This presentation gives a brief background to the Review of Self Assessment and looks at some of the newly enacted changes effective 1 January 2006. It covers a number of specific recommendations and what the Australian Taxation Office is doing to implement the recommendations.
In particular the following is discussed:
- improving certainty for taxpayers by:
- implementing new rules for provision of Tax Office advice (ie. expansion of private binding rulings)
- reducing the periods allowed for the Tax Office to increase a taxpayer's liability
- mitigating the interest and penalty consequences of taxpayer errors
- future improvements.
The presentation addresses how these issues will impact on your small business clients and how to prepare your clients for the changes.