Published on 09 Oct 09
by VICTORIAN DIVISION, THE TAX INSTITUTE
The promoter penalty regime is designed to deter the promotion of tax exploitation schemes and provides for civil penalties, statutory injunctions to stop the promotion of a scheme and voluntary undertakings. This paper provides practical insights into:
- promoter penalties and large corporates - it's not just product developers who may be exposed. The ATO draws from their experience to outline some examples where conduct may have contravened the promoter penalty laws
- when should a corporate consider offering the Commissioner an enforceable voluntary undertaking and what should it contain?
- how the ATO approaches promoter risk in its administration of the promoter penalty laws
- an in-house corporate case study on establishing good governance in the process of product development.