This paper examines the effect of the recent legislative changes to assessments, amendments, rulings and penalties and how they impact on the way tax advisers and tax managers should be managing compliance obligations including:
- overview of the new rules for assessments, amendments and rulings including Part IVA amendment periods
- are you really now protected if you have a loss or no assessment?
- how do you ensure that you’re covered? When and what you have as a private ruling - tips and traps
- is there any value in oral rulings?
- what constitutes a public ruling and how much can you now rely on them?
- the new penalty regime - GIC, SIC and the ATO’s new practice statement.