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Published on 18 Oct 12
by TASMANIAN DIVISION, THE TAX INSTITUTE
A thorough understanding of how the system of penalties is administered by the ATO is one of the best ways of minimising the severity of the impact. What is a “reasonably arguable position”, and how can it help your client? In this paper the penalties framework is discussed in detail, and covers:
how the ATO assesses your client’s behaviour: negligence, recklessness and intentionally disregarding a tax law
how and when to make a voluntary disclosure
what is a reasonably arguable position, and how to go about preparing a RAP
SIC and GIC – how to have them remitted
the best strategies to negotiate a reduction in penalties.
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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