ATO early engagement Review Letters – be prepared
20 Jun 16 |
WEEKLY TAX BULLETIN
Issue: Issue 26, 17 June 2016
Tax agents, accountants and anyone involved in large transactions with significant tax consequences need to be aware of the ATO's new "Early Engagement Review" letters.
The ATO is proactively targeting and engaging taxpayers involved in major transactions often before the taxpayer even lodges its tax return.
Taxpayers and their advisers should review records and respond to the ATO in a way to ensure they can address the ATO's concerns in an appropriate manner.
Tailored and proactive engagement is a recurring theme in the ATO program blueprint for 'reinventing' itself. A tangible outcome of this new approach is the 'Early Engagement Review' letter. Some taxpayers or their tax agents have already received these Review Letters, and we expect the number of these letters to increase.
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Mark is a Partner at McCullough Robertson and is qualified both in law and as a Chartered Accountant. He advises clients on tax matters generally, including income tax, CGT, GST and payroll tax, and has acted in appeals to the AAT and Federal Court.
- Current at
12 April 2017