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.
Stephanie Martin, is Deputy Commissioner Resource Rent Tax, ATO. She is responsible for the ATO's administration of the Petroleum Resource Rent Tax (PRRT) and the ATO's implementation of the new Minerals Resource Rent Tax and extension to the PRRT. Stephanie chairs the sub-committee of the National Tax Liaison Group (NTLG) that consults with industry and the tax profession on resource rent tax issues. Stephanie has enjoyed a long career at the ATO with over 20 years in executive roles including policy and legislation, transfer pricing, international tax, business tax reform, large business compliance and aggressive tax planning. She has been a member of the ATO's International Tax Rulings Panel, the General Anti-avoidance Review Panel and chaired the Promoter Penalty NTLG subcommittee. She has law and science qualifications. Current at 15 October 2012
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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