice
- limiting administrative penalties.
The Australian Taxation Office presented its view of how the challenges of the amendments will be met, their impact on administration of the tax laws and practical implications for field auditors.